A fair price for Palantir could be much lower than where the stock is today, according to Michael Burry’s newest thesis the AI darling.

“The Big Short” investor unveiled his latest thoughts on Palantir in a new Substack post on Thursday. In it, he speculated that Palantir’s stock could be valued as low as $46 a share, or around 66% below its current price, based on his calculations of the firm’s finances.

He also outlined several other scenarios in which Palantir’s stock price ranges from $21 to $146 per share, but noted that these were not necessarily price targets and that he was not “predicting a prosperous long-term future” for the company.

“I believe Palantir’s recent winning streak will not endure,”…