Palantir shares closed at $169.46 on Wednesday, down 5.81%, or about 6%, after a sharp August rally, as investors weighed Michael Burry’s renewed criticism, elevated Treasury yields, Google’s competing AI models and the stock’s rich valuation. Burry argued that Palantir resembles a consulting business more than a subscription software provider and warned its roughly $432 billion market capitalization could eventually fall below $100 billion. Palantir reported second-quarter revenue of $1.94 billion, up 93%, including 149% growth in U.S. commercial revenue, and raised its 2026 revenue outlook to $8.15 billion, implying roughly 82% growth. Wall Street analysts remained broadly positive, while retail sentiment turned bearish.