The data analytics software maker Palantir Technologies is off more than 40% from its peak.

Palantir, which was founded in 2004, creates software that allows users to manage and analyze data, particularly government and intelligence agencies.

Stock in Palantir (PLTR) had a wild sell-off on reports that U.S. defense spending would potentially be cut.

As of now, Palantir's stock is hovering around the $80 level, but it has dipped below that level recently. Important levels are supports at $85, $66, and $44.

Recently, analysts had upgraded Palantir only for better risk-reward.

Palantir’s case is part of bigger concerns about A.I. and tech.

Palantir has strong growth long term and under a regime of increased defense spending, which might happen because of recent events.