Palantir Technologies (PLTR) has been one of the most debated stocks in the market for years, but recently saw a significant change in its valuation. The stock closed at $130.49 on April 9, down 7.30% on the day, and is now down roughly 22% since the start of 2026 and 38% below its 52-week high of around $207 set in November 2025. The immediate catalyst was investor Michael Burry's claim that Anthropic is “eating Palantir’s lunch” by capturing 73% of all new enterprise AI spending. The company’ current forward P/E sits around 109 times, with a trailing P/EF of approximately 200. However, this is significantly cheaper than where PalantIR has been. The business is clearly executing well and is well-executed.