PLTR - Why C3.ai Palantir and Atlassian Got Smoked Today
Shares of big data and AI-focused software companies C3.ai (NYSE: AI) , Palantir (NYSE: PLTR) , and Appian (NASDAQ: APPN) were falling hard on Tuesday -- down 8.3%, 6.9%, and 6.4%, respectively, as of 1:13 p.m. ET.
There was one negative piece of news for Palantir Tuesday, as an analyst warned of some big risks later in 2023 despite the strong earnings results it reported last week. However, C3.ai also had a bit of positive news -- it announced a closer collaboration and partnership with leading cloud platform Amazon Web Services.
Still, the across-the-board declines in this space suggest that macroeconomic elements are the key factor. Tuesday's declines appear mainly to have to do with the rapid rise in long-term bond yields, which have come up noticeably from their lows and are heading back toward 4% -- a level not seen since autumn.
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Why C3.ai, Palantir, and Atlassian Got Smoked Today