Shares of the data-analytics firm have tumbled on expectations that the Trump administration will cut defense spending.

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

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.