Shares of data-analytics firm Palantir have tumbled after the Trump administration announced a plan to cut defense spending. Wedbush says it’s “one of our top names to own in 2025.”

Palantir Technologies is suffering a serious selloff. The shares recently traded at $81.60, down about 1.3% on the day, but off earlier lows. They have crashed more than a third since hitting an all-time closing record of $124.

Planned cuts to defense spending sparked a sell-off for Palantir stock that has continued into this week. Shares have tumbled after touching records.