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Palantir Technologies, the renowned AI firm, saw a significant surge in its stock price on Friday, driven by growing enthusiasm around its recent work with U.S. government agencies. This uptick reflects the company's expanding footprint within the federal sector, as highlighted during Palantir CEO Alex Karp's address at the Hill and Valley Forum in Washington, D.C. on April 30, 2025.

On Friday, Palantir shares rose by nearly 8%, closing at $131.78, positioning it among the top-performing stocks in the S&P 500. This recent increase has pushed Palantir's stock up by about 75% for the year, outpacing other companies in the Nasdaq 100 index in 2025.

A major factor behind this impressive performance is the integration of Palantir's Foundry technology into various government departments. According to a report by The New York Times, at least four key agencies, including the Department of Homeland Security and the Health and Human Services Department, have adopted Foundry. Discussions are also underway with the Social Security Administration and the Internal Revenue Service about potentially using Palantir’s tech solutions.

Further cementing its role in government collaboration, Palantir partnered with Fannie Mae earlier in the week to launch an AI-powered crime detection unit. This initiative is expected to revolutionize fraud detection in the U.S. housing market, aiming to prevent substantial financial losses with unprecedented efficiency.

Despite the buzz, Palantir did not immediately respond to requests for comments, nor did the Social Security Administration or the Internal Revenue Service. However, the palpable optimism surrounding Palantir's government contracts and AI advancements continues to drive investor confidence and market performance.