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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. Through late August he pressed the short side harder, opening a fresh short on CoreWeave and adding to Micron, Palantir, Oracle, Nebius, Caterpillar and Nvidia, while taking a small long Nvidia hedge. On the long side he doubled Lululemon to roughly 17% of the book, calling it "screaming cheap" before its 3 September earnings, and opened small new positions in Sprouts, Temple & Webster, Build-a-Bear and Birkenstock. He says total equity shorts run above 21% of the portfolio, puts excluded. He rotates fast, so treat any snapshot as dated.
His highest-conviction long. Doubled to about 17% of the book after the stock fell 77% from its high, its worst drop in nearly 20 years. He calls it "screaming cheap" into 3 September earnings: under 10x earnings, only 2 of 32 analysts rating it Buy, margin damage from tariffs rather than falling demand, and a new CEO from Nike arriving in September. Added around $115.
Top-tier position. Beaten-down quality software, cash-generative, bought on the AI-disruption fear rather than in spite of it.
Top-tier position. Latin American e-commerce and fintech, real revenue growth, priced on execution rather than an AI story. Added to around $1,890.
Top-tier position. Animal health, a defensive compounder with pricing power and cash flows unrelated to the AI trade. Added to around $73.60.
Top-tier position. Chinese e-commerce and logistics, cheap on cash flow, a value bet with no AI premium in the price.
Managed-care insurer, defensive earnings unrelated to the tech cycle. Added to around $201.
Hospital operator, steady cash flows, another defensive line away from AI.
Global online betting leader (FanDuel), cash-generative, a consumer bet outside the AI complex.
A special-situation, policy-driven bet on the mortgage agency, low price, binary catalysts. Added to in the mid-$5s.
The sister mortgage-agency bet alongside Freddie Mac, same policy-driven, binary-catalyst thesis.
Grocery retailer, a defensive consumer name. Bought around $70.
New consumer-brand long, a franchise bet on a cheap multiple. Added in the mid-$30s.
Small new position, a profitable, cheap small-cap retailer. Bought in the mid-to-high $30s.
Small new position in the Australian online furniture retailer. Bought at a little over $3.
A cheap, profitable fintech buying back stock. Trimmed to a roughly 3% position, he says he will add again if it drops to the mid-$40s.
Life-sciences software. Trimmed to a roughly 3% position.
The AI-hardware bellwether, priced for perfection, contracts rolled out to June 2027. Added to the short late in the month, alongside a small offsetting long as a hedge.
The richest AI-software multiple in the market, a lot of future in the price. Added to twice in the latest disclosures.
Memory maker levered to the AI build-out, cyclical and capex-heavy. The short he has added to most, several rounds in a row.
New short. GPU-cloud provider, a direct bet against AI-compute rental economics holding up.
Put position, roughly 6% of the portfolio. 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.
AI-cloud compute rental, a pure play on GPU capacity pricing holding up. Added to. He called it "what the top of a boom looks like."
Short on the poster child of debt-funded AI-cloud capex. Added to around $152 and again after.
The chip-basket short he had sold entirely for QQQ puts, then rebuilt as an outright ETF short and added to again.
Industrial cyclical, a bet on a slowing economy more than on AI directly. Trimmed once, then added back to.
Mid-month he had staged a partial retreat, and said so himself: he covered Tesla and Applied Materials for gains, briefly closed the semiconductor ETF short in favour of QQQ puts, and trimmed Caterpillar. But by late August the short side was growing again, not shrinking. He opened a fresh short on CoreWeave, rebuilt and added to the semiconductor ETF short, and added to Micron, Palantir, Oracle, Nebius, Caterpillar and Nvidia, taking a small long Nvidia position as a hedge against the short. He puts total equity shorts above 21% of the portfolio, puts excluded, describing the put book as "asymmetric, leveraged and directional" and mostly deep out-of-the-money with distant expiries.
On the long side the value-and-consumer basket widened. He doubled Lululemon to about 17% of the book ahead of its 3 September earnings, added to Mercado Libre near $1,890, Molina near $201 and Freddie Mac in the mid-$5s, and opened small new positions in Sprouts near $70, Temple & Webster just over $3, Build-a-Bear in the mid-to-high $30s and Birkenstock in the mid-$30s. Against that he trimmed PayPal and Veeva to roughly 3% positions each, saying he would add to PayPal again if it fell to the mid-$40s.
Covering is not always the same as being wrong, an option short can be closed to book a gain, and the direction reversed within the month. For the live book see the 13F tracker.
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