Michael Burry Is Super-Bearish On Palantir — With 5 Million Puts

Benzinga11-04

A new regulatory filing shows that billionaire investor Michael Burry's hedge fund Scion Asset Management purchased five million put options on Palantir Technologies, Inc. (NASDAQ:PLTR) and one million put options on NVIDIA Corp. (NASDAQ:NVDA), among other changes to its portfolio. 

Burry's massive bearish position in Palantir has a market value of $912.1 million and the Nvidia puts are worth $186.58 million, according to Whale Wisdom. 

Palantir shares dropped 3% on the news.

Burry also returned to X with a post referencing an AI bubble and Star Wars. 

"These aren't the charts you are looking for. You can go about your business," Burry said in the post. 

The charts he posted compare Cloud segment growth for Alphabet, Amazon and Microsoft in 2018 through 2022 with the present period. 

Another chart shows the web of AI deals between Nvidia, OpenAI, Oracle Corp. (NYSE:ORCL) and other big tech companies, and a third chart shows AI capex matching the tech spending of the 1999-2000 tech bubble. 

Scion's updated 13F also shows that the firm added 50,000 shares of Lululemon Athletica, Inc. (NASDAQ:LULU), opened a 125,000 share position in Molina Healthcare, Inc. (NYSE:MOH) and a 480,000 share position in SLM Corp. (NASDAQ:SLM). 

He also purchased 2.5 million calls on Halliburton Co. (NYSE:HAL) and six million calls on Pfizer, Inc. (NYSE:PFE). 

Burry's firm closed its positions in Estee Lauder Companies, Inc. (NYSE:EL), Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN), MercadoLibre, Inc. (NASDAQ:MELI) and UnitedHealth Group, Inc. (NYSE:UNH). 

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Comments

  • neo26000
    11-04
    neo26000
    Puts and calls are zero sum games. At the end of the day, one side makes the right "call" and the opposite guy pays. Let's see which side makes the correct calls or puts [Cool]  
  • Guavaxf30
    11-04
    Guavaxf30
    If Michael Burry is placing puts on Palanthir AND Nvidia, this is saying a lot. Adding on Warren Buffett's net negative holding on the general stock market, someone is expecting some thing big to be happening soon.
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