Palantir Technologies (PLTR) shares fell roughly -6% on Wednesday, April 9, 2026, after Scion Asset Management founder Michael Burry publicly argued on X that Anthropic is eating Palantir’s lunch in enterprise AI, calling Palantir stock a potential bubble and citing hard adoption data to back the claim.
The sell-off marked one of the sharpest single-session declines for PLTR in recent weeks, adding a new layer of anxiety to a stock that had already been trading at a valuation premium that left little room for competitive doubt.
The stock clawed back some ground in after-hours trading, settling near $140.70 as buyers stepped in, but the intraday damage reinforced how acutely sensitive the market has become to any credible narrative challenging Palantir’s enterprise AI moat, particularly one arriving from an investor with Burry’s track record of prescient, if early, bearish calls.
$PLTR down 6.6% on a day the S&P gained 2.5% — Michael Burry posted that Anthropic is eating Palantir's lunch, citing its jump from $9B to $30B ARR while Palantir took 20 years to hit $5B revenue. The Iran ceasefire stripped the defense premium at the same time, and at 238x… pic.twitter.com/YR9TgWn2Q3
— hiperwire (@hiperwire) April 8, 2026
Why is Palantir Stock Down Today? Burry’s Anthropic’s Enterprise Surge Reframes the AI Competition
Michael Burry, known for betting against mortgage-backed securities before the 2008 crisis, disclosed a short position against Palantir in his Scion Asset Management 13F filing on November 4, 2025.
He revealed that he held put options on 5M PLTR shares, valued at $912M as of September 30, 2025. In a recent X post, Burry argued that “Anthropic is eating Palantir’s lunch,” claiming that Anthropic’s platform is a more appealing solution for businesses.
Burry referenced a March 2026 analysis by economist Ara Kharazian, which showed that nearly 25% of businesses on Ramp now pay for Anthropic, up from just 4% a year earlier.
If your kid’s lemonade stand processes 0.5–1% of US GDP, then yes, that’s a fair analogy for @tryramp. Ramp’s data is useful for the same reason it gets cited at all: it is quite consistent with the revenue figures OpenAI and Anthropic release. If it weren’t, no one would care. pic.twitter.com/0ls8FZZhuC
— Eric Glyman (@eglyman) March 21, 2026
He noted that 73% of new enterprise AI spending is directed to Anthropic, with OpenAI experiencing its largest monthly user decline.
This trend implies a shift in which specialized large language model providers are displacing legacy platforms, raising questions about Palantir’s growth trajectory given its high valuation relative to the sector median.
Palantir CEO Alex Karp dismissed Burry’s short position and criticized his analysis. However, the market remains aware of the competitive landscape, as enterprise AI adoption accelerates.
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PLTR Stock Brief: Deep Valuation Discount Required to Justify Current Price
SOURCE: Yahoo Finance
Palantir stock was trading at about $141.18 in after-hours on April 9, 2026, down around 6% from the previous close. The 52-week range for PLTR is $88 to $208, but it has recently surged due to an AI-driven rally. Its market capitalization is approximately $336Bn.
Valuation-wise, Palantir trades at a forward price-to-earnings ratio of about 115x, significantly above the sector median of 21x, which concerns some investors, including Burry, who view it as a risk amid rising AI competition.
Notable recent analyst actions include Rosenblatt’s John McPeake, who maintains a Buy rating with a $200 price target, and Benchmark’s Yi Fu Lee, who holds a Hold rating due to elevated execution risks.
Despite a recent market sell-off, options analysts suggest a 2% chance of PLTR falling to $50 or lower, highlighting the potential volatility of high-multiple stocks. Year-to-date and one-year performance still compare favorably to the S&P 500.
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The post Why is Palantir Stock Down Today? Anthropic AI FUD Triggers PLTR Stock Sell-Off appeared first on Tokenist.