Michael Burry’s Scion Asset Management disclosed a major reshuffling of its portfolio in its Q3 2025 13F filing, unveiling new bearish bets against artificial intelligence leaders Nvidia ($NVDA) and Palantir ($PLTR), while adding large call positions in traditional energy and healthcare names. The filing highlights a renewed tilt toward defensive sectors, with notable moves in Halliburton and Pfizer.
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New Put Options: Opened substantial bearish positions against Nvidia ($NVDA) and Palantir ($PLTR). Nvidia and Palantir are up 54% and 174% year-to-date respectively.
New Call Options: Added bullish exposure to Halliburton ($HAL) and Pfizer ($PFE) through sizable call option positions, signaling increased interest in energy and pharmaceutical sectors.
Exited Option Positions: Burry closed out of all of his option positions from the previous quarter. This includes bullish call option holdings in Lululemon ($LULU), Meta ($META), ASML ($ASML), and Alibaba ($BABA), among others.
Equity Holdings: Burry doubled stock his holdings in Lululemon ($LULU) to 100,000 shares but closed out of the rest of the equity positions he reported in Q2. He did open new positions in SLM Corporation ($SLM), and Molina Healthcare Inc. ($MOH).
Relevant Companies
Nvidia ($NVDA) — Target of new large put option positions.
Palantir ($PLTR) — Subject to new bearish bets from Scion Asset Management.
Halliburton ($HAL) — Added as a major new bullish call option position.
A new regulatory filing shows that billionaire investor Michael Burry’s hedge fund Scion Asset Management purchased five million put options on Palantir Technologies, Inc. (NASDAQ:PLTR) and one million put options on NVIDIA Corp. (NASDAQ:NVDA), among other changes to its portfolio.
Bearish on PLTR, NVDA
Burry’s massive bearish position in Palantir has a market value of $912.1 million and the Nvidia puts are worth $186.58 million, according to Whale Wisdom.
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Burry also returned to X with a post referencing an AI bubble and Star Wars.
“These aren’t the charts you are looking for. You can go about your business,” Burry said in the post.
The charts he posted compare Cloud segment growth for Alphabet, Amazon and Microsoft in 2018 through 2022 with the present period.
Another chart shows the web of AI deals between Nvidia, OpenAI, Oracle Corp. (NYSE:ORCL) and other big tech companies, and a third chart shows AI capex matching the tech spending of the 1999-2000 tech bubble.
Additional Holdings Updates
Scion’s updated 13F also shows that the firm added 50,000 shares of Lululemon Athletica, Inc. (NASDAQ:LULU), opened a 125,000 share position in Molina Healthcare, Inc. (NYSE:MOH) and a 480,000 share position in SLM Corp. (NASDAQ:SLM).
He also purchased 2.5 million calls on Halliburton Co. (NYSE:HAL) and six million calls on Pfizer, Inc. (NYSE:PFE).
Burry’s firm closed its positions in Estee Lauder Companies, Inc. (NYSE:EL), Regeneron Pharmaceuticals, Inc. (NASDAQ:REGN), MercadoLibre, Inc. (NASDAQ:MELI) and UnitedHealth Group, Inc. (NYSE:UNH).
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