Map Burry's disclosed positions and public statements in 2026, including 13F filings…

Scion’s last regulatory snapshot is the Q3 2025 13F. Everything after November 2025 is voluntary Substack and X disclosure, not SEC filings. Burry’s 2026 book is a personal barbell: a shrinking set of long-dated AI/semiconductor puts, plus value longs, with the short book consolidated in mid-October into Nasdaq-100 and semiconductor-ETF puts.

Scion’s status: deregistered, no 2026 13Fs

Scion Asset Management’s registration was terminated as of November 10, 2025. In a letter to investors dated October 27, 2025, Burry said he would liquidate the funds and return capital (aside from a small audit/tax holdback) by year-end, writing that his estimation of value “is not now, and has not been for some time, in sync with the markets.” Reuters reported the fund had about $155 million across four accounts as of late March 2025 on its most recent Form ADV. He posted the terminated status on X and pointed to “much better things” on November 25. He then launched the paid Substack Cassandra Unchained (around early November 2025) as his public channel.

There is no Scion 13F for Q4 2025 or any quarter of 2026. Trackers that still show a “latest 13F” are recycling the November 3, 2025 filing. Post-deregistration positions are what he chooses to say on Substack (often paywalled, same-day) and on X (@michaeljburry / Cassandra Unchained). Those statements are not audited, not sized in dollars in public summaries, and can change without a filing lag—or without any public update at all.

Separately, on September 15, 2026, Burry announced on X that he had taken a senior advisor role at Minerva Investment Management, working with Lakshmi Ganapathi and Unicus Research on a short-biased fund expected to launch soon. Reuters confirmed the advisory role. He is not the portfolio manager of that fund, and his Substack trade notes describe his own book, not Minerva’s.

Baseline: the final 13F (period ended September 30, 2025)

Filed November 3, 2025, the last 13F reported about $1.381 billion of holdings. Options are reported at the market value of the underlying shares, not the premium paid, so the headline notional is not capital at risk.

Position	Type	Reported value	Underlying shares
Palantir	Put	~$912.1M	5,000,000
Nvidia	Put	~$186.6M	1,000,000
Pfizer	Call	~$152.9M	6,000,000
Halliburton	Call	~$61.5M	2,500,000
Molina Healthcare	Common	~$23.9M	125,000
Lululemon	Common	~$17.8M	100,000
SLM Corp	Common	~$13.3M	480,054
Bruker 6.375% preferred	Preferred	~$13.1M	48,334

PLTR and NVDA puts together were roughly 80% of reported value. Versus Q2 2025, the fund had exited a slate of calls (UnitedHealth, Regeneron, Meta, Estée Lauder, JD, Alibaba, ASML, and others) and replaced them with the two large AI puts plus the Pfizer and Halliburton calls and a small equity book. Media coverage of “$1 billion short Nvidia/Palantir” routinely conflates notional with premium. That distinction matters for every later options comment as well.

Dated timeline of 2026 position changes

Dates below are the dates of Burry’s own posts (or the market close immediately before them), as quoted by CNBC, Bloomberg, Business Insider, and contemporaneous X summaries of the Substack. Secondary aggregators fill in color; where they go beyond his quoted words, that is flagged.

January 9, 2026 — Oracle disclosed. In a Substack post after the close, Burry said he owned Oracle puts and had directly shorted the stock during the prior six months. Stated reason: he did not like how Oracle was positioned or the investments it was making in a debt-funded data-center buildout—“It did not need to do what it is doing… Maybe ego.” He did not publish strike or size. Bloomberg and later Motley Fool coverage treat this as the first public Oracle disclosure of this cycle, distinct from the 2025 Nvidia and Palantir 13F puts.

May 2026 — bubble language, no new sizing. He described equities as feeling like the last months of the 1999–2000 bubble. That is commentary, not a position change.

