These trillion-dollar companies have large and growing AI software platforms, but none of them is solely a software business. Rather, each "Magnificent Seven" member above has businesses spanning chips,

Palantir Technologies Inc (NASDAQ:PLTR) shares are trading lower Thursday, adding to losses from Wednesday due to the potential for new defense spending cuts.

Related: Walmart, Booking.com will rock markets in a busy earnings week But there was probably more behind the selling, including that Palantir's shares had become way too pricey and were vulnerable to a selloff.

After defying gravity for the past couple of years, Palantir Technologies ( PLTR -5.17%) has finally hit turbulence, with the stock plunging as much as 14.9% on Thursday. As of 11:27 a.m. ET, the stock was still down 11.4%.

Palantir stock is continuing to slide Thursday as investors weigh a CEO stock sale and potential defense budget cuts. Here’s what you need to know.