LONDON/OSLO (Reuters) – One of the Nordic region’s largest investors, Storebrand Asset Management, has sold its holdings in Palantir Technologies due to concerns that the US data firm’s work for Israel might put the asset manager at risk of violating international humanitarian law and human rights.
The Oslo-based investor disclosed this week that it had “excluded Palantir Technologies Inc from our investments due to its sales of products and services to Israel for use in occupied Palestinian territories.”
Storebrand, which manages about 1 trillion crowns ($91.53 billion) in assets, held around 262 million crowns ($24 million) in Palantir, a spokesperson told Reuters.
The data analytics firm, co-founded by billionaire Peter Thiel, provides militaries with artificial-intelligence models. Earlier this year, it agreed to a strategic partnership to supply technology to Israel to assist in the ongoing war in Gaza.
Palantir has previously defended its work for Israel. CEO Alex Karp said he was proud to have worked with the country following the Hamas attacks in October last year, and in March, told CNBC that Palantir had lost employees and that he expected to lose more over his public support for Israel.
Storebrand’s exit follows a recommendation from Norway’s government in March warning businesses about engaging in economic or financial activity in the Israeli settlements in the Palestinian territories. The International Court of Justice, the United Nations’ highest court, said in July that Israel’s occupation of Palestinian territories, including the settlements, is illegal.
Storebrand’s analysis indicated that Palantir provides products and services, including AI-based predictive policing systems, that support Israeli surveillance of Palestinians in the West Bank and Gaza. Palantir’s systems are designed to identify individuals who are likely to launch “lone wolf” terrorist attacks, facilitating their arrests preemptively before the strikes that it is projected they would carry out.
The investor added that, according to the United Nations, Israeli authorities have a history of incarcerating Palestinians without charge or trial. A U.N. Special Rapporteur said in a 2023 report that “the occupied Palestinian territory had been transformed as a whole into a constantly surveilled open-air prison.”
Storebrand’s decision to exclude Palantir from its investments stems from concerns that the data firm’s activities may be violating international humanitarian law and human rights. The investor’s move may set a precedent for other companies to re-evaluate their ties with Palantir, which has become a key provider of surveillance technology to the Israeli military.
This development comes as the debate around the legitimacy of Israeli settlement activity and its impact on the Palestinian population continues to intensify. The question remains whether corporations like Palantir can effectively navigate the complex web of international law and politics surrounding the Israeli-Palestinian conflict.
Palantir did not immediately respond to a request for comment. In its third-quarter investment review, Storebrand highlighted its concerns about the potential risks involved in investing in companies that provide services to Israeli occupation forces in the Palestinian territories. The investor’s move is a departure from its earlier approach of investing in companies with ties to Israel, including in the high-tech industry.
As Storebrand’s decision sets a new standard for ethical investing, the Norwegian government’s warning to businesses about engaging in economic or financial activity in Israeli settlements in the Palestinian territories may have far-reaching implications for global businesses. The move could also put pressure on the UN to re-evaluate its stance on the Israeli-Palestinian conflict and its impact on the global business community.
