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Palantir Technologies Inc (NYSE:PLTR) CEO Alex Karp has linked former President Donald Trump’s rise to Silicon Valley stocks.
What happened: In a lengthy interview with the New York Times, Karp suggested that Trump’s rise was a direct result of Silicon Valley’s “excesses.”
In particular, he highlighted the tech moguls’ detachment from average Americans and their support for policies that exempt them from bearing the costs.
He said: “I don’t think we would have a Trump phenomenon without the excesses of Silicon Valley.”
Current trend:
Karp, who initially supported President Joe Biden before switching to Vice President Kamala Harris, has also criticized the tech industry’s lack of accountability and the divisive content on its platforms.
Palantir, a company founded by Karp and Peter Thiel in 2003, provides data mining and analytics software to government and law enforcement agencies, including the Department of Defense, the FBI and the CIA. The company also provides artificial intelligence models to militaries, including those of Israel and Ukraine.
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Why it matters: Karp’s timing is significant because Palantir has been in the spotlight recently. The company’s stock surged after it reported strong second-quarter results and a new partnership with Microsoft Corp. The collaboration aims to improve data analytics and AI services for the U.S. defense and intelligence community.
Moreover, the broader context of Silicon Valley’s political influence is underscored by recent statements by Mark Cuban. He criticized the tech industry’s desire to position Trump as a CEO-type figure for the country.
The political landscape is further complicated by the arrival of venture capitalist David Sacks, who has organized a major fundraising campaign for Trump. Sacks, who has backed several political figures, believes the recent legal challenges against Trump will only strengthen his support.
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