Core Insights - Michael Burry has closed his hedge fund, Scion Asset Management, to focus on a paid Substack newsletter titled "Cassandra Unchained" [1][2] - The newsletter will cover stocks, market trends, economic situations, and investment lessons from Burry's 25 years of experience [3] Market Analysis - Burry has identified the current AI boom as a central theme in the market rally, comparing it to the dot-com bubble of the early 2000s [4] - He specifically criticized NVIDIA Corp. as a modern-day Cisco, suggesting that the excessive investment in AI infrastructure is leading to oversupply and excess capacity [5] Subscription Model - The newsletter is offered at a subscription price of $39, with Burry promising to deliver "one or more pieces" each week [5] - Burry emphasized his ongoing commitment to market analysis, stating that he is not retired and enjoys analyzing companies and markets daily [6]

Group 1 - Michael Burry warns that the real end-user demand for AI is significantly lower than reported by major tech companies [1][4] - Burry criticizes companies like Microsoft, OpenAI, Oracle, and Nvidia for "suspicious revenue recognition," suggesting that reported growth may not reflect true market demand [1][4] - He describes the current AI hype as potentially fraudulent, indicating that many customers driving AI growth are funded by the companies selling them AI technology, creating a self-reinforcing cycle rather than sustainable adoption [4] Group 2 - Burry labels OpenAI as a "key pillar" of the AI boom and questions the credibility of its auditors [4] - Despite Burry's warnings, Nvidia's stock rose over 5% in after-hours trading following a strong quarterly performance and optimistic outlook driven by AI demand [4] - Burry's hedge fund, Scion Asset Management, has terminated its registration with the SEC but remains active in the market [5]

Core Insights - A recent trend of exits by prominent investors from NVIDIA Corp. has raised concerns about the stock potentially peaking [1][3] - Notable investors such as Michael Burry, Masayoshi Son of SoftBank, and Peter Thiel have all made significant moves to sell their positions in NVIDIA [1][4] Investor Actions - Michael Burry's firm, Scion Asset Management, disclosed substantial put options against NVIDIA, indicating a bearish outlook and a perceived disconnect between NVIDIA's valuation and reality [5] - SoftBank completely exited its $5.8 billion position in NVIDIA, reallocating capital towards "application layer" AI investments, suggesting a belief that the chip infrastructure market may be saturated [5] - Peter Thiel's hedge fund, Thiel Macro, also closed its entire stake in NVIDIA, drawing parallels between the current tech environment and the Dot-com bubble, suggesting that the AI hype cycle may be overextended [5] Market Sentiment - The consensus among these investors indicates that NVIDIA's stock may be overvalued in a potentially bubble-like market [4] - While the exits are alarming, they do not necessarily signal an imminent crash, as "smart money" often sells to lock in gains after significant price increases [3]

他周二在一封电子邮件中写道："这次的运作基本上一直是一个面向亲友的基金。我没有进行市场推 广，也没有像大多数人那样去做。我也没有试图通过吸纳不认识的投资者来增加资产规模。我不想再次 遇到像创办Scion Capital时所遭遇的那些麻烦。我仍在管理自己的资金，并活跃于市场之中。" 智通财经APP获悉，电影《大空头》原型人物、曾精准预言2008年次贷危机的迈克尔·伯里(Michael Burry)表示，尽管他的对冲基金公司Scion Asset Management已从美国证券交易委员会(SEC)撤销注册， 但他仍在市场中活跃运作。 54 岁的伯里在 2008 年关闭了之前名为Scion Capital的公司，当时他成功地做空了由风险最高的住房贷 款支持的债券。2013 年，他创办了Scion Asset Management。 从那以后，他的交易一直备受关注，市场观察人士纷纷仔细查阅其公司的监管文件。最近，该基金披露 了对英伟达(NVDA.US)和palantir(PLTR.US)的看跌押注。文件还显示了对哈里伯顿公司(HAL.US)和辉瑞 (PFE.US)的看涨期权。 伯里在周二写道："我非常高兴摆脱了那些 ...

