Palantir‘s stock fell 7% on Tuesday as Wall Street analysts raised concerns about the company’s elevated valuation and “Big Short” investor Michael Burry revealed a short position in the software company.

During an interview with CNBC’s “Squawk Box” on Tuesday, CEO Alex Karp ripped into short sellers, calling their moves “market manipulation.”

Karp called the positions “super triggering” and said they are “shorting one of the great businesses of the world.”

“Honestly, I think what is going on here is market manipulation,” Karp said. “We delivered the best results everyone, anyone’s ever seen.”

The stock move overshadowed the company’s top-and-bottom-line beat and stronger-than-expected guidance. Revenues also topped $1 billion for a second straight quarter and Palantir lifted its full-year guidance.

“The more muted stock reaction after hours is in the context of high expectations (recall last quarter, Palantir beat revenue by 7%) and significant outperformance (+175% YTD),” wrote Goldman Sachs analyst Gabriela Borges in a note to clients.

The company’s results also coincided with a reset in the overall market as Wall Street weighs concerns about a potential artificial intelligence bubble.

Analysts have long raised concerns about Palantir’s valuation, which trades at a steeper multiple relative to bigger tech firms with greater revenues. To justify that multiple, many investors want the company to continue heavily boosting guidance.

The company’s current forward price-to-earnings ratio is 254. Nvidia, the most valuable company in the world, has a forward P/E of 35.

Jefferies analyst Brent Thill said the firm is “fundamental fans” of the company, but the risk-reward appears more favorable in AI software names such as Microsoft and Snowflake.

Analysts at Mizuho called the risk-reward a “big challenge” despite another strong quarter, while D.A. Davidson’s Gil Luria reiterated his neutral rating on valuation concerns and said the company is “raising the bar even higher.”

“Overall, Palantir continues to execute around AIP commercialization, but we believe growth remains narrowly supported by U.S. enterprise demand and front-loaded Al transformation spend,” wrote analysts at RBC.