August 2026 — adding, not yet the big roll. Secondary accounts of his Substack say he added to his largest shorts, including Nvidia puts (December 2026 and later expirations, strikes in the low $100s) and Palantir puts plus short stock around $175, and opened or added Nebius (described as opened near $212). These details come from trackers reconstructing paywalled posts, not from a filing. Treat sizes as unconfirmed.

September 9, 2026 — de-risk, do not roll the near puts. Trading post: sold the entire December 2026 Nvidia puts and December 2026 Palantir puts and did not replace or roll them, explicitly to avoid rapid time decay now that September had arrived. Trimmed every long and every short. Kept 2027 puts on Palantir and QQQ. Raised cash he was “happy to sit on.” “This will be an interesting market this fall.”

Short book order he gave that day, after the trim: Oracle, Palantir, Nebius, Nvidia, SOXX, Micron, Caterpillar, CoreWeave. Largest longs, order unchanged: Lululemon, Molina, MercadoLibre, then Temple & Webster, Zoetis, Sprouts, JD, Birkenstock, Adobe, HCA, Fiserv, Flutter, Build-A-Bear, Veeva, Fannie common, Freddie common, PayPal. This is his own positioning list, widely republished the same day. Rationale was mechanical (theta) plus a portfolio-wide risk cut, not a change of thesis.

September 15, 2026 — advisory role, not a trade. Senior advisor to Minerva/Unicus short-biased fund. He said he would continue posting his own trades.

September 28, 2026 — shorts converted to puts; timeline pulled forward. “Fundamentally, I am moving timelines up… I want more leverage in my short positions… Nothing says leverage like options… put options, which are relatively cheap due to exceptionally tight volatility.” He said he was “more confident than ever” the thesis would play out over the next year, versus an earlier base case of 2028, and that “the bubble in AI may burst sooner than later.” Most of the move was research-driven (he cited an Ares Management note on AI capex depending on unproven revenue); some was tax.

Quoted conversions (CNBC, Business Insider):

• Micron short → June puts, strike around $500
• Nebius short → June puts, double-digit strikes
• SOXX short → September 2027 puts, low $400s
• Palantir short plus existing puts → enlarged September 2027 puts, low $100s
• Nvidia short → September 2027 puts, mid-$100s (Business Insider; stock cited near $229 that day)
• Oracle, Caterpillar, and Nasdaq-100 shorts also swapped into puts expiring between June and December 2027 (Oracle later described with a December 2027 expiry in some accounts)
• CoreWeave short covered and not replaced; he said he had not found puts at a price he liked
• New MetLife puts (strikes in the $70s in one secondary account)

He wrote that as of that day, puts had completely replaced his short-stock positions. Rationale for the structure: a shorter expected window makes paying for leverage acceptable, and compressed VIX made the puts cheap relative to the move he expected.

October 1, 2026 — Nvidia accounting, not a new trade. “Don’t Believe Your Lyin’ Eyes, GPU Depreciation & Useful Lives.” He argued Nvidia’s depreciation math and residual values rest on modeled rental income rather than actual resale prices. This is the public rationale that has stuck to the Nvidia leg all year; it is not itself a position disclosure.

October 8, 2026 — financing thesis, still not a trade ticket. “Short Thoughts: The AI Cloud Oligopoly, Stages of Grief & a Flashing Bear Market Indicator.” Argument: hyperscalers and would-be oligopoly entrants (including Oracle, OpenAI, Anthropic) are spending as if survival depended on it, financed through increasingly leveraged structures (private equity, private credit, insurers). Market breadth and structure, in his view, already flash late-cycle. He frames the tape as still in a denial phase.

