ZTS · Zoetis
Animal health, a defensive compounder with pricing power and cash flows unrelated to the AI trade. Added to around $73.60.
// Learn · Asset classes
What Michael Burry is positioned for
The "Big Short" investor's latest disclosed book, read neutrally. The shape holds: long a value-and-consumer basket that owes nothing to AI, short the AI and chip complex, contracts rolled out to 2027. What changed is the size of the short side. He closed the semiconductor ETF bet, covered Tesla and Applied Materials, and admitted he had been wrong, while adding to Micron and opening a new short on the Nasdaq-100. He rotates fast, so treat any snapshot as dated.
Tracking, not advice. This mirrors public 13F and disclosure data, it is not a recommendation to copy anything. Filings are dated and delayed, options positions can be hedges rather than outright bets, and Burry closes trades quickly. Do your own research and, if it matters, talk to a licensed advisor.
Long book (value & consumer, away from AI)
MELI · Mercado Libre
Latin American e-commerce and fintech, real revenue growth, priced on execution rather than an AI story. Added to around $1,850.
FISV · Fiserv
Payments-and-processing plumbing, steady cash flows, unglamorous by design.
LULU · Lululemon
Consumer brand beaten down on growth worries, a value bet on a franchise, not a tech multiple.
FMCC · Freddie Mac
A special-situation, policy-driven bet on the mortgage agency, low price, binary catalysts.
FLUT · Flutter
Global online betting leader (FanDuel), cash-generative, a consumer bet outside the AI complex.
PYPL · PayPal
Doubling down on a cheap, profitable fintech buying back stock, a classic beaten-down value bet away from AI.
ADBE · Adobe
Beaten-down quality software, cash-generative, bought on the AI-disruption fear rather than in spite of it.
Short book (the AI & chip complex, rolled to 2027)
NVDA · Nvidia
The AI-hardware bellwether, priced for perfection, contracts rolled out to June 2027. Left untouched in the latest disclosure.
PLTR · Palantir
The richest AI-software multiple in the market, a lot of future in the price. Also left untouched.
MU · Micron
Memory maker levered to the AI build-out, cyclical and capex-heavy. The one short he added to, twice in a row.
QQQ · Invesco QQQ
New position. Short the Nasdaq-100 itself instead of the chip basket, a wider bet on the whole large-cap tech index rather than on hardware alone.
NBIS · Nebius
AI-cloud compute rental, a pure play on GPU capacity pricing holding up.
ORCL · Oracle
Short on the poster child of debt-funded AI-cloud capex.
CAT · Caterpillar
Industrial cyclical, a bet on a slowing economy more than on AI directly. Position cut back, not closed.
What changed, and the part he got wrong
The most recent disclosure is a partial retreat, and he said so himself. He closed the semiconductor ETF short outright, covered Tesla and covered Applied Materials, and trimmed Caterpillar. Against that he added to Micron and opened a fresh short on the Nasdaq-100 through QQQ, while leaving Nvidia and Palantir alone. Read together: same thesis, fewer single-name chip bets, expressed through a broader index instead. The earlier round had gone the other way, adding to the semiconductor basket and to Oracle around $152, and adding to the long side in Mercado Libre near $1,850 and Zoetis near $73.60.
Covering is not always the same as being wrong, an option short can be closed to book a gain, but here the direction is one-way: risk came off the chip complex. For the live book see the 13F tracker.
Different filing, different read: Renaissance Technologies, Q2 2026
Separate source, separate fund. The quant shop founded by Jim Simons disclosed a $72.6bn book spread across 3,140 positions, so no single line is a conviction bet the way Burry's are. It is useful here only as a contrast: on the same quarter, the largest systematic fund in the market was buying the AI complex Burry is short, Nvidia included, while cutting memory. Approximate changes in position value.
| Side | Ticker | Company | Change |
|---|---|---|---|
| Bought | META | Meta Platforms | +$995M |
| Bought | NVDA | Nvidia | +$978M |
| Bought | INTC | Intel | +$696M |
| Bought | GOOG | Alphabet | +$672M |
| Bought | CRWD | CrowdStrike | +$572M |
| Bought | AMZN | Amazon | +$546M |
| Sold | SNDK | SanDisk | −$497M |
| Sold | MU | Micron | −$487M |
| Sold | AAPL | Apple | −$322M |
| Sold | LIN | Linde | −$310M |
| Sold | VRT | Vertiv | −$232M |
| Sold | NU | Nu Holdings | −$196M |
One agreement between the two books: both cut Micron exposure this quarter, Burry by shorting more of it, Renaissance by selling it down. A quant fund rebalancing 3,140 lines is not expressing a view on the AI cycle, so do not read the buy list as a counter-argument to the short thesis. It is a different machine playing a different game.
Don't just copy, understand. Run each name through the checklist in how to read the financials, and weigh the short book against the AI bubble breakdown and the KPI dashboard.
Educational market information, not financial advice. Nothing here is a recommendation to buy or sell any asset, or to mirror any investor. Some links on this site are affiliate links, always disclosed. Markets carry risk of loss, do your own research and consider a licensed advisor.