Palantir Technologies Inc., whose stock led the S&P 500 in gains this year, dropped about 9% in premarket trading on Tuesday after its financial results failed to live up to investors’ loftiest expectations.

Palantir Technologies Inc. shares slid by the most in nearly a year after its financial results and projections failed to live up to investors’ lofty expectations.Most Read from BloombergThe Battle Over the Fate of Detroit’s Renaissance CenterNYC Real Estate Industry Asks Judge to Block New Broker Fee LawNJ Transit Strike Would Be ‘Disaster’ for Region,

Palantir stock crashed after the company reported its first-quarter financial results. Management highlighted continued demand for its artificial intelligence platform, AIP. Dan Ives at Wedbush says Palantir will be a trillion-dollar company in two or three years.