Michael Burry bets on Nvidia and other semiconductor stocks
Michael Burry closed his short sales against the S&P 500 and Nasdaq 100 last quarter, but placed a new bet against semiconductor stocks, his latest portfolio update revealed on Tuesday.
Burry’s Scion Asset Management bought bearish put options on the SPDR S&P 500 and Invesco QQQ in the second quarter, but those positions disappeared in his latest Securities and Exchange Commission filing. However, Scion bought 100,000 shares of Blackrock’s iShares Semiconductor ETF with a notional value of $47 million. The exchange-traded fund counts Nvidia – the graphics chip specialist whose share price has roughly tripled this year due to the AI excitement – as its third largest holding.
The value investor consolidated his company’s portfolio last quarter. He reduced the number of positions from 33 to 13, more than halving its total value (excluding options) from $111 million to $44 million.
The Scion chief reviews most of his portfolio every three months, making it unusual that he increased his stakes in Euronav, Hudson Pacific Properties, Nexstar Media, Safe Bulkers, Star Bulk Carriers and Stellantis last quarter. He offloaded his other positions and trimmed his bets on Crescent Energy and The Real Real. Notably, he bought Alibaba shares and Booking.com shares and puts.
Burry rose to fame after his huge bet against the mid-2000s housing bubble was chronicled in the book and movie ‘The Big Short’. He is also known for investing in GameStop long before the video game retailer became a meme stock in early 2021, and for betting against Elon Musk’s Tesla and Cathie Wood’s Ark Innovation Fund in recent years.
The Scion boss is known for his dire warnings and dire predictions. For example, he sounded the alarm about “the biggest speculative bubble of all time in all things” in the summer of 2021, and warned buyers of meme stocks and cryptocurrencies that they were signing up for “the mother of all crashes”.
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