Michael Burry, the investor who made his name betting against the US housing market before the 2008 financial crisis, is waging his most public campaign yet against Palantir Technologies while simultaneously building long positions in a clutch of enterprise software stocks he believes have been unfairly punished.
Burry disclosed on his Substack blog that he holds long-dated put options on Palantir with a December 2026 strike price of $100 and a June 2027 strike of $50, implying he expects the stock to fall at least 32% from its current level near $146 by year-end and potentially more than 60% within 14 months.
"I now own the June 17, 2027, Strike Price 50 Puts and the December 18, 2026, Strike Price 100 Puts. I am not selling these today," he wrote.
The position dates back to the autumn of 2025, when Scion Asset Management's regulatory filings disclosed put options on approximately five million Palantir shares, a notional position approaching $1 billion.
Burry has rolled the options repeatedly since.
His central argument is that Palantir's bespoke, consultant-heavy deployment model is being undercut by simpler, cheaper AI platforms that enterprises can adopt with far less friction.
In a since-deleted post on X earlier this month, Burry wrote that Anthropic was "eating Palantir's lunch," citing the Claude developer's revenue run rate surging from $9 billion to $30 billion in four months as evidence of a shift in enterprise buying patterns.
The post triggered a 13.7% weekly decline in Palantir shares and wiped more than $23 billion from the company's market capitalisation in a single session.
Palantir chief executive Alex Karp has previously dismissed Burry's bearish positions as inexplicable.
Despite the stock's 28% decline in 2026, Palantir's underlying business remains strong.
Fourth-quarter revenue rose 70% year on year to $1.4 billion, US commercial revenue surged 137%, and management guided for 61% revenue growth this year.
However, the shares still trade at roughly 100 times projected 2026 earnings, a valuation Burry has described as detached from reality.
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On the long side, Burry has opened new positions in Salesforce, Adobe, Autodesk and Veeva Systems, companies he believes have been dragged down by forced selling from private credit funds and broader macro anxiety rather than genuine business deterioration.
He also disclosed an expanded bearish position on Nvidia, buying January 2027 puts with a strike price of $115.
The recap
- Michael Burry publicly reduces enthusiasm for Palantir Technologies.
- He opened a fresh stake in Salesforce, the article says.
- Palantir and Salesforce have invested billions into generative AI features.
