Michael Burry is at it again. The investor who became legendary as “The Big Short” is doubling down on his bearish position in Palantir Technologies (NASDAQ: PLTR). In his Substack newsletter, Cassandra Unchained, Burry announced his purchase of out-of-the-money put options on PLTR stock expiring in March 2027. The contracts reportedly have a strike price in the low- to mid-$100 range.
If Burry’s bearish bet is right, PLTR would dip down to the levels it was at in late June. On the one hand, it’s easy to see why Burry would short PLTR. The stock is up about 30% in the last 30 days. Most of that gain came after the company’s Q2 earnings report, which was stellar by nearly every measure.
