Could Palantir Technologies stock (NASDAQ: PLTR) drop to $60 in the near future from its current price above $120? Does this seem unlikely?

After defying gravity for the past couple of years, Palantir Technologies ( PLTR -8.67%) has finally hit turbulence, with the stock plunging as much as 14.9% on Thursday. As of 11:27 a.m. ET, the stock was still down 11.4%.

If you have been following the artificial intelligence (AI) revolution over the past two years, chances are you're familiar with a software company called Palantir Technologies (NASDAQ: PLTR). Since last January,

Cathie Wood’s Ark Invest is continuing its selling spree in Palantir Technologies (PLTR). Last week, the closely watched fund manager offloaded another more than $47 million worth of PLTR stock as part of a broader portfolio reshuffling.

Shares of Palantir Technologies ( PLTR -10.08%) fell on Wednesday. The company's stock lost 10.1% as of market close and lost as much as 12.9% earlier in the day. The drop comes as the S&P 500 ( ^GSPC 0.