: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 dip on Wednesday")
key takeaways
- The Trump administration has submerged the Palantir shares from its all-time high on Wednesday after a report.
- Washington Post On Wednesday, the Defense Secretary Pete Hegseth ordered the Pentagon officials to cut the US defense budget for the next five years up to 8%.
- The step may negatively affect military contractors such as Palatikir, although analysts earlier suggested that Palantir may also benefit from efficiency and the trump administration focusing on AI.
The shares of Palantir (Pltr) on Wednesday directed the Pentagon to trim the US defense budget after a report from its all -time high levels.
Washington Post On Wednesday, the Defense Secretary Pete Hegseth ordered the Pentagon officials to cut the US defense budget up to 8% annually for the next five years.
The step can negatively affect military contractors such as Palauntir, who received more than 40% of its fourth quarter revenue from the US government and recently extended a contract with the US Army.
Palantir’s stock price declined by 10% to close at $ 112.06 on Wednesday, which was closed at a high level of all time on Tuesday and setting an intraday record at the first $ 125.41 in the session. Shares of some other firms that serve the US Army, including Northrop Grumman (NOC), Buz Allen Hamilton (BAH), and L3 Harris (LHX) also lost the ground on Wednesday.
However, many analysts suggested earlier this month that Palantir could be the most advantage to focus on the Artificial Intelligence of the Trump administration and the goals of the efficiency of the government -led government led by Elon Musk to cut the expense. The goals of can be met.
Separately, Palauntir revealed late Tuesday night that CEO Alex Carp adopted a new trading scheme to sell 9.98 million shares through September 12.
Even with the loss of Wednesday, Palauntir’s shares have almost quintal in the price in the last 12 months as its artificial intelligence platform has increased.
