Palantir Technologies stock (NASDAQ: PLTR) has had a remarkable run this year, more than doubling since early January to trade at around $160 per share. The stock has been buoyed by surging interest in generative AI and a wave of new government contracts following the re-election of Donald Trump as U.

The onetime Silicon Valley upstart has emerged as a power player in Trump’s second term—and adopted his persona.

Overall, the Trump administration's push for increased immigration enforcement, Palantir's history as a high-tech defense contractor, and co-founder Peter Thiel's status as a deep-pocketed Republican donor all mean the company is likely to see increased business from the government during the current administration.