Palantir PLTR has come under fire for its alleged involvement in aiding President Donald Trump‘s immigration crackdown and the Israeli military.
What Happened: On Monday, demonstrators in multiple U.S. cities, including New York, Seattle, and Palo Alto, protested against Palantir’s collaboration with ICE, which they claim is facilitating the Trump administration’s immigration crackdown. The company’s work with the Israeli military was also a point of contention, reported Democracy Now!.
Check out the current price of PLTR stock here.
At least four people were arrested in New York after protesters blocked the entrance to Palantir’s Manhattan offices. The “Purge Palantir” campaign, as it’s called, is a response to the company’s data mining, surveillance, and automation tools being used against vulnerable communities.
According to Makena Kelly, a senior writer at Wired, Peter Thiel-backed Palantir and Anduril Industries, alongside several Silicon Valley firms, are capitalizing on the chaos created by the Trump administration’s cuts to government services and mass deportation efforts to gain lucrative contracts.
Protesters also criticized Palantir’s contracts with international organizations such as the World Food Programme, UNICEF, Team Rubicon and the CDC Foundation for 10 years, calling for the termination of these contracts due to Palantir’s alleged human rights violations.
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Why It Matters: Palantir’s growing influence in the global AI space has been bolstered by strong government-backed initiatives like Project Stargate under the Trump administration. The company’s recent NATO contract further highlights its expanding role in the international defense and intelligence sectors.
However, the company’s growth has not been without controversy. Stephen Miller, the White House's deputy chief of staff and a key figure in shaping the Trump administration's stringent immigration policies, reportedly owns a significant amount of stock in Palantir. This has raised concerns about potential conflicts of interest.
Despite the controversies, tech analyst Dan Ives of Wedbush Securities has expressed confidence in Palantir’s artificial intelligence strategy, predicting a 12% upside for the company’s stock over the next 12 months.
Palantir offers strong Momentum and Growth, while scoring weak on the Value metric as per Benzinga’s Proprietary Edge Rankings.
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