As much as I hate these assholes coopting Tolkien's works, it is a really apt name for this company. In the story, the Palantir were wonderous tools for communication until they were corrupted and taken over by literal evil, turned into tools of surveillance and control.
I dislike that the article refers to Thiel as a Libertarian without putting quote marks around it. While he is firmly opposed to governments regulating businesses, he makes and sells the tools to help governments exercise more authority over private citizens. I know the term has also been largely coopted by fascists, but it still annoys me.