Palantir Technologies is suffering a serious selloff. The shares recently traded at $81.60, down about 1.3% on the day, but off earlier lows. They have crashed more than a third since hitting an all-time closing record of $124.

Planned cuts to defense spending sparked a sell-off for Palantir stock that has continued into this week. Shares have tumbled after touching records.

Palantir (NASDAQ: PLTR) stock saw another series of big valuation pullbacks this week. The software specialist's share price closed out the period down 15.9% from the previous week's market close, according to data from S&P Global Market Intelligence.

The artificial intelligence gold rush has caused blistering returns for many tech stocks, including Palantir Technologies. While the S&P 500's 24% return last year is impressive, Palantir's 340% return trounces it.

Demand for Big Data services is increasing. Palantir, a leader in the field, should benefit. Here are the forecasts and price predictions for PLTR stock.

The recent selloff in Palantir (PLTR) stock was misguided because the company’s “unique software value proposition” means it actually stands to benefit from initiatives by Elon Musk’s so-called Department of Government Efficiency,