Michael Burry has disclosed a new round of portfolio changes, adding call options on Nvidia ($NVDA) as a hedge while maintaining a cautious long-term view on the AI chipmaker. Burry said he still believes Nvidia does not return enough capital to shareholders, despite using the position to offset risk elsewhere in his portfolio.
At the same time, Burry increased his bearish positions in several companies tied to the AI infrastructure boom, including Oracle ($ORCL), Palantir ($PLTR), Caterpillar ($CAT), and Nebius ($NBIS). The moves reinforce his longstanding view that parts of the AI trade remain overvalued despite recent market volatility.
On the bullish side, Burry expanded his long positions in Birkenstock ($BIRK) and Freddie Mac ($FMCC), continuing to favor select consumer and housing-related investments while remaining broadly skeptical of AI-driven valuations.
The latest portfolio adjustments illustrate a more nuanced strategy than an outright bearish bet on artificial intelligence. Rather than abandoning his negative view on AI-related valuations, Burry appears to be using selective hedges while continuing to express his conviction through concentrated short positions in companies he believes remain vulnerable to a re-rating.
