Michael Burry challenges the AI trade with big short bets on Nvidia and Palantir

MARKETWATCH

Michael Burry, hedge fund manager of “The Big Short” fame, is calling the top in two of the stock market’s favorite plays — and somewhat contradicting himself in the process.

Burry’s Scion Asset Management has bought put options covering 5 million shares of Palantir PLTR, a trade valued at about $912 million, and puts for 1 million shares of Nvidia NVDA, valued at about $187 million, a regulatory filing for the quarter ending Sept. 30 shows.

Equity put options allow the purchaser to sell a stock at an agreed price, the strike price, on or before a particular date, the expiry date.

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