Short-seller Citron Research issued a new bearish note on Palantir Technologies, arguing that the software company is trading at valuations far beyond even the most buoyant artificial-intelligence peers. Citron, led by Andrew Left, said that if OpenAI’s reported $500 billion private valuation is used as a yardstick, a comparable multiple would justify Palantir’s equity at only about $40 a share—less than a quarter of its recent market price. The warning comes after Palantir stock touched a record $190 this month, leaving the shares up roughly 134% since January. Even after slipping to about $177 on Monday, the company is still valued at around 600 times its most recent earnings, despite having doubled profit year-over-year and pushed revenue past $1 billion. Citron contends those figures cannot support the current market capitalization and reaffirmed its short position, adding to debate over whether the rally marks sustained momentum or an AI-driven bubble.