October 11, 2026 — consolidation into two index puts, plus the GSE switch. “Consolidating the Big Short” / trading post:

• Rolled most options exposure into two vehicles. Nasdaq-100 puts: April 2027 expiry, roughly 20% out of the money. VanEck Semiconductor ETF (SMH) puts: June 2027 expiry, roughly 20% out of the money. “At the moment, almost my entire short position is expressed through SMH and NDX puts.”
• Significant market top expected within zero to nine months; the final stretch of the rally “could get wild.” Low volatility is why the options are inexpensive. He expects the puts to gain before the underlyings fall a full 20%.
• Still holds individual puts on Oracle, Palantir, MetLife, and Caterpillar as side bets. Other single-name shorts were closed into the index puts.
• Palantir stock short: half covered in June, the rest closed when he moved fully into September 2027 puts. Shares had doubled since June to a record high. He does not rule out another sharp rally, but says falling volume on the rally is exhaustion.
• SMH rationale, in his words: Nvidia 19.6%, TSMC 9.3%, AMD 5.6%, with Broadcom, Micron, Marvell, and Applied Materials each near 5%—“very much in my wheelhouse of individual names I would like to be short.”
• Fannie Mae and Freddie Mac: sold all common; bought several series of junior preferreds; raised total “Twins” exposure to a “very full” position, about 8–10% of the portfolio across five series. Also realized the tax loss on the common. Rationale: both stocks had given back essentially all post-election gains and printed a large topping pattern; Wall Street’s base case (he cites KBW) is shifting toward Treasury converting its senior preferred liquidation preference—he puts that claim near $388 billion, about twice combined book—into common, which he says dilutes common holders at least 90% and grows every quarter. Junior preferred ranks above common, so dividends cannot reach common until preferred dividends are reinstated. He still expects conservatorship to end within about two years, before warrants expire, and has described potential upside of roughly four to five times from then-current preferred prices if senior claims are resolved and dividends return.
• Other same-day notes: added to BYD; wrote November 2026 calls on the full Veeva position, roughly at the money; still not back in Alibaba.

Later secondary write-ups (Motley Fool, October 14) say he remains in Nvidia, Palantir, and Oracle puts with 2027 expirations (Nvidia rolled to September 2027; Palantir September 2027; Oracle December 2027) and that Oracle has been the one of the three that has worked, with the stock down sharply, while Nvidia and Palantir have not. That is consistent with residual single-name puts sitting alongside the SMH/NDX consolidation, not with a full exit from Nvidia exposure—SMH itself is a large Nvidia proxy.

What the book looks like as of mid-October 2026

Confirmed in his October 11 words: almost the entire short is NDX April 2027 puts and SMH June 2027 puts, both about 20% out of the money, sized for a top inside nine months. Residual puts he explicitly said he still holds: Oracle, Palantir, MetLife, Caterpillar. GSE exposure is junior preferreds, not common, at 8–10% of the portfolio.

Still described as open in September lists and not contradicted on October 11: a value long book whose largest names have included Lululemon, Molina, and MercadoLibre, plus a broader set (Sprouts, JD, Birkenstock, Adobe, Build-A-Bear, Veeva, PayPal, and others). Aggregators also list Hong Kong names (JD, Tencent, Meituan, Haidilao, and an October BYD add). The BYD add is in an X summary of the October 11 post; some China holdings in tracker tables are not restated in the widely quoted portion of that post, so treat the full HK roster as lower confidence than the index puts and the GSE switch.

Closed or replaced, per his posts: December 2026 NVDA and PLTR puts (September 9, not rolled); outright shorts in Micron, Nebius, SOXX, Nvidia, Palantir, Oracle, Caterpillar, and Nasdaq-100 (September 28, replaced with puts); CoreWeave short (September 28, not replaced); most remaining single-name option shorts (October 11, rolled into NDX and SMH); Fannie and Freddie common (October 11). Tesla and Applied Materials shorts were reportedly covered for gains in early September; that detail is tracker-level, not in the major wire quotes.

Filings vs. his posts vs. rumors, and the lags

Confirmed regulatory record. Only the Q3 2025 13F (filed November 3, 2025) and the November 10, 2025 deregistration. 13Fs lag up to 45 days, omit shorts and most non-U.S. holdings, and mark options at underlying notional. There is nothing to “update” from the SEC in 2026.

