Shares of Palantir have fallen by more than 33% in less than two weeks' time. News of tech giant Microsoft cancelling some AI data center leases may have spooked AI investors. That underscores the danger with Palantir's stock because as quickly as it has rallied, it could give back its gains just as fast.

Jefferies equity researcher Brent Thill doubled down on a previously set ‘Underperform rating’ for Palantir stock, and set a $60 price target.

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.