The company, which has more than doubled in value this year, forecast fourth-quarter revenue above market expectations on Monday, driven by a rapid AI adoption boosting demand for its data analytics services.
The company’s stock has been riding on its strong relationship with the U.S. government after it won a slew of contracts, including using Palantir’s data and AI technology in defence work.
“Big Short” investor Michael Burry, known for his successful bets against the U.S. housing market in 2008, has now placed bearish bets on Nvidia and Palantir, according to a regulatory filing on Monday.
Late last month, Burry, in his first X post in more than two years, warned of a bubble, fanning investor concerns over inflated spending in the AI and tech industry.
“Time will tell if Burry has got his timing right or if the share decline in pre-market trading simply represents a pause for breath before Palantir starts racing higher again,” said Dan Coatsworth, head of markets at AJ Bell.Palantir has emerged as a retail favorite over the years, with daily retail cash turnover of about $302 million as of last close, the third highest among U.S.-listed shares that Vanda Track Research monitors.
FAQs
Q1. How have Palantir shares performed?
A1. Palantir share prices are up more than 170 per cent so far this year, after having surged around 1,000 per cent in the past two years, sharply outpacing tech firms including Big Tech and AI giants Microsoft, Amazon and Alphabet.
Q2. Is there worry for Palantir?
A2. “Big Short” investor Michael Burry, known for his successful bets against the U.S. housing market in 2008, has now placed bearish bets on Nvidia and Palantir, according to a regulatory filing on Monday.