Burry’s betting against Nvidia again

Burry’s latest mood swing: still skeptical, still loud

Michael Burry’s latest portfolio update reads like a trader’s version of a cold splash of water. He expanded his short exposure to Nvidia, added to Micron, SOXX, and QQQ puts, and then turned around and bought more Lululemon, DraftKings, and Zoetis.

If you’ve followed Burry for any length of time, you know this is classic him: look at the market, squint hard, and ask, “Are we sure this is not getting a little too frothy?”

The AI trade gets a side-eye

The part investors will zero in on is the Nvidia short. Burry said he’s worried about AI-linked valuations and even flagged what he sees as circular spending and questionable accounting quality across big tech. He also singled out Microsoft and Meta in his critique, which is basically his way of saying the whole mega-cap tech buffet might need a calories count.

That matters because Nvidia has been one of the poster children of the AI boom. When a famous bear like Burry keeps leaning into the short, it doesn’t mean the stock is doomed — but it does remind you that expectations are already moon-walk high.

Buying the stuff he thinks is washed out

On the long side, Burry said he was adding only to existing positions, not starting from scratch. He described the names he bought as having gone through a long fall and starting to base out. In plain English: he seems to think these stocks are less “exciting” and more “finally not on fire.”

That included:

• Lululemon, which he called a full position
• DraftKings, which he built into a larger position
• Zoetis, which also became a full position

Big picture

This isn’t a simple “Burry hates tech, loves retail” story. It’s more of a reminder that portfolios are supposed to be about price, not vibes. And right now, Burry looks pretty convinced that some of the hottest corners of the market are getting a little too comfy on the same crowded trade.