- Michael Burry, founder of Scion Asset Management, published an update on his Substack 'Cassandra Unchained'.
- He added to short positions in Micron Technology (MU), Nebius (NBIS), Palantir Technologies (PLTR), and the iShares Semiconductor ETF (SOXX).
- He added to long positions in QXO (QXO), Build-A-Bear Workshop (BBW), Sprouts Farmers Market (SFM), Birkenstock (BIRK), and MercadoLibre (MELI).
- Burry stated that all positions are now at 'full size' and that he finds current market prices 'attractive'.
- Burry's thesis for the semiconductor shorts: a temporary supply shortage of conventional DRAM chips (diverted to high-bandwidth AI chips) will end as production catches up, leading to a down cycle.
- He holds puts on MU, NBIS, PLTR, and SOXX to hedge.
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