Palantir Technologies Inc. is trading at $134.59 (5% down) after Dutch defense officials confirmed plans to phase out the company's software over the next two years, citing concerns regarding European digital sovereignty.
- Dutch authorities are initiating a two-year transition period to move away from Palantir's platforms in favor of regional alternatives.
- The stock is facing additional headwinds from a sharp risk-off move in the technology sector, with the Nasdaq Composite falling over 4% following strong U.S. jobs data.
- Robust labor market figures have pushed market expectations toward higher-for-longer interest rates, placing significant pressure on high-valuation AI-related names.