The postearnings rally coincides with the period following last week's presidential election. Palantir is seen as a potential beneficiary given the company's ties to the Trump camp. Co-founder and Chair Peter Thiel was a major booster of Donald Trump's first victorious campaign, though he had a public falling out with Trump in the ensuing years.
When asked in June about his position on the 2024 election, Thiel said, "If you hold a gun to my head I’ll vote for Trump."