What happened Shares of popular software stocks Palantir (NYSE: PLTR), Snowflake (NYSE: SNOW), and Datadog (NASDAQ: DDOG) plunged today, falling 4.4%, 5.6%, and 6.2%, respectively, as of 2:23 p.m. Thursday saw the release of some GDP data that pointed to continued rate increases, dashing hopes of investors who had thought the inflation monster had been slayed. Yet today, when inflation and rate fears kicked in, Palantir sold off hard, despite Bank of America analysts defending the stock, calling the sell-off "overdone" and putting a $14 price target on the beaten-down software name.