Palantir’s $1.1 Billion Test: Swiss Bank Defends Stake as AI Contractor Wins New U.S. Work
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.