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Palantir shares drop 10% on US defense budget cut fears
Shares of Palantir Technologies Inc. dropped by 10% on Feb. 19 with further declines noted in after-hours trading.
This decline follows a report indicating that United States Defense Secretary Pete Hegseth has asked military leaders to prepare for an 8% reduction in the defense budget over the next five years.
Palantir, a major contractor in the US defense sector, generates more than half of its revenue from government contracts.
The company’s government segment reported growth exceeding 40% in the past two quarters.
Recent Palantir developments
| Timeline |
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13-Feb-2025 🤖 AI automation firm secures $55m from Microsoft-backed G42
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04-Feb-2025 📈 Data firm Palantir shares jump 22% on strong Q4 earnings
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31-Jan-2025 📈 US VC firm 8VC seeks $1b for sixth fund
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31-Jan-2025 🔊 Voice AI startup ElevenLabs nets $180m series C
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16-Nov-2024 📈 Palantir shifts stock to Nasdaq for index alignment
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