Stock Track | Palantir Technologies Plummets 5.03% Amid Nvidia China Probe and Profit-Taking
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Shares of Palantir Technologies Inc. (PLTR) plummeted 5.03% on Monday, amid a broader tech sector selloff triggered by news of a Chinese probe into Nvidia and potential profit-taking after the stock's recent surge.
The selloff was partly driven by reports that China's State Administration for Market Regulation had opened an investigation into Nvidia (NVDA) on suspicion of anti-monopoly law breaches. Nvidia's shares fell 2%, weighing on the broader tech sector.
Palantir's stock, which has gained over 344% year-to-date, may have also been impacted by investors taking some profits off the table. The company's software solutions have been in high demand due to the rising adoption of artificial intelligence (AI) across various industries.
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