Thiel-Backed Palantir Soars as Biden Inches Closer to Win
- Shares have climbed about 32% since U.S. election was held
- Palantir may benefit as its software costs less than peers
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Palantir Technologies Inc. surged on Friday on speculation that Democrat Joe Biden -- nearing victory in the U.S. presidential race -- would rein in military spending and spur demand for the company’s lower-priced surveillance technology.
The stock rose as much as 26%, the most since its direct listing in September as many investors expect defense spending would be cut under a Biden administration.