Michael Burry, of “Big Short” fame, discloses ~$1.1 billion options bet against Nvidia and Palantir
“The Big Short” investor Michael Burry, famous for predicting the 2008 housing crash — and a number of crashes since that haven’t materialized quite as spectacularly — has placed massive bets against Nvidia and Palantir, according to a new regulatory filing for the quarter ended September 30.
The 13-F filing released Monday discloses that Burry’s fund, Scion Asset Management, bought put options on roughly 5 million Palantir shares worth $912 million, and 1 million Nvidia shares worth $187 million. Together, the two positions make up 80% of Scion’s disclosed US equity holdings, per the 13-F.
Burry’s move follows a surge in both stocks amid record AI enthusiasm and rising tech valuations: Nvidia jumped 50% this year and crossed the $5 trillion mark in market cap for the first time, while Palantir is up a whopping 176% on the year, with the company just posting its ninth straight earnings beat and raising full-year revenue guidance to nearly $4.4 billion.
Burry’s bets, as well as wider concerns about the company’s stretched valuation, appear to be weighing on Palantir, which has gone into reverse since posting its numbers and is now trading 6.86% lower as of 10:03 a.m. ET on Tuesday.
Nvidia was 1.8% lower as of 10:03 a.m. ET.
Last week, Burry warned of market “bubbles” on X, writing that “sometimes the only winning move is not to play.” Scion also disclosed call options on Pfizer and Halliburton, alongside holdings in Lululemon, Bruker, Molina Healthcare, and Sallie Mae.
The 13-F filing released Monday discloses that Burry’s fund, Scion Asset Management, bought put options on roughly 5 million Palantir shares worth $912 million, and 1 million Nvidia shares worth $187 million. Together, the two positions make up 80% of Scion’s disclosed US equity holdings, per the 13-F.
Burry’s move follows a surge in both stocks amid record AI enthusiasm and rising tech valuations: Nvidia jumped 50% this year and crossed the $5 trillion mark in market cap for the first time, while Palantir is up a whopping 176% on the year, with the company just posting its ninth straight earnings beat and raising full-year revenue guidance to nearly $4.4 billion.
Burry’s bets, as well as wider concerns about the company’s stretched valuation, appear to be weighing on Palantir, which has gone into reverse since posting its numbers and is now trading 6.86% lower as of 10:03 a.m. ET on Tuesday.
Nvidia was 1.8% lower as of 10:03 a.m. ET.
Last week, Burry warned of market “bubbles” on X, writing that “sometimes the only winning move is not to play.” Scion also disclosed call options on Pfizer and Halliburton, alongside holdings in Lululemon, Bruker, Molina Healthcare, and Sallie Mae.
