Palantir stock briefly jumps after Trump praise on Truth Social

Palantir’s stock briefly jumped Friday morning after President Trump praised the data analytics company for its “great war fighting capabilities.”

“Palantir Technologies (PLTR) has proven to have great war fighting capabilities and equipment. Just ask our enemies!!!” Trump wrote in a Truth Social post, notably including the firm’s stock ticker.

Within minutes, the company’s share price ticked up 3 percent. This provided some relief, as its stock had been trending downward in recent days and had dipped nearly 6 percent Friday morning alone. As of 2:30 p.m. EDT, Palantir was down 3.7 percent and continuing to slide again.

Palantir has been hit hard alongside other software stocks by growing concerns about how AI could impact the industry’s future. Its share price has fallen 14 percent this week and about 24 percent since the beginning of the year.

Trump’s post quickly drew scrutiny on social media. In a post on the social platform X, Sen. Mark Warner (D-Va.) asked, “Is this another blatant example of Trump manipulating markets?”

Palantir is a major government contractor, securing more than $900 million in federal contracts last year. This includes large-scale contracts with the U.S. military, which the company has supported in building out its AI capabilities under Project Maven.

Once a critic of Trump, Palantir CEO Alex Karp has embraced the president in his second term and defended his company’s work with the administration on immigration enforcement efforts.

Palantir has signed deals with Immigration and Customs Enforcement (ICE) and the Department of Homeland Security, drawing pushback from immigration advocates and Democratic lawmakers who have warned about the surveillance implications of the technology.

Ahead of the midterm elections, several Democratic candidates have returned or donated campaign contributions linked to Palantir in an effort to distance themselves from the controversy surrounding the company’s work with ICE.

Trump’s comment comes as the administration has faced scrutiny in the wake of several well-timed bets on oil and prediction markets related to the war with Iran, prompting insider trading concerns.

Last month, the White House sent out a note to employees warning against using nonpublic information on financial markets, an official confirmed to The Hill on Friday.