Palantir (NASDAQ: PLTR) stock is getting hit with another day of substantial sell-offs in Thursday's trading. The company's share price was down 6.8% as of 2:20 p.m. ET amid the backdrop of a 0.7% pullback for the S&P 500 and the Nasdaq Composite indexes.

Over the past year, a number of semiconductor stocks have witnessed meteoric gains thanks to ongoing euphoria surrounding artificial intelligence (AI). The share prices of Nvidia, Taiwan Semiconductor Manufacturing, and Broadcom have all risen approximately 80% over the last 12 months -- handily outperforming both the S&P 500 and Nasdaq Composite.

Arista Networks Inc. closed 16.86% below its 52-week high of $133.58, which the company reached on January 24th.