Investing.com -- Palantir Technologies (NASDAQ:PLTR) shares reversed off session lows Friday after President Trump mentioned the company in a social media post, though the stock remained down 2% after falling as much as 6% earlier in the session.

Trump wrote, "Palantir Technologies (PLTR) has proven to have great war fighting capabilities and equipment. Just ask our enemies!!!" The endorsement came as the stock faced selling pressure amid concerns about competitive threats from Anthropic.

Palantir shares had declined over 15% in the past five days before Trump's mention today. The recent weakness followed Anthropic's release of a new product around multi-agent orchestration, which raised questions about potential headwinds for the software sector.

Wedbush analyst Dan Ives earlier reiterated an Outperform rating and $230.00 price target on Palantir, addressing the competitive concerns. The analyst commented, "Palantir has been under pressure over the past few days, including down 7% today, after Anthropic released a new product around multi-agent orchestration, which continues to add more headwinds to the software sector. While Anthropic is hitting a new scale with the company now at $30 billion ARR, up from $9 billion at the start of the year, we believe this is not at the expense of PLTR's business as the company continues to accelerate both its US commercial and government businesses with US Commercial growing 137% YoY and US government accelerating 66% YoY."

Ives noted that Palantir's US commercial business grew 137% YoY while US government revenue accelerated 66% YoY, suggesting the company's growth trajectory remains intact despite competitive developments in the AI sector.

Palantir stock rebounds after Trump endorsement amid Anthropic competition

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