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Palantir (PLTR) rebounded to $170 per share after briefly falling below $155 despite Michael Burry’s short position.
Wedbush analyst Dan Ives set a $230 price target for Palantir and predicts the company will reach a $1T market cap eventually.
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Buying the dips in shares of Palantir (NASDAQ:PLTR) has been the smart move every step of the way, as the AI data analytics titan has found a way to defy the doubters and soar higher just about every time. And while buying the dip in any difficult-to-value, seemingly expensive hyper-growth AI stock has been scary to do, it has arguably never been as scary to pick up as right now. Why?
Dr. Michael Burry of Big Short fame announced bearish positions on the company. And by means of his Substack, Cassandra Unchained, the man has a fairly loud microphone to talk down his position. Undoubtedly, if the short bet against shares of Palantir wasn’t enough, perhaps it’s a steady stream of commentary that could act as a major thorn in the side of one of the biggest AI software winners in the market over these past few years.
While Dr. Burry’s short has seemingly put a dent in the stock, it seems like the name isn’t about to rollover in any sort of “AI bubble” burst scenario, at least not quite yet. With Palantir shares recently ricocheting back to $170 per share after briefly dipping below the $155 per-share mark, it seems like the massive AI winner might just have what it takes to pull off more wins for investors willing to hang on.
Though going against Dr. Burry and the callers who argue for an AI bubble bust (indeed, there are many these days) seems like an unwise move, it is the contrarian stance right now. And given how little has changed about Palantir since before shares…
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