Core Viewpoint - Michael Burry, renowned for predicting the 2008 financial crisis, has de-registered his hedge fund Scion Asset Management but clarified that it remains active in the markets [1][2]. Group 1: Scion Asset Management Status - Scion Asset Management is still operational and will be used for other investment ventures, despite no longer being a Registered Investment Adviser (RIA) [2]. - Burry expressed relief at being free from the compliance burdens associated with being a registered advisor [2]. - The fund has primarily functioned as a "friends and family fund," with Burry not actively promoting it or seeking to grow its assets through new investors [3]. Group 2: Investment Strategies and Market Insights - Burry has taken significant bearish positions against Palantir Technologies Inc. and Nvidia Corp., reaffirming these bets in recent communications [4]. - He likened his investment strategy involving MOH stock and PLTR puts to "peanut butter and bananas," indicating a specific pairing of investments [4]. - Burry has raised concerns about the current AI investment boom, suggesting it parallels the 2000 Dot-Com bubble, as evidenced by a chart showing that net capital expenditure as a percentage of nominal U.S. GDP is at a peak [5]. Group 3: Market Reactions - Following Burry's insights, the futures of major indices such as the S&P 500, Nasdaq 100, and Dow Jones were trading lower, reflecting market reactions to his bearish outlook [7].

Michael Burry said that while his hedge fund firm Scion Asset Management may be deregistered, he’s still active in markets https://t.co/Z1i35bNEcH ...

Photo by Astrid Stawiarz/Getty Images Quick Read Michael Burry’s Scion Asset Management targeted AI valuations detached from fundamentals by taking massive put options on Nvidia (NVDA) and Palantir Technologies (PLTR). However, Burry just closed his hedge fund and returned capital after his valuation views diverged from markets for an extended period. Power constraints and data center construction delays threaten AI infrastructure buildouts as CoreWeave cut full-year guidance on partner setbacks. ...

Core Viewpoint - Michael Burry warns that the current "Cloud then AI Buildout" has created a capital expenditure bubble comparable to the DotCom and Housing peaks [1][4]. Group 1: Market Analysis - Burry's analysis includes a chart showing that the ratio of net capital expenditures to nominal U.S. GDP is at its highest during bubbles, indicating a significant investment spike driven by AI [4]. - The current investment levels surpass those seen during the 2000 DotCom boom and the 2007 Housing bubble, suggesting a potential market correction [4][6]. Group 2: Investor Sentiment - Burry uses a meme to illustrate that investors are ignoring the evident risks, comparing their behavior to those who would overlook the dangers of the "One Ring" in "Lord of the Rings" [2][4]. - His commentary implies that the market is euphoric and blind to the looming threats, despite clear indicators of a bubble [6]. Group 3: Fund Management - Burry has de-registered his hedge fund, Scion Asset Management, with the SEC, indicating a significant shift in his investment strategy [5]. - He plans to liquidate the fund by the end of the year, citing a disconnect between market behavior and his value assessments [5]. Group 4: Specific Stock Positions - Burry's final filings reveal substantial bearish positions against AI-related stocks, particularly Nvidia and Palantir, reinforcing his bearish outlook on the sector [6]. - The mention of a "Nov 25th" tease suggests that Burry may have further insights or actions planned regarding his investment strategy [7].

Core Viewpoint - Michael Burry, known for his shorting strategy during the 2008 mortgage crisis, has taken a significant position against Nvidia and Palantir Technologies, purchasing $1.1 billion in put options, which may have influenced the recent decline in these stocks [2][9]. Group 1: Burry's Investment Strategy - Burry's fund, Scion Asset Management, manages nearly $1.4 billion in assets and is required to report holdings quarterly, providing a snapshot of a potentially dynamic portfolio [4][6]. - The nature of hedge funds allows for rapid changes in positions, and Burry's current holdings include put options in Nvidia and Palantir, alongside call options in Pfizer and Halliburton [7][9]. - Burry's strategy may not indicate a long-term bearish outlook on Nvidia and Palantir, but rather a tactical move to capitalize on perceived overvaluation or short-term price declines [10][13]. Group 2: Market Context and Stock Performance - Nvidia's current market capitalization stands at $4621 billion, with a recent price change of +1.68%, while Palantir's market cap is $415 billion, with a +1.00% change [8][12]. - Both stocks have experienced price declines recently, which may align with Burry's expectations of market pressure on these high-value stocks [9][13]. - The retail investor's perspective differs from institutional investors like Burry, who operate with distinct goals and strategies [12][14].

Michael Burry is the founder of Scion Asset Management. Also known as the “Big Short” investor, he predicted and profited from the subprime mortgage crisis. https://t.co/4NeztBuWsn ...