Why Palantir Technologies Shares Are Rising Today

Palantir Technologies Inc. PLTR has reportedly experienced a surge in demand from Israel for new tools since the onset of the conflict with Hamas.

"Our products have been in great demand," Palantir Chief Executive Officer Alex Karp said in an interview in Tel Aviv on Wednesday, which Bloomberg reported.

"We have begun supplying different products than we supplied before," Karp added, according to the Bloomberg report, declining to comment on which technologies were being offered.

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In a show of solidarity with Israel, now in its fourth month of war, the Denver-based company co-founded by Karp and billionaire Peter Thiel is conducting its first board meeting in Tel Aviv. 

During their visit, the duo met with Israel's President Isaac Herzog and the families of hostages currently held in Gaza, the report read.

The use of AI in military applications is one of the most controversial aspects of emerging technologies.

If the West didn't have "real adversaries," Karp said he'd be one of the people trying to retain AI's use in the military, the Bloomberg report added. 

"But the reality of our life now, as Israel knows, is our adversaries are real, dangerous and they go so far outside the norms of behavior," the report read, citing Karp.

Karp, known for his vocal support of Israel, defended the military campaign. 

Also See: Palantir Technologies To Hold Board Meeting In Tel Aviv Next Week: 'We Stand With Israel'

However, he acknowledged that there was some internal resistance within the company regarding its support of Israel in the conflict, per Bloomberg.

"We're not a monoculture. There are people who disagree with our decisions everywhere, especially our decision to support Israel," Karp said. "They vocally disagree with it and their voices are heard. And we are moving forward with our support of Israel," he added, Bloomberg noted.

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Price Action: PLTR shares are trading higher by 3.63% to $16.99 on the last check Wednesday. 

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo by Cory Doctorow via Flickr