Palantir and CrowdStrike stocks tumble as Wall Street dumps software's AI winners

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Wall Street is dumping software's AI winners and mostly leaving the losers alone. Palantir (PLTR) and CrowdStrike (CRWD) are both down more than 10% at their lows Thursday, while Salesforce (CRM) and Adobe (ADBE) are barely moving. The selloff that slaughtered chip stocks has spread to the software names most tied to the AI buildout. Palantir has shed about $40 billion in market value and is on pace for its worst day since February. The stock is now roughly a quarter below its Oct. 9 record and testing its 200-day moving average. It has plenty of company. Cloudflare (NET), Rubrik (RBRK), Okta (OKTA), Palo Alto Networks (PANW), and Oracle (ORCL) are all posting steep losses, and Cloudflare is on pace for its worst day since May.