Is Anthropic Eating Palantir’s Lunch?

On Thursday, April 9, 2026, Palantir (NASDAQ: PLTR) shares plunged roughly 7 to 8% intraday, dragging the broader software sector lower with it. The selloff was triggered by a now-deleted X post from “Big Short” investor Michael Burry, who bluntly claimed that Anthropic is “eating Palantir’s lunch” in enterprise AI.

Burry cited corporate spending data showing Anthropic capturing roughly 73% of new enterprise AI spend, along with the company’s explosive ARR growth from $9 billion to $30 billion. His argument: Anthropic’s simpler, cheaper, and more intuitive AI solutions, including its recent Claude and Managed Agents tools and the unreleased “Mythos” model, are quietly disrupting Palantir’s positioning with large enterprise customers.

The stock extended losses into Friday, April 10, closing around $128.06, down about 1.9% that day but off its session lows. Palantir is now down roughly 28 to 37% from its November 2025 highs, and down about 28% year-to-date as of April 10.

A Broader Software Selloff

Palantir wasn’t the only name caught in the crossfire. The entire software and AI sector, including Microsoft and other large-cap platforms, pulled back as Anthropic’s new agent-building tools and Mythos-model hype raised fears that companies might bypass traditional platforms like Palantir’s Foundry and go directly to the AI-model providers themselves.

The thesis, whether you believe it or not, is that the layer of value Palantir provides (integration, workflows, decision support) is being squeezed from both sides. Commodity infrastructure is getting cheaper, and the AI model layer is becoming more capable of handling the reasoning and agent work that used to require a dedicated platform on top.

The Counterpoint

Not everyone is buying the narrative. Analysts at Wedbush called the “Anthropic taking out Palantir” story a “fairytale,” pointing out that Palantir’s U.S. commercial business is still growing 137% year-over-year, and its government segment is accelerating at 66% year-over-year. In their view, Anthropic’s gains are not necessarily coming at Palantir’s expense. Both can grow at the same time.

There’s also a political wildcard. President Trump’s positive social-media mention of Palantir on Friday helped spark a partial rebound off the lows and served as a reminder that Palantir’s government relationships remain a meaningful part of the story.

What to Watch

The latest leg down in Palantir was very much tied to the Anthropic competition narrative, sparked by Burry’s now-deleted post and fueled by the broader product buzz around new agent tools and the Mythos model. Whether this is a fundamental threat or an overblown short-term sentiment move will likely come down to what Palantir reports in its next commercial and government growth numbers, and how aggressively enterprise customers actually start routing AI spend directly to model providers.

For now, markets are closed for the weekend of April 11 and 12. Monday’s open will be the first real chance to see whether traders treat Thursday’s plunge as a buying opportunity or as the start of something bigger.