BERN, April 24, 2026, 13:57 (CEST)
Swiss National Bank Chairman Martin Schlegel on Friday stood by the central bank’s investment strategy, responding after campaigners in Minneapolis called for the SNB to dump its $1.1 billion holding in Palantir Technologies Inc.—a fresh push against the U.S. software firm’s government contracts. According to Reuters, the SNB owned 6.24 million shares of Palantir at the close of 2025, part of its wider foreign-currency reserves.
Pressure comes to the forefront as Palantir ramps up its public-sector ambitions, with investors still weighing if its artificial intelligence—software for navigating sprawling data—can keep the engine running. This week, Palantir and the U.S. Department of Agriculture rolled out a $300 million Blanket Purchase Agreement, a government contract setup that streamlines agency orders. The deal backs farm-security and service-delivery systems.
Palantir shares swung lower on Thursday, ending the session at $141.57, a drop of 7.24%. That came right after a 4.56% gain the previous day. Early Friday, Investing.com data pointed to the stock trading higher in the premarket hours, ahead of the U.S. open.
Minneapolis delegates linked their appeal to Palantir’s contracts with U.S. Immigration and Customs Enforcement, or ICE, and renewed criticism that followed deadly encounters between immigration authorities and Minneapolis residents in January. Janette Corcelius, part of the group, labeled Palantir “a threat to our democracy.” Palantir stayed silent when asked for comment, according to Reuters; earlier, CEO Alex Karp defended the company’s controls, insisting its tools reveal “only what ought to be seen” to government users. Reuters
Schlegel made it clear the SNB isn’t hand-picking stocks—company weights are tied to market value, a move aimed at spreading out risk. Firms found violating key human rights or core Swiss principles, he said, don’t make the cut. As for the screening? He called it “very robust.” Reuters
Palantir’s proxy, filed Friday, put the spotlight on a familiar debate. Coming up June 3, shareholders face votes on two proposals: one calls for an independent due-diligence report, the other asks for a Human Rights Impact Assessment—a look at how Palantir products impact human rights in practice and in theory. The board wants both voted down, arguing the proposals misunderstand the situation and offer nothing shareholders don’t already know.
The federal pipeline keeps growing. Palantir says its new USDA contract will back the National Farm Security Action Plan and “One Farmer, One File”—aimed at making it easier for farmers to use USDA services. “America depends on its farmers,” Ali Monfre, Palantir’s federal engineering lead, said. USDA Chief Information Officer Sam Berry put it more bluntly: “Protecting America’s farmland is protecting America itself.” Business Wire
The farm deal lands as data risks swirl. This week, American Oversight sued multiple federal agencies over Palantir’s surveillance and personal data analysis systems, FedScoop reported. Palantir executive Lauren Penneys, in comments to the outlet, said the USDA project is a “USDA-specific effort”—not a case of cross-department data sharing. FedScoop
The bulls aren’t backing down on Wall Street. Rosenblatt stuck with its buy rating and $200 target for Palantir, citing business momentum stretching from Q4 through the first half of 2026. Still, the same note flagged that InvestingPro’s fair-value assessment pegs the stock as overvalued.
Defense is the bigger story here. Just last month, Reuters said the Pentagon is moving to make Palantir’s Maven a formal program of record—a move that could lock in longer-term funding. Maven, for reference, is a command-and-control platform that sifts through battlefield data and can flag targets. On missile defense, Palantir shares the field: Reuters also reported both Palantir and Anduril are building software for the Golden Dome project, with Scale AI contributing as well.
Palantir’s challenge has shifted: landing big government deals is only half the story now. The company has to weigh whether the growth from those contracts outpaces the scrutiny that inevitably follows when its software ends up in public-sector hands.
