NEW YORK, April 9, 2026, 11:10 EDT
Shares of Palantir Technologies slumped nearly 7% Thursday, extending losses for a second day. The drop followed comments from Michael Burry, who argued that Anthropic is pulling ahead in the enterprise AI race. With Palantir trading around $130.59 late Thursday morning, the company stood to shed about $34 billion in market cap if the slide persisted. Business Insider
Palantir’s pullback stands out, with the stock still priced at about 395 times earnings—even post-drop. That’s much richer than Nvidia’s 46, and it doesn’t leave much buffer if commercial demand slows.
This week saw pressure ratchet up fast. On Monday, Anthropic revealed its annualized revenue run rate had soared beyond $30 billion—up from roughly $9 billion back at the end of 2025. Then, on April 8, the company rolled out Claude Managed Agents in public beta, touting a shortcut for businesses to spin up autonomous AI tools without the drag of months-long infrastructure builds. Reuters
Michael Burry, in comments posted on X and reported by Business Insider, claimed Anthropic is “eating Palantir’s lunch,” pointing to what he called an “easier, cheaper, intuitive solution for businesses.” Burry said that Palantir’s strength in government contracts hasn’t translated into a similar advantage with private companies. Business Insider
New figures out of Ramp, the corporate spend platform, point in that direction. “Nearly one in four businesses on Ramp now pays for Anthropic,” economist Ara Kharazian noted in the company’s March AI Index. He also flagged that Anthropic captures about 70% of first-time, direct contests against OpenAI, even as OpenAI still tops the list as the model provider with the broadest business usage on Ramp. Ramp
The surge around Anthropic is rippling well beyond Palantir. According to Reuters, Anthropic has apparently caught up to OpenAI on revenue, though the numbers aren’t exactly apples-to-apples—Anthropic books revenue gross, while OpenAI’s figures come after sharing with its cloud providers. And Broadcom? It says Anthropic is lined up for about 3.5 gigawatts of Google TPU horsepower, starting in 2027. Reuters
Palantir’s defense segment isn’t going anywhere. Back in February, the company reported a 66% surge in U.S. government revenue for the fourth quarter, reaching $570 million and boosting overall sales to $1.41 billion. Later, Reuters noted the Pentagon intends to designate Palantir’s Maven AI system as a program of record, meaning it gets a dedicated budget and multi-year support. CEO Alex Karp described Palantir’s role at the time as “supporting in a critical manner” some of the government’s most complex operations. Reuters
Anthropic’s dispute with the Pentagon has translated into new business for Palantir. Back in March, Reuters reported that some Maven Smart Systems workflows—originally running on Anthropic’s Claude—would have to be redone. The reason: the Pentagon flagged Anthropic as a supply-chain risk after it pushed back on relaxing certain military guardrails. This week, a federal appeals court let that risk designation stand, at least for now. Reuters
The big question: can Palantir leverage its defense dominance to speed up commercial wins, as competitors roll out easier, hosted solutions? Should customers flock to offerings like Claude Managed Agents for quicker AI results, Palantir’s resource-heavy approach and premium stock price might run into trouble. But if the Pentagon keeps ramping up and Maven gets tightly woven into U.S. military operations, bullish investors will argue the shares still have room to run past doubters. Claude
