Palantir Rallies 7.8% After Nvidia Partnership, Burry Cuts Bearish Bet
PLTR•Palantir shares surged 7.77% on July 1 after unveiling a partnership with Nvidia that snapped a four-session losing streak. The rally coincided with Michael Burry trimming his bearish bet and CEO Alex Karp criticizing high token costs at OpenAI and Anthropic.
1. Nvidia Partnership Snaps Losing Streak
Palantir announced a strategic partnership with Nvidia on July 1, leveraging Nvidia’s GPU technology to accelerate its Foundry platform and reverse a four-day share price decline.
2. Shares Surge 7.77%
The stock jumped 7.77% intraday—its largest single-day gain this quarter—ending a brutal losing streak that had eroded over 15% of market value in recent sessions.
3. Burry Trims Bearish Exposure
Legendary investor Michael Burry reduced his bearish position by cutting put-option exposure by an estimated 30%, signaling increased confidence in Palantir’s near-term outlook.
4. Karp Criticizes AI Token Costs
CEO Alex Karp publicly denounced per-token pricing at OpenAI and Anthropic as unsustainable, positioning Palantir’s pricing model as a more cost-effective solution for enterprise AI deployments.
