SNB Faces Calls to Sell $1.1B Palantir Stake as Stock Drops 7.2%
SNB’s 6.24 million Palantir shares (worth $1.1bn) in its 725bn CHF foreign reserves faced divestment appeals from Minneapolis campaigners over the firm’s ICE surveillance contract. Palantir stock dropped 7.2% in one session during a sector sell-off, even after reporting 70% Q4 revenue growth and winning a $300 million USDA contract.
1. SNB's Palantir Stake and Investment Guidelines
The Swiss National Bank holds 6.24 million Palantir shares valued at $1.1 billion as part of its 725 billion CHF foreign currency portfolio. SNB invests to match global market weightings and reviews assets against guidelines prohibiting companies that seriously breach human rights or violate Swiss values.
2. Minneapolis Campaigners’ Divestment Appeal
A delegation from Minneapolis presented at SNB’s annual meeting, urging the central bank to sell its Palantir stake over the firm’s surveillance contract with U.S. Immigration and Customs Enforcement. Campaigners cited concerns about democratic rights and public safety, joining other large investors like Storebrand Asset Management in divestment moves.
3. Stock Drop and Underlying Fundamentals
Palantir shares fell 7.2% in a single session during a broader software sector sell-off, despite reporting 70% Q4 revenue growth and securing a $300 million USDA contract. High valuation metrics—around 200x forward earnings and 87x sales—alongside slowing contract value growth have raised concerns about future performance.