Palantir Technologies stock was rising Monday after the software company got some love from President Donald Trump and high-profile technology investor Cathie Wood.

Shares jumped 2.2% to $130.88 ahead of the opening bell. Futures tracking the S&P 500 were 0.6% lower as Trump's order for the U.S. Navy to form a blockade in the Strait of Hormuz from 10 a.m. on Monday rattled investors.

Wood's ARK Invest bought 85,485 shares in Palantir across five exchange-traded funds, according to a daily trade notification. The position was valued at $10.95 million as of Friday's close.

Wood may have been taking the opportunity to buy the dip in a stock she likes.

Palantir has tumbled 28% so far this year as investors question whether the company can grow profit at a fast enough rate to justify a lofty valuation and stave off the threat artificial intelligence poses to the software industry.

Shares are trading at 99 times expected earnings for 2026.

Palantir also got a shout-out from Trump on Friday, helping it to claw back some losses during a session in which investors fretted about Anthropic's new AI model.

"Palantir Technologies (PLTR) has proven to have great war fighting capabilities and equipment. Just ask our enemies!!!," the president said in a post on Truth Social.