Just saw the Big Short investor Michael Burry weighing in on Palantir again, and this time he's pretty bearish. The guy who called the 2008 housing collapse is now saying PLTR is massively overvalued—he's putting fair value at just $46 while the stock was trading around $129. That's a massive gap.

Burry posted on Substack that he doesn't expect Palantir's recent run to hold up. His main concern? The company's burning through cash and he thinks those profit margins they're reporting might not tell the whole story. Interestingly, he's not actually shorting it right now, but he does have put options—so he's hedged his bet.

The market didn't love hearing from the Big Short guy. PLTR dropped nearly 5% on Thursday alone, adding to what's already been a rough stretch from its November highs. The stock has given back about 40% from those peak levels, though it still managed to more than double during 2025 overall.

What's interesting is how isolated Burry's view actually is. Wall Street analysts covering Palantir are split—half of them still recommend buying, and the rest say hold. But even the most bearish analysts on the Street have price targets around $180, which is still almost 4x higher than Burry's estimate. So while everyone acknowledges the stock probably got ahead of itself, nobody else is nearly as pessimistic as Michael Burry.

The company did have a solid 2025 with strong revenue growth driven by their AI platform adoption. But that's exactly what has some people concerned—the valuation already priced in a lot of that success. Whether Burry's warning signals a real turning point or just another contrarian take from the Big Short investor remains to be seen. Either way, it's the kind of call that gets people's attention in the market.