05:45 AM EST, 02/20/2025 (MT Newswires) -- Palantir Technologies ( PLTR ) shares were down more than 2% in Thursday's premarket activity, a day after closing down 10% following a report that the Pentagon plans to slash its budget.

News outlets reported Wednesday that Secretary of Defense Pete Hegseth has commanded Pentagon officials to draw up plans to reduce the defense budget by 8% a year over the next five years.

Palantir ( PLTR ) is a defense contractor, specializing in technology and artificial intelligence systems.

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