Markets
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Hyunsoo Rim

Michael Burry de-registers his hedge fund, Scion Asset Management, as he warns of market bubbles and hints at “better things” ahead

“The Big Short” investor Michael Burry has de-registered his hedge fund, Scion Asset Management, according to SEC adviser records.

The agency’s database lists Scion’s registration status as “terminated” effective November 10, 2025. Investment advisers with more than $100 million in regulatory assets must stay registered with the SEC, and Scion reported $154.93 million as of March, per its latest filing.

A viral — though unverified — online post circulating today appears to show Burry’s letter to investors dated October 27, in which he wrote, “My estimation of value in securities is not now, and has not been for some time, in sync with the markets.”

Michael Burry is shutting down Scion Asset Management
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The investor, famed for predicting the 2008 housing crash and immortalized in “The Big Short,” recently drew attention for placing a large options bet against Nvidia and Palantir and warning of market “bubbles” on X. The notional value of his positions in the filing was some ~$1.1 billion — $912 million for Palantir and $187 million for Nvidia — though Burry later clarified on X that his actual exposure on the Palantir leg was only around one-hundredth of that amount ($9.2 million). Each put option contract gives the ability to sell 100 shares, but the 13F filing requires the notional value of the underlying shares to disclosed.

Burry traded barbs with Palantir’s CEO, Alex Karp, over the bet’s disclosure, with the Scion investor saying on X that it “doesn’t surprise me one bit that Alex Karp and his ‘ontology’ @PalantirTech cannot crack a simple 13F.” Earlier this week, he also criticized major tech firms for understating depreciation on their computing hardware, saying it “artificially boosts earnings.”

While not addressing the shutdown directly, Burry teased in an X post yesterday that he’ll be “on to much better things” on November 25.

Burry previously shut down his earlier hedge fund, Scion Capital, in 2008 before launching Scion Asset Management in 2013.

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Report: Boeing could unveil 500-jet order from China during Trump’s visit later this month

Shares of Boeing are up nearly 4% on Friday afternoon, following a Bloomberg report that the company could be close to finalizing a deal to sell 500 planes to China.

The deal was first reported in August and would be one of Boeing’s largest ever.

According to Bloomberg’s sources, the deal could be officially unveiled when President Trump travels to China at the end of the month. That trip could be delayed given the war in Iran. The deal, sources say, could still fall apart — similar language to when it was first reported on more than six months ago.

Boeing has been on the outside of the Chinese market, in terms of new orders, since 2019 amid escalating US-China trade tensions.

Boeing Close to 500-Jet Order With Trump-Xi Summit

Boeing Close to 500-Jet Order With Trump-Xi Summit

According to Bloomberg’s sources, the deal could be officially unveiled when President Trump travels to China at the end of the month. That trip could be delayed given the war in Iran. The deal, sources say, could still fall apart — similar language to when it was first reported on more than six months ago.

Boeing has been on the outside of the Chinese market, in terms of new orders, since 2019 amid escalating US-China trade tensions.

markets
Matt Phillips

Why software shares are withstanding the war jitters

The outbreak of the war in Iran has clearly rattled investors and created a few clear winners — mostly energy stocks — and losers — consumer staples, airlines, and, well, more or else everything else.

But there is one interesting outlier to that Manichaean market dynamic.

Software shares — often the same companies that the market was giving up for dead just a few weeks ago due to overexpectations of an AI-driven disruption — have been holding up remarkably well.

These companies, including Intuit, ServiceNow, Datadog, Snowflake, IBM, Workday, and Oracle, have actually had a pretty decent run since the war started with a combined US-Israeli attack on Iran last weekend.

A new note from RBC Capital’s Rishi Jaluria suggests this isn’t just a fluke. Looking at the performance of software stocks during periods of geopolitical stress and market volatility over the last 10 and 25 years, his team found that software shares appear fairly well insulated when these broader shocks hit. RBC wrote:

“The defensive nature of SaaS models and the mission-critical nature of many core software systems at the enterprise level (e.g., in the absence of mass layoffs that may create seat-based headwinds, geopolitical uncertainty and/or market volatility typically will not cause an enterprise CIO to consider ripping out their ERP, CRM, Cyber systems, etc.”

I briefly got Jaluria on the phone yesterday, and he explained a bit more about why he thinks investors might see software as a decent place to hide out from the current chaos.

“With everything in the Middle East, you have to think about not just oil and gas input prices but also supply chains,” he said. “With software, you’re not really thinking about that.”

In other words, there is no equivalent of a closure of the Strait of Hormuz that software investors have to worry about.

Others suggested that the near-term profitability of these giant software companies — aside from concerns about potential long-term disruption from AI — may look different in the face of the economic uncertainty that seems to be growing with the war, especially after a sell-off that has left them relatively attractively valued.

Mark Moerdler, who covers software stocks for Bernstein Research, says that while the AI worries are clearly real, software companies continue to be highly productive cash cows.

“Everyone is afraid that AI is a massive disruptor, and all these articles you read talk about AI as massive disruptor or the world is ending or whatever,” he said. “You don’t see it in the fundamental numbers of the companies I cover. They are delivering GAAP profits, free cash flow, and they’re good investment ideas.”

Max Knoblauch
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Jet fuel refining margins are surging to 20-year highs amid Iran war, threatening airlines

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