Why Palantir Stock Is Soaring Today
Shares of Palantir (NASDAQ: PLTR) are surging on Tuesday. The stock gained 1.7% as of 1:30 p.m. ET but was up as much as 10.6% earlier in the day. The rise comes as the S 500 gained 1.4% and the Nasdaq Composite saw significant volatility.
President Donald Trump's pledge of a historic trillion-dollar defense budget is fueling investor enthusiasm for the government-focused AI company and defense contractor.
Palantir shares jumped after President Donald Trump and Defense Secretary Pete Hegseth announced plans for a first-ever $1 trillion Department of Defense budget. During a press event on Monday, Trump stated the upcoming budget would be "in the vicinity" of $1 trillion. That's a big jump from the $892 billion Congress allocated this year.
Source Fool.com
