Palantir Technologies (NASDAQ:PLTR) stock just logged an ugly week, but one of Wall Street's loudest bulls is calling the sell-off "way over-blown" and sees roughly 70% upside from here.

Palantir's downdraft picked up steam when “Big Short" investor Michael Burry blasted out a now‑deleted post on X claiming Anthropic is "eating Palantir's lunch," arguing the Claude maker has surged from about $9 billion to $30 billion in ARR by capturing nearly three‑quarters of new enterprise AI spend. 

His critique — that Anthropic offers an easier, cheaper, more intuitive path for corporate AI than Palantir's heavier software stack — helped knock Palantir down more than 6% on Wednesday and over 7% Thursday, adding to a year‑to‑date slide that's left shares nearly 30% off their highs.

Ives Remains Bullish

Wedbush tech analyst Dan Ives is taking the other side. 

In a fresh note titled "Anthropic Threat to PLTR Way Overblown; Long‑Term Winner Will Be PLTR," he reiterated an Outperform rating and a $230 price target versus a recent price near $130.54, implying more than 70% upside. 

Ives argues Anthropic's breakout doesn't show up as damage in Palantir's numbers: U.S. commercial revenue grew 137% year‑over‑year last quarter, U.S. government revenue accelerated 66%, and total customers rose 34%, with U.S. commercial customers up close to 50%. 

Big-ticket momentum is also building, with 40% growth in contracts above $1 million and 91% growth in deals above $10 million.

The core of his thesis is that Palantir's moat sits in its Ontology‑driven AIP platform — effectively a "digital twin" of an enterprise that cleans and structures operational data so models like Claude can actually be deployed at scale. 

Bootcamps are shortening sales cycles and turning pilots into production use cases on "eye‑popping" timelines, reinforcing Palantir's role as the orchestration and governance layer rather than a direct model competitor, according to Wedbush. 

Trump = PLTR Bull 

Adding an unusual twist, President Donald Trump weighed in on Truth Social Friday, praising Palantir's "war fighting capabilities" and implicitly reinforcing its entrenched government relationships. 

Traders appeared to treat the presidential shout‑out as a buy‑the‑dip signal, with the stock reversing higher and reclaiming more than $10 billion in market cap within about an hour after the post. 

Between Burry's high‑profile short, a presidential endorsement and Ives' 70%‑upside call, Palantir has become a high‑beta referendum on whether the AI software trade is broken — or just offering bulls another entry point.

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