The GraniteShares 2x Long PLTR Daily ETF (PTIR) closed down 5.07% at $105.04 on January 8th, as Palantir Technologies Inc. (PLTR) faced significant selling pressure. Palantir's stock was impacted by Cathie Wood's Ark Invest selling nearly 200,000 shares, worth about $15 million, contributing to a 7.81% drop in its share price on January 7th. The stock also received an "underweight" rating from Morgan Stanley, citing overvaluation concerns with a $60 price target, well below its current valuation. Additionally, Deutsche Bank reaffirmed its Sell rating, raising its price target slightly to $35, still indicating significant downside. These actions reflect broader market concerns about Palantir's valuation, especially given its recent 350% surge attributed to AI-related hype. The overall market downturn, with the Nasdaq Composite dropping 1.89% on January 7th, further exacerbated the decline in Palantir's stock.