12:11 PM EST, 02/20/2025 (MT Newswires) -- (Updates with stock price movement in the first paragraph.)

Palantir Technologies ( PLTR ) shares fell 8.2% in recent Thursday trading, a day after a 10% slump following reports that the Pentagon plans to slash its budget.

Secretary of Defense Pete Hegseth ordered Pentagon officials to draw up plans to reduce the defense budget by 8% a year over the next five years, media reports said.

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

Price: 102.88, Change: -9.18, Percent Change: -8.19