Veteran analyst drops bold take on Palantir Anthropic situation

Palantir Technologies (PLTR) just can’t stay out of headlines.In late March, during the Iran-U.S. war, shares of the controversial AI platform skyrocketed, but recently, a threat from Anthropic sent shockwaves across the entire software space, with Palantir being hit the hardest.But just as the selling pressure reached a fever pitch, Wedbush analyst Dan Ives poured cold water on all the hype, according to Seeking Alpha reporting. The veteran tech analyst isn’t buying the narrative on AI upstart Anthropic stealing Palantir's crown, and he's got the numbers to back it up.Just back in early April, the stock was trading above $150, but it had tumbled as much as 14% over the last 5 days, dragging its year-to-date decline to a painful 28%, according to Yahoo Finance.For a company that delivered triple-digit returns in each of the past three years, the 2026 story has clearly turned sour. The culprit this time wasn't earnings or guidance, both of which have been stellar, but rather a familiar face from the "Big Short" era who decided to take aim at the AI analytics darling.Michael Burry takes down Palantir stockFamed short-seller Michael Burry just lit a match under Palantir.In a now-deleted post on X (the former Twitter), Burry said Anthropic is “eating Palantir’s lunch” in enterprise AI. He backed it up with data from corporate spend tracker Ramp, saying Anthropic is pulling in 73% of all new enterprise spending.Burry also compared the two companies’ growth paths, saying Anthropic jumped from $9 billion to $30 billion in annual recurring revenue in just months, while Palantir took 20 years to reach $5 billion.More Palantir Palantir CEO delivers curt 8-word message to investorsVeteran analyst drops eye-popping price target on Palantir stockMorgan Stanley has a stark message for investors in Palantir stocksBurry argues that Palantir isn’t really selling clean, scalable software the way people think.Instead, he makes the claim that Palantir typically drops engineers into client offices for months at a time to keep systems running. That shows up in its filings as professional services, which means customers are paying for labor, not just tech.Anthropic, in contrast, sells an API that plugs into existing workflows without all the on-site hand-holding.Burry’s conviction looks serious, too. Regulatory filings show he holds put options tied to about five million Palantir shares that expire in 2027. His short position was first disclosed in the third quarter of 2025, Yahoo Finance noted. A renownedshort-seller said Anthropic is “eating Palantir’s lunch” in enterprise AI.Dietsch/Getty Images Wedbush fires back at BurryWedbush analyst Dan Ives wasn't about to let Burry's broadside go unanswered. In a Friday note titled "Anthropic Threat to PLTR Way Overblown; Long‑Term Winner Will Be PLTR" and cited by Benzinga, Ives reiterated an outperform rating and $230 price target, implying more than 70% upside from recent levels. He called Burry's take a "wrong take and fictional narrative."Ives' defense centers on what he calls Palantir's “ontology‑driven AIP platform,” essentially a digital twin of an enterprise that structures operational data so models like Claude can actually be deployed at scale. He said that Anthropic's breakout isn't showing up as damage in Palantir's numbers. "While Anthropic is hitting a new scale with the company now at $30 billion ARR, up from $9 billion at the start of the year, we believe this is not at the expense of PLTR's business," Ives wrote, according to Wedbush's investor note.Palantir's Q4 results at a glancePalantir’s latest earnings reports offer a very different story than Burry’s “low-margin consultant” claim.Revenue: $1.41 billion, up 70% year over year, beating analyst estimates of $1.33 billion.U.S. commercial revenue: $507 million, up 137% year over yearU.S. government revenue: $570 million, up 66% year over yearGAAP net income: $609 million, with a 43% marginTotal contract value: Record $4.26 billion booked in Q42026 guidance: $7.18 billion to $7.20 billion, representing 61% year-over-year growthU.S. commercial 2026 guidance: At least $3.14 billion, or 115%+ growthCash position: $7.2 billion with zero debt Source: Palantir Investor Relations Trump steps into the defenseIn a stunning turn of events, President Donald Trump stepped in to stop the bleeding in Palantir stock with a post on Truth Social."Palantir Technologies (PLTR) has proven to have great war fighting capabilities and equipment. Just ask our enemies!!!" he wrote, notably including the company's ticker symbol, CNBC reported.Within an hour, Palantir stock reversed course and reclaimed over $10 billion in lost market cap. It’s important to note that the Pentagon's Maven Smart System, which Palantir powers, is mission-critical across every U.S. combatant command and is set to become a formal "program of record" with stable funding.Palantir holds Pentagon contracts worth nearly $900 million annually, according to Bloomberg.Wall Street price targets for Palantir stockWall Street’s average price target for Palantir is approximately $194, implying about a 52% upside from the recent price near $128, with analyst targets ranging from $70 on the low end to $260 on the high end.Citigroup: $260 (+103.0% versus current price) — buyBank of America: $255 (+99.1% versus current price) — buyPiper Sandler: $230 (+79.6% versus current price) — overweightMorgan Stanley: $205 (+60.1% versus current price) — holdRosenblatt: $200 (+56.2% versus current price) — buyUBS: $200 (+56.2% versus current price) — buyGoldman Sachs: $182 (+42.1% versus current price) — neutral Sources: MarketBeat, FinBold, GuruFocus, Blockonomi Related: ‘Big Short’ Michael Burry sends signal on Nvidia stock