The artificial intelligence gold rush has caused blistering returns for many tech stocks, including Palantir Technologies. While the S&P 500's 24% return last year is impressive, Palantir's 340% return trounces it.

Palantir (PLTR) has undoubtedly been a shining star of the artificial intelligence (AI) boom, delivering jaw-dropping returns of nearly 955% over the past two years. From powering military operations and supply chains to fighting fraud and enhancing healthcare,

Retail investor purchases of Palantir's stock have fallen off a cliff since early February, according to new data from Vanda Research (see chart below). The peak in retail purchases of Palantir came in mid-January as momentum traders rode one of their favorite stocks.