Palantir Drops 10% on Report of Pentagon Slashing Budget

Palantir Technologies Inc. shares fell 10% on Wednesday, and continued to slide in after-hours trading, following a report that US Defense Secretary Pete Hegseth has asked officials for plans on how to slash military spending.

Palantir, which has seen its stock soar by almost 50% this year, is a major US defense contractor. It also sells technology and artificial intelligence products to other allied governments and private companies...