Michael Burry (Trades, Portfolio) is taking another bearish position against Palantir Technologies PLTR, buying March 2027 put options with strike prices in the low-to-mid $100 range, according to his Cassandra Unchained publication.
The trade comes even as Palantir continues to post rapid growth and strong demand for its AI software.
The new position is worth watching because Burry's view on Palantir has evolved over time. He previously held bearish options at much lower strike prices and later reduced part of his short exposure near $107. Earlier this year, Burry also argued that Palantir's fundamental value was well below $50, highlighting just how far his valuation view sits below the stock's recent levels.
That does not mean Burry is predicting an immediate collapse. Put options give him downside exposure, but the March 2027 expiration gives the trade considerable time to play out. His latest position appears focused more on valuation than on Palantir's underlying business momentum.
Palantir recently reported second-quarter revenue of about $1.9 billion, nearly double from a year earlier, helped by demand from commercial customers and government AI contracts. The strong results have supported the bullish case, but the stock's premium valuation remains Burry's central concern.
With Palantir valued at more than 50 times projected 2026 sales and nearly 100 times free cash flow by some bearish estimates, investors face a familiar question: Can the company grow fast enough to justify its valuation, or will a slowdown eventually force the premium lower?
