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Michael Burry, the investor who became a household name by predicting the 2008 housing collapse, just made his latest portfolio moves public. And they paint a picture of someone who thinks the AI trade still has a painful reckoning ahead.
Burry disclosed that he has fully exited his long positions in Microsoft, closed all short positions in Oracle, liquidated his January 2026 puts on Palantir, and rolled his Nvidia and QQQ puts further into the future. The remaining short book reads like a who’s who of companies riding the AI and semiconductor wave: Nvidia, Palantir, Tesla, Micron, Applied Materials, Caterpillar, and the SOXX semiconductor ETF.
What exactly changed
On the long side, Burry walked away from Microsoft entirely. No longs, no calls, nothing.
His Oracle short, which he had initiated at least six months before his January 2026 disclosure, is also done. He trimmed half of that position back in July 2026 before closing it out completely.
The Palantir situation is more nuanced. Burry closed his January 2026 puts on the stock but remains short Palantir itself. He still thinks the stock is headed lower, he just doesn’t want to pay for time-limited options to express that view anymore.
The most telling moves, though, are the rolls. Burry pushed his Nvidia puts out to June 2027, with strike prices in the low $100s. His QQQ short got extended to February 2027.
The strategic picture
Exiting Microsoft while staying short Nvidia tells you something specific about how Burry views the AI landscape. Microsoft is a diversified software giant that happens to have AI exposure through its OpenAI partnership. Nvidia is the company selling the shovels during the gold rush. By dropping the former and doubling down on the latter, Burry appears to be narrowing his thesis toward companies most directly inflated by AI capital spending.
Caterpillar’s presence on the short list is worth noting too. The construction equipment maker has been a beneficiary of data center buildout spending, making it a logical extension of a thesis against AI infrastructure investment.
This all comes after Burry closed his investment firm, Scion Asset Management, back in November 2025. He’s been trading his own capital since then and has become increasingly vocal on platforms like Substack and X, offering commentary on market valuations and AI-driven excess.
What this means for investors
The decision to roll puts rather than close them is the most important signal. By pushing Nvidia puts to June 2027 and QQQ shorts to February 2027, Burry is essentially saying the correction he’s anticipating hasn’t arrived yet, but he expects it within the next year.
The counterargument is that Burry has been early before. He held large put positions on major indices in 2023 that expired worthless as markets rallied.
Investors watching this space should pay close attention to upcoming earnings from Nvidia, Micron, and Applied Materials, as well as capital expenditure guidance from hyperscalers like Microsoft, Google, and Amazon. Those numbers will ultimately determine whether Burry’s timeline is right or whether he’ll need to roll those puts out yet again.
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