Michael Burry warns of 1987-style crash, holds Nvidia shorts

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Summary · why it matters

Michael Burry warned that the S&P 500's record high could precede a 1987-style crash, while maintaining short positions in Nvidia, the iShares Semiconductor ETF, Micron, Caterpillar, Palantir, Tesla, and Applied Materials. In a Tuesday Substack post, he said the market may be near a major top and that new highs could draw in fresh money, fueling a self-reinforcing rally driven by volatility-targeting and momentum strategies. He noted the S&P 500 has surged 5% over four trading days to a new high only three other times, citing BTIG analysis. All his short positions remain profitable except Nvidia, though he would close any trade that moves decisively against him. Burry has long been skeptical of the AI investment cycle, and earlier this year he added to his Nvidia short via January 2027 puts with a $115 strike price at $3.30 per contract, while calling Palantir wildly overvalued.

Impact on stocks 6

Semiconductors▼ · 2 stocks
Applied Materials Inc
AMAT
▼ NegativeCapitalrelevance

Michael Burry holds a short position in Applied Materials, indicating a bearish view.

Micron Technology Inc
MU
▼ NegativeCapitalrelevance

Michael Burry holds a short position in Micron, indicating a bearish view.

Artificial Intelligence▼ · 1 stocks
NVIDIA Corporation
NVDA
▼ NegativeCapitalrelevance

Michael Burry holds a short position in Nvidia and has added to it via puts, expressing skepticism about AI investment cycle.

Defense & Geopolitical Fragmentation▼ · 1 stocks
Energy Transition & Power Demand▼ · 1 stocks
Caterpillar Inc
CAT
▼ NegativeCapitalrelevance

Michael Burry holds a short position in Caterpillar, indicating a bearish view.

Electrification & Mobility▼ · 1 stocks
Tesla Inc
TSLA
▼ Negativerelevance

Michael Burry holds a short position in Tesla, indicating bearish sentiment.

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