Valued at a market cap of $292 billion, Palantir (PLTR) is among the largest tech companies in the world. PLTR stock has surged close to 500% in the last 12 months and has rallied over 1,200% since its initial public offering in September 2020.

Shares of Palantir Technologies (NASDAQ:PLTR) slipped 0.34% over the past five trading sessions. That followed a sell-off after the company reported Q1 earnings on May 5. Still, the stock is up 8.90% over the past month and has gained more than 66% year-to-date.

What Happened? Shares of data-mining and analytics company Palantir (NYSE:PLTR) jumped 5.7% in the afternoon session after the New York Times reported on the company's expanded contracts with the US government,