Palantir Stock Down 30%, Rotating Out of Overvalued Tech Stocks

Palantir Technologies stock has declined 30% since peaking at $200 per share in October 2022, despite accelerating revenue growth of 70% YoY in Q4 and a 56% full-year increase. The stock is overvalued with a P/E ratio of 289 and a forward P/E ratio of 116. Investors may consider rotating into another AI highflier, Sandisk.