Palantir shares sank into bear market territory Wednesday after six-straight days of heavy selling.

The slide marks the longest such streak for the artificial intelligence software company since April 2024, and brings shares down 20% from the recent record. Shares closed in correction territory on Tuesday after accumulating a 15% loss from the highs.

Palantir’s slide followed a broader market selloff and came on the heels of a short-seller report from Andrew Left’s Citron Research. He called the company “detached from fundamentals and analysis” and said shares should be priced at $40 if compared to the same price-to-revenue multiple in OpenAI’s recent $500 billion valuation.

“Karp and his team should be proud. But for investors, that’s where discipline kicks in,” Left wrote. “Comparison is the enemy of happiness, and when measured against true AI leaders, Palantir’s price already reflects success beyond its fundamentals.”

Earlier this month, Palantir rocketed to record highs after it posted a first $1 billion-revenue quarter and blew past Wall Street quarterly estimates.

The company has got a major boost from the AI boom and snatched up government contracts, including with the Department of Defense.

This year alone, the company became a member of the top 10 U.S. tech firms and 20 most valuable U.S. companies. Last year, the company joined the S&P 500.

But even with the recent price drop, its forward price-to-earnings ratio of 193 times means shares are expensive, especially when compared to megacap peers.