Michael Burry warns Palantir could fall below $100 billion

Analyst

โดย TheStreet·

Summary · why it matters

Michael Burry has renewed his bearish case against Palantir Technologies, warning that its roughly $432 billion market capitalization could eventually collapse below $100 billion. Burry argues that Palantir behaves more like a consulting business than a true software company, citing a deferred revenue-to-revenue ratio of about 32%, nearly identical to Accenture's 31% and far below SaaS peers like Salesforce and ServiceNow. He also flagged rising receivables, with one customer accounting for 25% of the total but contributing less than 10% of revenue, and criticized governance issues including abandoned buybacks and CEO Alex Karp's private jet expenses. Despite the warning, Palantir's stock fell nearly 6% on September 2, then jumped roughly 8% on September 3 following an expanded AI partnership with PwC US. The company's most recent quarter showed revenue up 93% year over year, and it raised full-year guidance, setting up a standoff between Burry's valuation concerns and Palantir's strong business performance.