Live from the NASAC market site in the heart of New York City's Times Square, this is fast money.

Here's what's on tap tonight.

A Palantir plunge, shares of the software company dropping even after a solid earnings report,

was the sky-high valuation finally too much to handle?

We'll debate that and what it means for the rest of the market.

And mind the gap.

Oracle's nearly erased all its gains since it's loaded with with a trillion dollar market cap. What's it mean? And what fate awaits other stocks in similar situations? Plus, AMD and Kava on the move after earning. Shares of Uber sold out on its latest report and his energy basing why one top technician who happens to be sitting here says these

names might be ready to outperform through your end.

I'm Melissa Leconji, Live from the studio, Biazac on the desk tonight.

Karen Feiderman, Dan Nathan, Guy Adami, and Katie Stockton, founder and managing partner at Fairlead Strategies.

We start off with the latest blows to the Risk on rally with investors seeming to grow increasingly

concerned over steep valuations.

Major averages all in the red in closing near session lows, the tech-heavy NASDAQ leading

in declines of some of this year's highest flyers take a hit.

Palantir dropping 8 percent.

Its worst day since August, even after the software company top third quarter estimates and lifted

full year guidance,

thanks to growth in its AI business. Before today's move, Pallantier had ripped more than

170% higher this year. It wind into last night's report with a PE ratio of more than

278 times forward, but now that valuation stands at roughly to 14 times, a bargain.

And yet another sign of risk-off sentiment, Bitcoin pulling back sharply, briefly dipping below 100K for the first time since June.

So why are markets suddenly seeming to pay attention to valuations now and where do we go from here, Guy?

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