Michael Burry Shifts Bearish Bets to Nasdaq and Chips

The investor has consolidated his bearish exposure into put options targeting the Nasdaq-100 and semiconductor sector.

Updated on Oct. 16, 2026 in Investing

Isometric editorial illustration of a silicon semiconductor wafer resting on a dark surface, symbolizing technology market volatility. — Investor Michael Burry has concentrated his bearish market bets into put options against the Nasdaq-100 and the semiconductor sector. AI Illustration. Upload story photo >

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Investor Michael Burry has adjusted his portfolio by closing various bearish positions to focus almost entirely on put options for the Nasdaq-100 and the VanEck Semiconductor ETF. Burry also holds long-dated positions in Oracle and Palantir Technologies.

Why it matters

Burry projects that U.S. stocks could reach a significant market peak within the next nine months. These maneuvers reflect a strategic realignment of his betting against the broader market.

Burry maintains specific bearish put options against the Nasdaq-100 index and the VanEck Semiconductor ETF. This strategy contrasts with his continued long-dated equity holdings in Oracle and Palantir Technologies.

The players

Michael Burry

He is a prominent hedge fund manager and investor widely recognized for his successful prediction of the 2008 subprime mortgage crisis.

Nasdaq-100

This is a stock market index comprising 100 of the largest non-financial companies listed on the Nasdaq Stock Market.

VanEck Semiconductor ETF

This exchange-traded fund tracks the performance of companies involved in semiconductor production and related technology.

Palantir Technologies

This company specializes in big data analytics software used for complex intelligence and defense operations.

Oracle

This is a major multinational computer technology corporation that provides database software, cloud systems, and enterprise applications.

The details

A put option provides the holder the right to sell an asset at a predetermined price by an expiration date, serving as a hedge or speculative bet against price declines. Burry is narrowing his market-wide bearish exposure to concentrate on these two specific technology-heavy instruments.

October 2026 marks the beginning of the nine-month period during which Burry anticipates a potential market peak.
The Nasdaq-100 put options are set to expire in April 2027.
The VanEck Semiconductor ETF put options are scheduled to expire in June 2027.
The window for the projected market peak concludes in July 2027.

Market Dynamics

Burry's current bets on a tech-sector peak follow a similar pattern set by his successful short against the 2008 subprime mortgage market collapse. This move signals a departure from broad market skepticism in favor of targeted bets against high-growth tech valuations.

Retail investors should note that Burry's use of put options reflects a sophisticated hedge that carries significant risk of total premium loss if the market continues to rise. This strategy highlights the complexity involved in timing market peaks and the potential for volatility in tech-heavy portfolios.

The takeaway

Burry's portfolio adjustments illustrate the high-conviction approach he takes toward identifying market overvaluation in specific sectors. Readers should prioritize their own long-term financial goals over attempting to mirror the timing of complex derivative trades.