Burry Cuts Put Options on Nvidia and Palantir, Broadly Reducing Risk Exposure
nashnova research
"Big Short" investor Michael Burry cut every position in September, let his December 2026 puts on Nvidia and Palantir expire without rolling them, and is now sitting in cash — the contrarian is actively shrinking his risk exposure.
What exactly did Burry do?
Burry posted on Substack that he trimmed all positions in September, describing the move as "tightening risk."
The headline action: he abandoned his December 2026 put options on Nvidia (NVDA) and Palantir (PLTR) — puts are contracts that pay off when a stock falls — and chose not to roll them into new expiry dates.
This means → he is no longer actively betting on a decline in these two stocks, but that does not mean he turned bullish — the timing or odds may simply no longer suit him.
What is left in his book?
Top three longs (stocks he favors): Lululemon, Molina Healthcare, and MercadoLibre — ranking largely unchanged.
Top three shorts (stocks he bets against): Oracle, Palantir, and Nebius, with Nvidia and the iShares Semiconductor ETF (SOXX) close behind.
In plain terms = he dropped the put options, yet Nvidia and Palantir remain on his short list — he changed the instrument, not the directional view.
Why pull back now?
Burry wrote he is holding cash and is "happy to hold it," adding: "This fall will be an interesting market."
He also flagged that the U.S. dollar spot index is sliding again and plans a dedicated post on currency markets.
This means → he senses elevated autumn volatility but has not committed to a direction — shrink exposure, hold cash, wait for a clearer signal.
How does retail sentiment line up?
Stocktwits data show Palantir retail sentiment stayed "bearish" over the past day; Nvidia sentiment shifted from "neutral" to "bearish."
Whether Burry's exit from the puts signals a changed view or is purely a position-management move cannot be confirmed now — only subsequent filings (such as the 13F) will tell.
This reflects a widening split on both high-valuation tech names — institutional and retail investors alike are reassessing risk.
市场有风险，内容仅供研究参考，不构成投资建议。