'Anthropic is Eating Palantir's Lunch': Michael Burry

Michael Burry is using fresh data on enterprise AI spending to sharpen a long-running bear case against Palantir Technologies, Inc. (NASDAQ:PLTR), while framing Anthropic as the clear winner in the corporate AI land grab.

• PLTR stock is down. See the chart and price action here. 

Burry Strengthens His Case Against PLTR

Burry posted his latest jab at Palantir Wednesday on X: 

"Anthropic is eating $PLTR Palantir’s lunch. That massive boost from $9B to $30B ARR at Anthropic is because Anthropic offers the easier, cheaper, intuitive solution for businesses," he said.  

"PLTR can have government, which is low margin and small.  Anthropic’went from $9B to $30B in months, it took $PLTR 20 years to get to $5 Billion.  Anthropic is taking 73% of all new enterprise spending per Ramp," Burry added. 

What Ramp's Data Actually Shows 

Ramp's March AI Index shows business AI adoption at a record 47.6%, with nearly one in four Ramp customers now paying for Anthropic, up from roughly one in 25 a year ago. 

Anthropic's adoption grew 4.9 percentage points month-over-month, its fastest pace yet, and it now wins about 70% of first‑time, head‑to‑head enterprise purchasing decisions versus OpenAI.

Ramp also notes this is a "complete reversal" from 2025, when OpenAI was gaining share faster than rivals, underscoring a rapid shift toward Claude in business workflows. 

That backdrop makes Burry's claim that Anthropic is "eating Palantir's lunch" resonate with data showing Anthropic capturing the bulk of incremental enterprise AI spend.

Burry's PLTR History

Burry previously disclosed a sizeable short in Palantir via long‑dated $50 strike put options expiring in 2027, giving him downside exposure to roughly 5 million shares. 

He has argued Palantir is a low‑margin consulting shop dressed up as a high‑growth AI/SaaS story, pointing to accounts receivable expanding far faster than revenue and heavy stock‑based comp as red flags.

He has also blasted what he calls Palantir's "overpromising" on AI, saying the company relies on external model providers like Anthropic and "has no real AI software of its own." 

Burry's latest post builds on his view that Palantir's government work is smaller, lower‑margin and increasingly dependent on the very foundation models that are now winning direct enterprise relationships on their own.

Burry Still Bearish 

Ramp's numbers give Burry fresh ammunition: Anthropic is rapidly becoming the default choice for corporate AI spend, while Palantir must prove its higher‑touch platforms can capture comparable economics. 

If Anthropic continues to dominate new enterprise AI budgets, Burry's bet is that the market will re-rate Palantir away from pure‑play AI darling toward more mundane systems integrator multiples.

PLTR Price Action: According to Benzinga Pro data, Palantir stock was down 2.05% at $146.98 Wednesday, amid a broad market rally on the Middle East ceasefire. 

This image was generated using artificial intelligence via Gemini.