Why Palantir Stock Is Sinking Today
Shares of Palantir Technologies (NASDAQ: PLTR) dropped on Thursday, falling 5.9% as of 2:48 p.m. ET. The move down comes as the S 500 lost 0.2% and the Nasdaq Composite fell 0.4%.
A report last week from The New York Times asserted, among other things, that Palantir, which leverages artificial intelligence (AI) to analyze massive data sets and help clients make better decisions, has gained incredible access to data across the federal government, which could give President Donald Trump "untold surveillance power."
Ethical concerns notwithstanding, investors took the report as further proof that Palantir's bottom line will continue to grow as it becomes further embedded in the operation of the federal government. However, in an interview with CNBC on Thursday, CEO Alex Karp was adamant that his company is "not surveilling Americans," leading to the stock's decline today.
Source Fool.com
