The Nasdaq Composite (NASDAQINDEX: ^IXIC) is in correction territory as investors have been dumping growth stocks amid concerns related to tariffs, trade wars, and a potential slowdown in the economy in the months ahead.

Like Rigetti, Palantir's stock skyrocketed during the past year, with its share price up 226% through the week ended March 7. The reason is the company's success with its Artificial Intelligence Platform (AIP).

One trend has dominated the market for over two years now: artificial intelligence (AI). Companies have collectively added trillions of dollars to their market caps thanks to the massive spending on AI and the investor excitement around its potential.

Many of the biggest companies in the world right now attained their gargantuan size due to their exposure to AI. From the developers of AI applications to the suppliers of critical AI components, nearly every company related to artificial intelligence saw its valuation soar in 2024.