Citron Research takes a short position on U.S. data analytics company Palantir Technologies (ticker: $PLTR). The firm's founder, Andrew Left, stated that Palantir's valuation has far exceeded its fundamentals, warning of a significant bubble risk in its stock price. In 2025, Palantir's stock price surged by 144%, but Left pointed out that its P/E ratio is as high as 290x and its P/S ratio is around 80x—much higher than comparable AI companies like OpenAI, which has a P/S ratio of 17x. He noted that even if Palantir were to reach OpenAI's valuation level, its stock price should be around $40 per share, implying a downside potential of over 70%.