The logo of U.S. software company Palantir Technologies is seen in Davos, Switzerland Januar 22, 2020. REUTERS
Nov 4 (Reuters) – Palantir Technologies (PLTR.O), fell almost 6% in early Frankfurt trading on Tuesday, as another strong quarterly update from the U.S. tech group failed to extend its record-breaking rally.
The company, which has more than doubled in value this year, forecast fourth-quarter revenue above analyst estimates on Monday, driven by rapid adoption of artificial intelligence that is boosting demand for its data analytics services.
By 0705 GMT, the stock was down 5.8%. Other Big Tech names were also weaker, with Nasdaq futures pointing to a sharply lower start, down 1.3%.
Frankfurt-listed shares of the so-called “Magnificent Seven” – Meta Tesla Alphabet, Amazon Nvidia Apple and Microsoft- fell between 0.9% and 2.6%.
Reporting by Danilo Masoni; Editing by Amanda Cooper
