So, what’s going on with Palantir Technologies Inc. (PLTR) stock? It was down on Friday, which is the kind of thing that happens when a company finds itself in the middle of a corporate governance squabble, a high-profile legal fight, and… oh yeah, also lands a potentially huge government deal. It’s a classic case of the market trying to weigh bad news against good news and looking a bit confused.

The bad news comes in two flavors: expensive and litigious.

First up, the expensive part. Investor Michael Burry—yes, that Michael Burry—has been sounding the alarm. The trigger was Palantir’s latest filing, which revealed the company reimbursed CEO Alex Karp a cool $17.2 million for the use of his private jet. That’s not just a big number; it’s a 123% jump from what it was in 2024. Analysts quickly pointed out that this looks pretty steep compared to what other tech CEOs are getting. Think Meta Platforms Inc. (META)’s Mark Zuckerberg or Palo Alto Networks Inc. (PANW)’s Nikesh Arora. It’s the kind of thing that makes corporate governance watchdogs raise an eyebrow and investors wonder if the company is being a bit too generous with shareholder money.

But Burry didn’t stop there. He also put out a bearish technical outlook on the stock, pointing to a head-and-shoulders reversal pattern on the charts. His projection? A potential drop all the way down to the $50–$60 range. For a stock trading around $133, that implies a possible decline of over 50%. That’s the kind of forecast that gets people’s attention, even if you don’t put all your faith in chart patterns.

Then there’s the legal fight. Palantir is suing an artificial intelligence startup called Percepta, founded by some of its former employees. According to reports, a judge said that three former Palantir employees—including Percepta CEO Hirsh Jain—may have broken privacy and non-solicitation agreements when they left to start their own thing. The lawsuit claims Jain launched a campaign to recruit Palantir employees after he left in August 2024, and it also names Radha Jain and Joanna Cohen for allegedly taking confidential documents.

Here’s the twist, though. While the judge, District Judge J. Paul Oetken, acknowledged potential wrongdoing in a one-page order, he refused Palantir’s request for an injunction to stop these people from working at Percepta. So, it’s a partial win for Palantir in the sense that the court sees its point, but not the complete shutdown it was asking for. It’s a messy, he-said-she-said Silicon Valley drama that adds another layer of uncertainty.

Now, for the good news, because there’s always another side to the story. While all this was happening, a pretty significant piece of business quietly surfaced. The U.S. Department of Homeland Security recently finalized a blanket purchasing agreement with Palantir. This isn’t a single contract for a specific project; it’s a framework that makes it much easier for various DHS agencies to buy Palantir’s software, licenses, and support services. It streamlines the procurement process department-wide.

Why does that matter? Because it significantly expands Palantir’s footprint in federal immigration and border enforcement programs. For a company that has built a substantial business on government contracts, this is a big deal. It’s a vote of confidence and a pipeline for future revenue, even if it doesn’t make for as exciting a headline as a CEO’s jet bills or a lawsuit.

So, you’ve got Burry yelling about excess and charts pointing south, a legal spat with a startup that’s unresolved, and a major government deal that underscores the core business is still landing big clients. The stock, perhaps unsurprisingly, was down 1.48% at $132.88. It’s worth noting, though, that despite the Friday dip, the stock is still up over 24% in the past year. For investors looking for a wild ride, there’s always the GraniteShares 2x Long PLTR Daily ETF (PTIR), which offers leveraged exposure.

In the end, Friday for Palantir was a microcosm of the company itself: controversial, complex, and caught between its flashy expenses and its deeply embedded, lucrative government work. The market is just trying to figure out which side of that equation matters more.