Palantir Technologies shares have fallen 20% from their early-August peak, sliding for six consecutive sessions in the software maker’s longest losing streak since April 2024. The drop pushes the stock into bear-market territory less than three weeks after it briefly joined the ranks of the 10 most valuable U.S. tech companies. The sell-off accelerated after short seller Citron Research argued that Palantir is “detached from fundamentals,” saying the shares should trade near $40 when measured against the price-to-revenue multiples of larger artificial-intelligence peers. Even after the retreat, the company still trades at roughly 193 times forward earnings, far above megacap competitors. Earlier this month Palantir reported its first $1 billion revenue quarter, buoyed by government contracts linked to AI, a milestone that had sent the stock to record highs.