On September 2, renowned investor Michael Burry reiterated his bearish stance on Palantir Technologies, arguing that the AI-driven company operates more like a consulting business than a true software firm. He warned that Palantir's market capitalization, approximately $432 billion, could eventually fall below $100 billion. Burry pointed out that Palantir's deferred revenue to revenue ratio is around 32%, similar to consulting giant Accenture, and significantly lower than SaaS peers like Salesforce. He also criticized Palantir's rising accounts receivable, its abandonment of a share repurchase program, and the CEO's private jet expenses. Despite Palantir's latest quarterly revenue growing 93% year-over-year and an upward revision of its full-year guidance, its stock fell nearly 6% on September 2 following Burry's warning, but rebounded approximately 8% the next day due to expanded AI collaboration with PwC.