Why Palantir Technologies Stock Just Dropped
Yahoo Finance ·
Palantir Technologies ( PLTR 3.21% ) stock tumbled 4% through 12:45 p.m. ET Wednesday. You can probably blame Michael Burry for that. As StreetInsider.com reports, Burry -- famed for calling the 2008 housing market meltdown before it happened -- has placed short bets against multiple high-profile artificial intelligence names, of which Palantir may have been one. (Specific tickers targeted by Burry have not yet been confirmed.) And here's the thing: Selling off Palantir on one investor's say-so -- even Burry's -- seems less than prudent, especially when there are so many other, more logical AI names that might be targeted. And when you consider further that we don't even know for sure that Burry sees anything wrong with Palantir stock, and may not be shorting it at all, selling Palantir seems even less prudent.
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