Michael Burry, the investor known for predicting the 2008 housing collapse, has renewed his criticism of Palantir Technologies, arguing that the data analytics company resembles a consulting business more than a subscription software provider. Palantir's market capitalization recently reached roughly $432 billion amid enthusiasm for its artificial intelligence offerings, but Burry said its fundamentals had not changed and warned that the valuation could eventually fall below $100 billion, representing a decline of more than 75% from current levels. Burry highlighted Palantir's deferred revenue-to-revenue ratio of about 32%, close to Accenture's roughly 31% but well below the 80% to 207% range he cited for software-as-a-service peers including Salesforce and ServiceNow. He described Palantir as a consultant benefiting from artificial-intelligence fear of missing out, while warning that a prolonged AI spending cycle would not prevent a potentially severe eventual decline. He also questioned rising accounts receivable, customer concentration, stock-based compensation, tax benefits from net operating loss carryforwards, the canceled buyback authorization and aircraft-related spending by CEO Alex Karp. Palantir reported $1.49 billion in accounts receivable as of June 30, 2026, up from $1.04 billion at the end of 2025; one customer represented 27% of receivables, although no customer accounted for more than 10% of revenue. The company reported about $1.6 billion in pretax GAAP income for 2025, paid no federal cash taxes after using net operating loss carryforwards, and saw federal net operating losses rise to $9 billion from $5.5 billion. Palantir canceled a $1 billion buyback authorization after repurchasing about $75 million of stock in 2025, while Karp sold approximately 492,000 shares worth $86 million last month. Aircraft-related costs rose to $17.2 million in 2025 from $7.7 million a year earlier. PLTR shares fell 6% Wednesday to close at $169.46 despite second-quarter revenue growth of 93% to $1.94 billion, including 149% growth in U.S. commercial revenue to $764 million and 90% growth in U.S. government revenue to $809 million. Palantir raised its 2026 revenue outlook to $8.15 billion, implying roughly 82% growth. Wall Street analysts remain broadly positive, with a Moderate Buy consensus based on 17 Buys, four Holds and two Sells over the past three months; the average price target is $197.89, implying roughly 17% upside. Retail sentiment on Stocktwits shifted to bearish from neutral a week earlier, while 24-hour message volumes rose 90%.