Michael Barry attends the New York premiere of ‘The Big Short’ at the Ziegfeld Theater in New York on November 23, 2015.
Andrew Toth | Film Magic | Getty Images
Michael Burley stands firm on his bearish bet on Palantir TechnologiesEven after public support from President Donald Trump helped boost stock prices.
The “Big Short” investor said in a Substack post on Friday that he continues to hold long-term put options on the artificial intelligence software company. Burley said he started betting on the company in the fall of 2025 and has rolled his position over and over again.
“I currently own a 50 put with a strike of June 17, 2027 and a 100 put with a strike of December 19, 2026. I will not sell these today,” Barry wrote.
Barry’s comments came after President Trump praised Palantir in a post on Truth Social on Friday, pushing the stock up from its intraday lows. Still, the stock fell 13.7% for the week, bringing its 2026 loss to about 28%.
“Palantir Technologies (PLTR) has proven itself to be superior in combat capabilities and equipment,” President Trump wrote. “Ask the enemy!!!”
The well-known investor said the stock price has fallen since reaching a high of around $200 last year and remains “significantly overvalued.” Berry acknowledged the potential for short-term upside, but argued the company’s fundamental value was less than half its current value.
“Trump’s post drove the stock up after it fell 18% over the past three days. This could be where the stock gets some wind. It’s selling along with the software stocks. As I said, I continue to hold the puts because I believe the fundamental value of this company is well below $50 per share.” Palantir’s closing price on Friday was $128.06 per share.
Some see Palantir as a beneficiary of the Iran war, as the software and services vendor does a lot of business with the U.S. military and intelligence community.
During the second Trump administration, the company won new government contracts and deepened its ties with the Pentagon, but CEO Alex Karp has maintained regular engagement with the administration despite early tensions.
Last year, Mr. Berry’s former hedge fund, Scion Asset Management, announced a bearish position on Palantir and the AI darling. Nvidiathis provoked a sharp reaction from Karp, calling Barry’s bet “very strange” and “bat—crazy”.
Berry also revealed on Friday that he has strengthened his bearish stance on Nvidia.
“I added to the NVDA puts and this time bought the Jan. 27 Strike 115 puts at 3.30.I considered going short completely due to the high implied volatility,” he said. “Still, I like the maximum loss to be limited, and the time decay, also known as theta decay, is not important until after two months. I would consider rolling before then if necessary.”
