Palantir Technologies Inc. (PLTR) experienced a significant stock decline following reports of potential defense budget cuts under the Trump administration, raising concerns about the impact on the company which derives more than half of its revenue from government contracts.
Palantir Technologies Inc. experienced a significant stock price drop following reports of potential U.S. defense budget cuts and CEO Alex Karp's plan to sell nearly 10 million shares, raising investor concerns over the company's future performance.
Palantir Technologies' stock fell by 10% following reports of potential Pentagon budget cuts, raising concerns over future government contract revenues. Despite recent gains, the company faces uncertainty as Defense Secretary Pete Hegseth proposes an 8% annual reduction in defense spending over the next five years.