Plantir Technologies Inc. Drops Amid Investor Caution
Palantir Technologies Inc.'s (PLTR) stock price plummeted on Monday, extending its losing streak for the fourth day, as investor caution lingered following a budget cut in the Department of Defense that could impact the company's business. The move took a hit on PLTR, which currently sources 40% of its revenues from US government agencies, including the US Army. Palantir CEO Alex Karp also announced plans to sell up to 9.98 million shares until September.
- This sell-off reflects the growing uncertainty surrounding Palantir's business model, particularly in light of the recent budget cuts that have reduced its reliance on government contracts.
- How will Palantir adapt to this new landscape and maintain its competitive edge in the rapidly evolving AI sector?