CNBC's Jim Cramer suggested Wall Street is too fixated the on large valuations of certain tech and speculative stocks, chalking up Tuesday's market-wide decline in part to Palantir 's nearly 8% loss despite strong earnings results.

"The larger issue is that we're at the moment where money managers, when asked if the market's too expensive, immediately think of the high-flying speculative stocks or those in the high-growth artificial intelligence column, and so they warn you away from the entire asset class," he said. "These guys don't think of the other 334 stocks in the S&P 500 that sell for less than 23 times earnings — those aren't outrageous."

Declines in Palantir and other artificial intelligence companies helped bring stocks down on Tuesday, with the S&P 500

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