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Palantir Technologies Inc (NASDAQ:PLTR) shares are trading lower Wednesday as the stock continues to pull back following a strong run in recent weeks. Here's what you need to know.

T he Dow Jones Industrial Average slipped into negative territory while a steeper fall for the Nasdaq put it below a key level in afternoon trade Wednesday. Several retail stocks moved on earnings, and artificial intelligence software maker Palantir Technologies PLTR was driving toward its sixth straight loss on the stock market today.

In recent days, Palantir's stock has been showing signs of slowing down. After hitting a new all-time high of $190 on Aug. 12, it has proceeded to trade lower. By Monday, the AI stock would close at just over $174 -- down 8% from its recent high.

Palantir stock (NASDAQ: PLTR) took a sharp hit on Wednesday, falling about 7% as high-valuation tech stocks pulled back across the market. The AI and data analytics company had hit record highs earlier in the month,

Palantir Technologies shares have has become a focal point of market debate in recent sessions. A new short-seller report clashes with bullish catalysts from government and enterprise sectors.

This AI infrastructure play has delivered bigger gains than its larger peers since going public earlier this year.

Palantir stock's gravity-defying valuation is unsustainable, and a painful reality check is imminent. Click here to find out why PLTR stock is a Sell.