Xin Lang Cai Jing·2025-11-04 13:20Core Viewpoint - Michael Burry's Scion Asset Management has disclosed significant bearish positions on AI stocks Nvidia and Palantir, indicating a cautious outlook on the AI-driven market rally [1][3][5]. Holdings Summary - Scion's total market value for Q3 2025 reached $1.38 billion, up 138% from $0.58 billion in the previous quarter [2]. - The fund added 7 new stocks and increased its position in 1 stock while completely selling out of 14 stocks, with no reductions in existing holdings [2]. - The top ten holdings account for 100% of the total market value [2]. Specific Positions - Scion holds 1 million put options on Nvidia, valued at approximately $186.58 million, and 5 million put options on Palantir, valued at around $912.1 million, together constituting 80% of the fund's portfolio [3][4]. - The fund has also established bullish positions in Pfizer, Halliburton, Molina Healthcare, and Lululemon Athletica, purchasing 6 million call options on Pfizer and 2.5 million on Halliburton [8][9]. Market Context - Nvidia's stock has risen 54% year-to-date, while Palantir's stock has surged over 173%. Despite strong earnings reports, both stocks experienced pre-market declines [5]. - Burry has expressed concerns about the slowing growth in cloud services from major players like Amazon, Alphabet, and Microsoft, which are central to the AI boom [5][7]. Additional Insights - Scion has increased its exposure to the managed healthcare sector by adding 125,000 shares of Molina Healthcare, which has seen a 49% decline in stock price this year [9]. - The fund's top five purchases include Palantir puts, Nvidia puts, Pfizer calls, Halliburton calls, and Molina Healthcare [9][10].