Palantir Technologies' stock plummeted by 10% following a report revealing the Pentagon's anticipation of defense budget reductions. The stock sharply declined to $112.06, wiping out almost two weeks' worth of gains. Defense Secretary Pete Hegseth has directed military officials to devise plans for an 8% annual budget decrease over the upcoming five years. The budget recommendations are expected by February 24 and will exclude specific areas such as operations at the southern border and missile defense.