Michael Burry reportedly sold his Nvidia put options expiring in December while keeping a short position in the stock. The change is a reported shift in how he is betting against Nvidia—not proof of his exact current exposure, and not a reason on its own for another investor to follow suit.
What changed in Burry’s Nvidia bet?
The Motley Fool reported on September 17, 2026, that Burry had sold all of his Nvidia puts expiring in December but maintained a short position in Nvidia. Earlier, TheStreet reported that he had added to his Nvidia short at a reported price of $210.28. Those are outlet-reported trade details; the available information does not establish his exact position today.
The distinction matters: selling the puts means exiting that reported options position, while retaining the short means keeping a separate form of bearish exposure. It does not tell readers the short’s size, its opening price, or whether either position ultimately made money.
How the two instruments differ
| Instrument | What it generally means | What the reports establish about Burry |
|---|---|---|
| Long put option | The buyer pays a premium for the right, but not the obligation, to sell shares at a specified strike price by or at expiration. The option’s value depends on its terms and market conditions. | The Motley Fool reported that Burry sold puts expiring in December. The available reports do not establish the strike, premium, contract count, or proceeds from the sale. |
| Short stock exposure | A short seller borrows shares and sells them, aiming to buy them back at a lower price. If the share price rises, losses can grow substantially; a short seller may also face borrowing costs and other risks. | The Motley Fool reported that Burry maintained a short; TheStreet reported that he had added to it at $210.28. These reports do not establish the full position or its present status. |
These descriptions explain the instruments generally; they are not a reconstruction of Burry’s trade terms. The two forms of exposure have different mechanics, costs and risk profiles.
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Why the SEC filing does not settle what he holds now
Scion Asset Management’s Form 13F, filed with the U.S. Securities and Exchange Commission on November 3, 2025, reports holdings for the quarter ended September 30, 2025. It identifies Michael J. Burry as the firm’s CEO and the filing’s signer. The filing is a dated snapshot, not a live portfolio feed.
The filing’s information-table value was $1,381,198,076. That figure is the reported value of securities in the table; it is not the amount of cash Burry risked or a complete measure of every possible exposure. The Washington Post’s account of the filing reported $186.58 million in Nvidia put exposure and $912 million in Palantir put exposure. Those reported values are associated with the options positions; they are not premiums paid or evidence of current positions.
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The Washington Post also cautioned that Burry’s positions may have changed after September 30 and that the form did not preclude other investments in the companies. The later position changes are therefore best treated as attributed reporting rather than as facts established by that older filing.
What Burry’s stated thesis is—and what it does not prove
TheStreet describes Burry’s concerns about financing arrangements supporting AI infrastructure and assumptions about how quickly computing equipment depreciates. These are arguments attributed to Burry, not established findings that Nvidia has misstated its accounts or that demand for its products is false.
His position is a wager based on his assessment of risks. Even a well-known investor can be early, wrong, or exposed to circumstances that differ from a reader’s. A bearish position alone does not reveal the evidence behind every decision, its intended duration, or the rest of the investor’s portfolio.
Why investors should pause before copying the trade
- The information is time-sensitive. The 13F describes September 30, 2025, while later trade details are attributed to news reports. Positions can change between reporting dates.
- The contracts and exposure are not fully disclosed here. Without details such as options strikes, premiums, contract counts, and the short’s size, readers cannot calculate the trade’s potential payoff or compare it with their own risk.
- Shorting can carry large or theoretically unlimited losses. A stock can rise far above a short seller’s entry price, and the investor may have to buy shares back at a loss. Options have their own expiration and pricing risks.
- Your circumstances may be different. A filing or report does not assess a reader’s time horizon, finances, objectives, or access to options and margin.
Burry’s broader public comments also counsel against treating every bearish position as a call to action. In an October 30, 2025 X post quoted by The Washington Post, he wrote: “Sometimes, we see bubbles. Sometimes, there is something to do about it. Sometimes, the only winning move is not to play.”
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What to take from the reports
The reported change is specific: Burry exited his December-expiring Nvidia puts but reportedly kept a short position, and TheStreet said he had added to that short earlier. Neither the historical filing nor those reports establish his exact current exposure or predict Nvidia’s share price. For an investor assessing Nvidia, the useful next step is to examine the company and the risks independently—not to treat another person’s reported trade as a recommendation.
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