Michael Burry

Michael Burry’s Scion Asset Management ended 2025-Q3 with a concentrated bet that looks nothing like his prior bearish, contrarian posture. Palantir Technologies alone accounts for 66 percent of the $1.38 billion portfolio, a position worth $912 million. That is a conviction level most peers avoid, and it sits alongside Nvidia at 13.5 percent and Pfizer at 11.1 percent. The three names make up over 90 percent of the fund, so Scion is effectively a three-stock portfolio with a heavy tilt toward AI infrastructure and a defensive pharma anchor. The Palantir stake is the outlier. Burry built a reputation on shorting overvalued assets, and Palantir’s valuation has been a frequent target of skeptics. Holding it at this size suggests he sees durable government and commercial demand, not a bubble. Nvidia is a more conventional AI bet, but pairing it with Pfizer and Halliburton (4.5 percent) shows a hedge against the trade crowding. Molina Healthcare, Lululemon, and two preferred stock positions round out the fund at small weights, likely special-situation plays rather than core holdings. Scion’s style remains special-situation, but the execution has shifted. The fund is not diversified, does not hedge with puts or index shorts, and holds no cash-like buffer in the top eight positions. Burry has moved from betting against consensus to betting on a narrow set of winners. That is a meaningful divergence from his own history and from peers who run broader AI exposure. The question is not whether he is early, but whether a 66 percent position in one stock leaves room for error.