Michael Burry's Scion Asset Management Takes Significant Bearish Positions on Palantir and Nvidia
Scion Asset Management, led by Michael Burry, has disclosed substantial put options against Palantir Technologies and Nvidia, indicating a bearish outlook on these AI-focused companies.
Scion Asset Management, under the leadership of Michael Burry, has disclosed significant bearish positions in its latest 13F filing. The hedge fund has acquired five million put options on Palantir Technologies Inc. (NASDAQ: PLTR) and one million put options on NVIDIA Corp. (NASDAQ: NVDA). These positions have notional values of approximately $912 million and $186 million, respectively.
In addition to these bearish bets, Scion has made several adjustments to its portfolio. The firm added 50,000 shares of Lululemon Athletica Inc. (NASDAQ: LULU), initiated a 125,000-share position in Molina Healthcare Inc. (NYSE: MOH), and acquired 480,000 shares of SLM Corp. (NASDAQ: SLM). Furthermore, Scion purchased 2.5 million call options on Halliburton Co. (NYSE: HAL) and six million call options on Pfizer Inc. (NYSE: PFE). Conversely, the firm exited its positions in The Estée Lauder Companies Inc. (NYSE: EL), Regeneron Pharmaceuticals Inc. (NASDAQ: REGN), MercadoLibre Inc. (NASDAQ: MELI), and UnitedHealth Group Inc. (NYSE: UNH).
Michael Burry also shared insights on social media, referencing an AI bubble and drawing parallels to historical market trends. He posted charts comparing cloud segment growth for major tech companies from 2018 through 2022 with the current period, as well as illustrating AI capital expenditures aligning with tech spending during the 1999-2000 tech bubble.
Source
BenzingaFact-checking
Fact-check the facts of the article using external sources and databases.