:max_bytes(150000):strip_icc()/GettyImages-19266689481-37b04f3022384e658ac9b571b7bca913.jpg?w=1920&resize=1920,1267&ssl=1 "What Donald Trump Had To Do With Palantir’s Stock Price Plunge Wednesday | Global News Avenue")
What Donald Trump Had To Do With Palantir’s Stock Price Plunge Wednesday
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Key Points
- Palantir shares fell from their all-time high on Wednesday after the Trump administration directed the Pentagon to report that it had sharply cuts to the U.S. defense budget.
- Washington Post Defense Secretary Pete Hegseth ordered Pentagon officials to cut the U.S. defense budget by 8% each year over the next five years, it was reported Wednesday.
- The move could have a negative impact on military contractors like Palantir, although previous analysts have shown that Palantir could also benefit from the Trump administration’s focus on efficiency and AI.
palantir(bacteria) Stocks fell from their all-time highs Wednesday after the Trump administration directed the Pentagon to trim the U.S. defense budget.
Washington Post Defense Secretary Pete Hegseth ordered Pentagon officials to cut the U.S. defense budget by 8% each year over the next five years, it was reported Wednesday.
The move could negatively impact military contractors like Palantir, which more than 40% of Palantir’s fourth-quarter revenue came from the U.S. government recently Extended contract with the U.S. Army.
Palantir shares fell 10%, closing at $112.06 on Wednesday after an all-time high shutdown on Tuesday and set an intraday record of $125.41 earlier in the meeting. Shares of some other companies serving the U.S. military, including Northrop Grumman (noc), Booz Allen Hamilton (Pooh) and L3 Harris (LHX), and also lost the ground on Wednesday.
However, several analysts Recommended earlier this month This Palantier can be more than most people from the Trump administration Focus on artificial intelligence And Elon Musk leads Ministry of Government Efficiency Targets to Cut Spend.
Additionally, Palantir revealed late Tuesday that CEO Alex Karp passed a new trading plan until the sale of up to 9.98 million shares on September 12.
Even with Wednesday’s losses, Palantir shares have almost taken over the past 12 months. Demand for its AI platform soars.
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