In this photo illustration, a smartphone displays the logo of Palantir Technologies Inc. (NYSE: PLTR), an American big data analytics and software company, in front of a screen showing the company's latest stock market chart on July 30,

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.

Just days ahead of its second-quarter earnings report, Palantir was trading near record levels. On July 31, the stock reached an all-time intraday high of $160.89. It closed at $154.27 on August 1, weighed down by a broader market slump.