Michael Burry
Scion Asset Management
The “Big Short” investor and the AI trade’s starkest bear: after winding down Scion in November 2025, he disclosed in May 2026 that ~80% of his personal book sits in Nvidia and Palantir put options (~$1.1B notional).
Investment thesis
Burry is included to balance the bull narrative: even powerful trends see valuation and sentiment mean-revert — and he has bet his own capital that the AI trade is overextended.
He deregistered Scion with the SEC in November 2025 and returned outside capital; with no 13F since, his positioning is disclosed via his Cassandra Unchained letters — most recently concentrated puts on NVDA and PLTR.
His track record — 2000 and 2008 — reminds investors to separate “great technology” from “a great price”, and to keep a margin of safety.
Sources: Sherwood — Burry discloses $1.1B options bet against Nvidia & Palantir · Investing Time Daily — Burry’s 2026 AI bubble bets
Related themes
Compute & AI Chips
4 namesThe “pick-and-shovel” layer of the AI boom. Training and inference demand drives GPU/accelerator sales — the clearest cash flows today, but also the most crowded and richly valued.
AI Applications & Platforms
2 namesThe layer that turns models into products and revenue: search, ads, productivity, vertical SaaS. Winners are decided by distribution and data, not raw compute.
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