Palantir Surges 7% as PwC Alliance Counters Michael Burry Short Call

Palantir Technologies stock surged 7% to $182.06 after the company announced an expanded alliance with PwC US, which will help build an AI-native deals platform on Foundry and AIP.

The partnership aims to improve transaction efficiency by up to 50% and reduce costs by up to 45%. This move counters Michael Burry's recent short call against Palantir, who warned of a receivables quality problem due to the company's high accounts receivable balance.

Palantir's revenue has been growing rapidly, reaching $1.935 billion in Q2, up 93% year over year. The company also raised its full-year outlook to $8.15 billion.

The rally in Palantir stock is part of a broader sector move, with the iShares Expanded Tech-Software Sector ETF (NASDAQ:IGV) rising 4%, and ServiceNow (NYSE:NOW) and Salesforce (NYSE:CRM) also gaining ground.