Despite a 17% drop from highs, Palantir is still the top-performing stock in the S&P 500 this year.

While there doesn't appear to have been any major business news behind Palantir's valuation contraction today, the broader market saw moderate selling pressures that seem to have impacted the stock. The stock is now down 10% over the last week of trading and 16% from its all-time high.

Palantir Technologies Inc (NASDAQ: PLTR) has pulled back rather significantly in recent weeks as investors bailed on high-flying artificial intelligence (AI) stocks due to valuation concerns. Despite the retreat,