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Palantir stock erases $42 billion from its market cap one day after Michael Burry bet against it

Palantir (NASDAQ: PLTR) shares tanked nearly 8% on Tuesday, November 4, just one day after hitting a record price of 207.18followingastrongthirdquarterearningscall.Thedropwasinitiatedwhenanumberofanalystsstartedpointingatvaluationconcernsandcautioningthatthepremiumwasdifficulttojustifyevenwithacceleratingfundamentals. Adayearlier,BigShortinvestorMichaelBurrydisclosedanewportfolioupdaterevealinga207.18 following a strong third-quarter earnings call.The drop was initiated when a number of analysts started pointing at valuation concerns and cautioning that the premium was difficult to justify even with accelerating fundamentals. A day earlier, ‘Big Short’ investor Michael Burry disclosed a new portfolio update revealing a 912 million bearish bet on the software leader and criticized ...