Norwegian Investor Divests from Palantir Over AI-Powered Surveillance in Israel

Norwegian Investor Divests from Palantir Over Ethical Concerns

Storebrand Asset Management, one of the Nordic region's largest investors managing approximately $91.53 billion in assets, has announced its divestment from Palantir Technologies. The decision comes amid growing concerns over Palantir's involvement in providing AI-powered surveillance technology to Israel for use in occupied Palestinian territories 1

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Ethical Considerations and International Law

The Norwegian asset manager cited potential violations of international humanitarian law and human rights as the primary reason for its divestment. Storebrand's decision aligns with a March 2024 recommendation from the Norwegian government, cautioning businesses against engaging in economic or financial activities in Israeli settlements within Palestinian territories 1

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This move follows a July 2024 ruling by the International Court of Justice, which declared Israel's occupation of Palestinian territories, including settlements, illegal. Israel's foreign ministry, however, rejected this opinion as "fundamentally wrong" and one-sided 2

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Palantir's AI Technology and Its Applications

Palantir, co-founded by billionaire Peter Thiel, specializes in providing artificial intelligence models to militaries. The company's involvement in Israel includes:

1. A strategic partnership to supply technology for the ongoing conflict in Gaza 3

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2. AI-based predictive policing systems supporting Israeli surveillance in the West Bank and Gaza 1

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3. Systems designed to identify potential "lone wolf terrorist" attackers, enabling preemptive arrests 2

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Storebrand's Concerns and Palantir's Response

Storebrand's analysis suggests that Palantir's technology facilitates surveillance of Palestinians in occupied territories. The asset manager expressed concern over the use of AI for predictive policing, especially given the United Nations' reports of Palestinian incarceration without charge or trial 2

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Despite multiple requests for information since April 2024, Palantir has not responded to Storebrand's inquiries. The company has, however, previously defended its work with Israel. CEO Alex Karp expressed pride in Palantir's collaboration with Israel following the Hamas attacks in October 2023 and acknowledged losing employees due to his public support for Israel 3

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Broader Implications for Investors

This divestment highlights a growing trend of ethical considerations in investment decisions, particularly concerning companies involved in controversial geopolitical situations. In September 2024, Reuters reported that Norway's $1.7 trillion wealth fund might also have to divest from companies violating stricter ethical standards related to Israeli operations in occupied Palestinian territories 1

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The move by Storebrand, which held approximately $24 million in Palantir shares, signals a potential shift in how investors evaluate the ethical implications of AI technologies in conflict zones and occupied territories 2

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