Michael Burry’s $1.4B Scion Asset Management Goes Short on AI Mega-Caps

Scion Asset Management, the hedge fund run by Michael Burry of 2008 housing-short fame, disclosed a $1.38 billion equity portfolio in its November 13F filing, built around one bet: AI mega-caps Palantir and Nvidia have priced in too much.

On November 3, 2025, Scion Asset Management filed its quarterly 13F-HR (the SEC form U.S. institutional managers use to disclose their stock holdings 45 days after each quarter end) reporting $1.38 billion in equity positions across eight names as of September 30, 2025. The fund, founded by Michael Burry, the investor whose pre-2008 mortgage shorts inspired the book and film “The Big Short,” holds a book that is more bearish bet than balanced portfolio. Two put positions carry the trade.

That trade is the inverse of the AI infrastructure books that have dominated 13F coverage this year. While other concentrated managers loaded up on data center power, GPU compute (the specialized chips AI training runs on), and reclaimed crypto-mining campuses, Burry pointed his largest bets at the AI software vendor that sells workflows to enterprises and the chip designer that builds those GPUs. Both stocks have continued higher since September. The put options (contracts that profit if the underlying stock falls) are still on the books per Burry’s own April commentary.

From $577M to $1.4B in One Quarter

Scion’s reported equity book grew from $577 million at end-June to $1.38 billion at end-September, a roughly 2.4-fold jump in a single quarter. The growth came almost entirely from new put-option positions, contracts whose 13F-disclosed value is the notional exposure of the underlying stock, not the premium paid. Two new puts on Palantir and Nvidia together represent $1.1 billion of that disclosed value. The cash-equivalent stock holdings sit at roughly $68 million, which keeps Scion below the $100 million threshold that triggers 13F filing in stock alone. The book is sized like a small fund and traded like a billion-dollar one.

The Top 5 Positions and the Thesis Behind Them

Five positions account for roughly 97 percent of the disclosed book. Palantir Technologies put options are the largest at $912 million notional, a bet that the AI workflow software vendor’s valuation will fall from current levels. Nvidia put options are second at $187 million notional, the bearish counterpart to every long thesis on AI compute. Pfizer call options sit at $153 million notional, a bullish position on the beaten-down pharmaceutical name that has lagged the broader market for two years. Halliburton call options are fourth at $62 million notional, a long bet on energy-services pricing power as oilfield activity rebounds in 2026. Molina Healthcare common stock is fifth at $24 million, a managed-care position that pairs with smaller cash stakes in Bruker, Lululemon, and student lender SLM. The shape of the book is the thesis itself, the only positions Scion sized large are the two puts. Every other entry is a defensive long that fits Burry’s lifelong preference for cheap value names.

Why This 13F Is Trending Now

The filing is from November. The attention is current. Burry was publicly quiet for most of 2024 and early 2025, then resurfaced in April 2026 with a string of posts confirming he was still holding the Palantir puts and naming specific strike prices the puts target. Palantir and Nvidia have continued higher since September, leaving the puts deep out of the money for now and the long-dated calls he holds expensive to maintain. The Big Short 2.0 framing has spread on retail finance X this week, and the November 13F is the underlying document the conversation keeps citing.

What to Watch

The May 15 deadline: Scion’s next 13F-HR is due by May 15. The interesting question is whether the Palantir and Nvidia puts are still in the book, or whether Burry trimmed them after both stocks ran higher.

The Q4 2025 gap: Scion has not yet filed a 13F-HR for the quarter ended December 31, 2025, which would have been due in mid-February. Two consecutive missed disclosures would suggest a structural change at the firm.

The strike calendar: Burry has stated publicly that his Palantir puts target $100 by December 2026 and $50 by June 2027. Whether the underlying stock retraces to those levels is the upstream variable that decides whether this entire thesis pays off.