Confirmed by Burry. The January Oracle disclosure, the September 9 risk cut, the September 15 advisory announcement, the September 28 short-to-put conversion and timeline change, and the October 11 consolidation and GSE rotation. These are his sentences, republished by CNBC, Bloomberg, Business Insider, Reuters, and his own X account. Strike ranges and expirations in those articles are quotations from the Substack, not independent position checks.

Secondary reconstruction. Position-size rankings, exact entry prices ($175 Palantir, ~$152 Oracle, Nebius near $212), and the long list of value adds (QXO, Ero Copper, Sprouts adds, Flutter doubles) come from Substack trackers that say they read the paywalled posts. Useful as a map, not as a filing. A few tracker lines explicitly note that a reported sale was never confirmed in his words.

Not his book. Minerva/Unicus recommendations (Carvana, Faraday Future, Snowflake, Moderna, Robinhood, and others) are that firm’s research history. His advisor seat does not mean those are Scion or personal positions.

How to read a “Burry sold X” headline. After November 2025 there is no 45-day lag and no completeness requirement. A headline can be same-day and still omit size, remaining exposure (a covered short can sit next to a larger put), or a roll that happened two weeks later. The September 9 “sold all Nvidia and Palantir puts” headlines were true of the December 2026 contracts and false as a description of the bearish book, which still held 2027 puts and the stock shorts. The October headlines that he “consolidated into two ETFs” are his framing, with four named single-name puts left on as side bets and SMH itself a concentrated Nvidia vehicle.

What the sequence implies

The mechanism is consistent even as the instruments change. He is not trying to be short every AI name at once with borrowed stock. He wants convexity into a window he has compressed from “2028 base case” (August) to “over the next year / by next summer” (September 28) to “a significant top within zero to nine months” (October 11). When near-dated puts bled theta (September 9), he cut them rather than roll. When the timeline shortened and VIX was low (September 28), he replaced stock shorts with puts because the option was the cheaper way to get leverage. When he decided the expression should be the complex rather than a dozen single names (October 11), he collapsed most of that into NDX and SMH, 20% out of the money, and kept only the names he still wants idiosyncratic exposure to—Oracle (debt-funded buildout), Palantir (volume divergence and earlier accounting critiques), MetLife (insurers in the AI financing web), and Caterpillar (data-center construction cycle).

The GSE trade is the clearest non-AI example of the same habit: he did not abandon the thesis (end of conservatorship), he changed the security once dilution math on the common looked worse than the preferred. Tax-loss harvesting is acknowledged as a partial motive on both the September options roll and the Fannie/Freddie common sale; he presents research, not taxes, as the main driver.

For anyone treating this as a signal, the binding constraints are structural. There is no 13F to confirm size, cost, or whether a disclosed put is 1% or 15% of the book. Notional language from 2025 does not carry forward. The advisory role is not a second disclosed portfolio. And the October 11 book can already have been trimmed again—the only update mechanism is the next Substack post.

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Recent Findings Supplement (October 2026)

Scion Asset Management deregistered as an investment adviser in November 2025 (terminated November 10, 2025), ending its SEC registration and 13F filing obligations.[1][2][3] Burry now manages his personal capital and discloses positions and trades primarily via his paid Substack newsletter ("Cassandra Unchained") and X posts, rather than regulatory filings. His last 13F (Q3 2025, as of September 30, 2025, filed November 3, 2025) showed a ~$1.38 billion portfolio heavily concentrated in derivatives.[4][5]

No 13F filings exist after the Q3 2025 report due to deregistration. Trackers and news confirm Scion no longer files quarterly holdings reports.[3][3]

Final confirmed 13F positions (Q3 2025, filed Nov. 3, 2025):[4][5]
- Palantir Technologies (PLTR) put options: ~$912.1 million (largest position, ~66% of reported value).
- Nvidia (NVDA) put options: ~$186.6 million (~13.5%).
- Pfizer (PFE) call options: ~$152.9 million.
- Halliburton (HAL) call options: ~$61.5 million.
- Molina Healthcare (MOH) common: ~$23.9 million.
- Lululemon (LULU) common: ~$17.8 million.
- SLM Corp (SLM) common: ~$13.3 million.
- Bruker Corp 6.375% preferred: ~$13.1 million.

