Michael Burry’s Scion Asset Management Q3 2025 Portfolio Analysis
Sunday, November 9, 2025 · Johnny Hopkins
In a decisive move that underscores his reputation as a staunch contrarian, Michael Burry’s Scion Asset Management has taken a massive bearish stance against the market’s leading artificial intelligence companies. The firm’s most recent 13F filing reveals that put options on Palantir Technologies and NVIDIA constitute nearly 80% of its reported portfolio value, representing a high-conviction bet that the AI trade is overextended.
This positioning signals a firm belief that current valuations for AI-centric stocks are unsustainable. Below is a detailed analysis of Scion’s top holdings for the quarter.
The portfolio’s core consists of two dominant bearish positions:
Palantir Technologies Inc. constitutes 66.04% of the portfolio through a put option on 5,000,000 shares with a notional value of $912.1 million. This position indicates deep skepticism toward Palantir’s valuation and the AI narrative surrounding the company.
NVIDIA Corp. represents 13.51% through a put option on 1,000,000 shares valued at $186.6 million. This bet against the chipmaker at the heart of the AI infrastructure boom reflects Burry’s historical skepticism of market exuberance.
Alongside these substantial bearish wagers, Scion maintains smaller, tactical bullish positions in undervalued sectors:
Pfizer Inc. call options account for 11.07% of the portfolio, valued at $152.9 million, suggesting a contrarian play on the pharmaceutical company’s depressed valuation and dividend yield.
Halliburton Co. call options represent 4.45% at $61.5 million, providing leveraged exposure to potential rebounds in energy prices and oilfield activity.
The fund also holds straight equity positions in Molina Healthcare and Lululemon Athletica, alongside new positions in SLM Corp. and Bruker Corp. preferred convertible shares.
Scion completely exited several major holdings, including UnitedHealth Group, Regeneron, Meta Platforms, Estée Lauder, JD.com, and Alibaba, indicating a strategic pivot away from prior investment themes.
This portfolio construction reveals a sophisticated strategy: substantial bearish bets against overhyped AI stocks are complemented by tactical bullish positions in undervalued cyclical and defensive sectors. The approach demonstrates Burry’s continued focus on asymmetric risk-reward opportunities and his willingness to take significant contrarian positions against prevailing market narratives.