Shares of Palantir Technologies (NASDAQ:PLTR) tumbled 12% Tuesday morning after the artificial intelligence data analytics firm handily beat analyst first-quarter revenue and earnings forecasts while also raising its full-year outlook.

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 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.