This filing reflected a bearish stance on AI names via large PLTR and NVDA puts (notional value of underlying shares per 13F rules; actual premiums paid are lower). It marked the fund’s final regulatory snapshot before deregistration.[5]

Post-deregistration position updates come exclusively from Burry’s Substack and X disclosures (confirmed, not rumors), with no material reporting lags beyond his posting cadence. These show evolution from the final 13F, including consolidation of bearish bets, tax-loss harvesting trades in October 2026, and additions to longs.[3][6]

Dated timeline of key changes and rationale (2026 Substack/X updates; all post-April 2026):

• September 2026 (and earlier 2026 moves referenced in later posts): Burry converted outright shorts on AI-related names into put options and shifted some positions (e.g., Micron, Nebius, SOXX/iShares Semiconductor ETF, Palantir) into puts with June or September 2027 expirations. He sold all December 2026-dated NVDA and PLTR puts (citing time decay) while maintaining or adding longer-dated exposure. Rationale: Increasing confidence in an AI bubble burst (initial base case shifted earlier, toward 2027); seeking greater leverage via options while trimming risk.[7][7]

• Early October 2026 (around Oct. 5 post): Portfolio reshuffle amid tax-loss harvesting season. Sold LULU common shares and bought Deckers (DECK) as a proxy (plan to potentially swap back after 30-day wash-sale period). Sold FNMA common and shifted exposure into FMCC junior preferred shares (increasing overall Fannie/Freddie allocation to a “very full” 8-10% position). Replaced SFM and ZTS common with long-dated LEAP calls. Added to BYD common shares. Wrote November 2026 calls on the full VEEV position (roughly at-the-money). Bought more MET 2029 puts and JD 2029 calls. Rationale: Tax-loss harvesting opportunities in out-of-favor names; maintaining or adjusting exposure without net reduction in key theses (e.g., mortgage giants pending conservatorship resolution).[8][7]

• October 11–12, 2026 (“Consolidating the Big Short” post and related updates): Consolidated nearly all bearish exposure into NDX (Nasdaq-100) puts expiring April 2027 (~20% OTM) and SMH (VanEck Semiconductor ETF) puts expiring June 2027 (~20% OTM). “Almost my entire short position is now expressed through” these two. Retained select individual puts (e.g., PLTR Sept. 2027, ORCL Dec. 2027, MET, CAT). Closed remaining Palantir share short (half covered in June; rest converted to puts). Noted Palantir’s rally (doubled since June) but cited declining volume as a sign of exhaustion. Added that he sees a “significant market top within zero to nine months” and that “this last few months of the bull could be wild.” SMH described as a concentrated proxy for overextended semis (NVDA ~19.6%, TSM ~9.3%, AMD ~5.6%, others near 5%). Rationale: Efficiency/leverage on AI/semiconductor bear thesis amid unsustainable capex and data-center spending; moving timeline up due to higher confidence in a 2027 reckoning (comparisons to 2000/2008 denial phases). Long book includes MELI (~12%), DECK, MOH, TPW, and various others (JD, BIRK, ADBE, HCA, FISV, BBW, VEEV, PYPL, QXO, ERO, BYDDF, FMCC, etc.), plus select calls.[9][6][10]

No confirmed new additions or exits to NVDA/PLTR puts beyond the described rollovers/consolidations; bearish stance on AI complex persists but is now more index/ETF-focused. Long positions emphasize value, healthcare, and select international/China exposure (e.g., repeated BYD adds; no re-entry to BABA yet).[11]

Implications for competitors/observers: Substack/X provide higher-frequency (near real-time) transparency than lagged 13Fs, but positions can change rapidly via options rolls or harvesting trades. The shift to index puts reduces single-stock granularity while amplifying macro AI-bubble exposure. Track his Substack/X directly for updates, as regulatory filings have ceased. All quantitative details (e.g., specific expirations, percentages) derive from his disclosures rather than third-party verification.