Michael Burry disclosed a new short position in Caterpillar, calling the construction-equipment maker one of the market's most overvalued AI beneficiaries. He shorted the stock at $1,060.98, alongside bearish bets on Nvidia, Applied Materials, Tesla, and the iShares Semiconductor ETF. Caterpillar shares surged 86% in the first half of 2026, becoming a top S&P 500 performer as investors embraced it as a proxy for the global AI infrastructure buildout. Burry noted the stock's price-to-sales ratio hit a three-decade high and warned that the Philadelphia Semiconductor Index is trading 65% above its 200-day moving average, a level last seen during the dot-com bubble.
Applied Materials Inc
Caterpillar Inc
NVIDIA Corporation
Tesla Inc