Michael Burry Expands AI Short Book, Doubling Down on $MU, $NBIS, and $PLTR Put Positions

Scion Asset Management founder Michael Burry has disclosed expanded bearish wagers across key artificial intelligence hardware, infrastructure, and software beneficiaries, adding to short positions in Micron Technology ($MU), Nebius Group ($NBIS), and Palantir Technologies ($PLTR).
The filing confirms Burry is leaning further into a broad-based AI valuation and capex unwind thesis across the technology stack:
- Memory & Semis ($MU): Micron represents a short on the cyclicality of High-Bandwidth Memory (HBM) and enterprise DRAM/NAND. Burry's posture targets the risk of memory oversupply and margin compression if hyperscaler server buildouts decelerate or transition from build to digestion phases.
- Neocloud & Compute Infrastructure ($NBIS): Nebius operates at the capital-intensive infrastructure layer, acquiring GPU clusters to offer dedicated compute and token endpoints. Taking a short position bets against sustained cloud utilization rates and pricing power amid heavy debt-funded capex requirements and ongoing hardware depreciation.
- Enterprise Software Multiples ($PLTR): Palantir represents a valuation-multiple short. Trading at premium enterprise value-to-sales multiples driven by its Artificial Intelligence Platform (AIP) adoption, the stock is vulnerable to multiple contraction if enterprise IT spending normalizes or margins fail to justify elevated growth expectations.
From a market structure perspective, Burry’s doubled-down exposure signals a conviction trade that the AI cycle is transitioning from speculative capex expansion to an era of ROIC scrutiny, multiple re-rating, and infrastructure overcapacity risks.