In a recent announcement, Palantir Technologies PLTR disclosed that it would be hosting its first board meeting of the new year in Tel Aviv, Israel. The company maintains that this decision is a sign of solidarity with Israel amidst its ongoing conflict with Hamas.
What Happened: The Denver-based firm asserted its support for Israel. Palantir has had a presence in Israel for the past decade, running an office in Tel Aviv managed by former government officials from the country, reported The Times of Israel on Tuesday.
The Peter Thiel-cofounded company also expressed its support of Israel on X, formerly Twitter.
The company’s software, powered by artificial intelligence, assists in detecting crimes such as human trafficking and intricate financial fraud. It is also utilized by public health bodies for tracking the spread of lethal diseases and by military defense forces.
Palantir has openly expressed its support for Israel in the past, notably during the war that erupted between Israel and Hamas on October 7. The company’s CEO, Alex Karp, criticized corporate America in December for not standing up for Israel after the October 7 atrocities.
Why It Matters: Palantir’s stance on the Israel-Hamas conflict has been clear for a while. In November, co-founder Joe Lonsdale discussed the company’s role in aiding Israel during the war with Hamas, emphasizing the importance of keeping the “good guys armed and ahead.”
The firm’s overt support for Israel has also sparked controversy. In December, activists from Healthcare Workers for Palestine blocked Palantir’s UK office in protest of the company’s access to patient data and its unyielding support for Israel, as reported by Benzinga. This incident underlines the potential challenges that businesses might face when taking a public stance on geopolitical issues.
Price Action: On Tuesday, Palantir shares closed 3.44% lower at $16.58 in the regular session and fell another 0.3% in the after-hours trading.
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