Palantir Technologies (NASDAQ:PLTR) slid more than 9%, while Oracle lost over 5%. Both names have benefited this year fr

The 10-year Treasury yield held steady at 4.3%. Oil prices bounced, as West Texas Intermediate futures traded near $62.60 a barrel. Among exchange traded funds, the Invesco QQQ TrustQQQ moved down 0.2%. Also, the SPDR S&P 500 ETFSPY lost 0.1% ahead of Wednesday's market open.

Palantir Technologies (NASDAQ:PLTR) earlier this month became one of the hottest stocks on Wall Street after the data analytics software developer reported $1B in quarterly sales for the first time ever,

Citron Research, the firm led by short-seller Andrew Left, unpacked its bear case for Palantir, using OpenAI to show why it may be highly overvalued.

That unbridled success has translated into meteoric growth and a blistering run for the stock. But this could be just the beginning. CEO Alex Karp just announced plans to grow the company's revenue tenfold while reducing Palantir's head count. Let's review what he said and see what this could mean for the stock price.

Palantir's dual-engine model delivers exceptional growth, margins, and defensibility. Click here to see why PLTR stock is a Buy.

Keithen Drury has positions in Alphabet, Meta Platforms, and Tesla. The Motley Fool has positions in and recommends Alphabet, Costco Wholesale, Meta Platforms, Palantir Technologies, and Tesla. The Motley Fool has a disclosure policy.

Demand for Big Data services is increasing. Palantir, a leader in the field, should benefit. Here are the forecasts and price predictions for PLTR stock.