Why Palantir, Datadog, and C3.ai Plunged Today
Shares of big data software companies Palantir (NYSE: PLTR), Datadog (NASDAQ: DDOG), and C3.ai (NYSE: AI) all fell hard today, down 6.8%, 4.5%, and 8.9% as of 1 p.m. ET.
There wasn't any company-specific news today from any of these three companies. Rather, they fell as part of a marketwide sell-off in high-growth stocks, likely due to rising long-term bond yields.
Palantir, Datadog, and C3.ai each operate in different corners of the artificial intelligence (AI), machine learning, and big data processing market. Even though many think we are in for an economic downturn, commentary from leading cloud companies thus far has pointed to resilient strength in these big data tools. That's because AI software applications help make businesses more efficient and competitive, so companies are likely loath to cut back on investments in their digital transformation even if the economy slows.
Source Fool.com
