Michael Burry discloses large short positions against Nvidia and Palantir

Michael Burry’s Scion Asset Management filed a quarterly 13F disclosing put options covering roughly 5 million Palantir shares and 1 million Nvidia shares, with notional values of about $912 million and $187 million respectively — filings required within 45 days of quarter-end, putting the position as of 30 September 2025 on public record six weeks later. Together the two bets made up close to 80% of the fund’s reported portfolio value, an unusually concentrated wager for a manager whose reputation rests on a single earlier correct call: shorting the US housing market before the 2008 financial crisis, as told in the book and film The Big Short.

The filing followed a cryptic social-media post from Burry days earlier — an image of his own character from the film, captioned “sometimes, we see bubbles” — that had already drawn attention before the underlying position sizes were known. Both stocks had risen sharply through 2025: Nvidia had reached a $5 trillion market capitalisation, and Palantir had gained on nine consecutive quarters of earnings beats. Nvidia and Palantir shares fell in the trading session after the disclosure, by roughly 2% and 7% respectively, though a fall following one investor’s disclosed bet does not establish that the bet caused it.

A 13F reveals positions as of a past date and not Burry’s stated reasoning, so his argument was inferred largely from his public commentary rather than the filing itself; he did not disclose strike prices or expiry dates, so the trade’s breakeven point was unknown. The disclosure landed the same week Nvidia reported record quarterly revenue and disclosed that its $100 billion OpenAI pact carried no guarantee of completion, giving Burry’s scepticism a public counterpoint from the company’s own results in the same week.