Michael Burry, the famed investor behind The Big Short and head of Scion Asset Management, has once again reshuffled his portfolio in ways that are bound to spark debate on Wall Street. According to his latest 13F filing for Q3 2025, Scion’s $1.38 billion book reflects a mix of new long positions and high-profile bearish bets against some of the market’s most hyped names.
New Buys: Healthcare, Retail, and Student Loans
On the long side, Burry added three fresh positions:
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Molina Healthcare (MOH) – 125,000 shares valued at $232.9 million. Healthcare has long been a sector where Burry sees durable demand, and Molina’s focus on Medicaid and government-backed insurance programs may offer defensive growth.
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Lululemon Athletica (LULU) – 100,000 shares worth $37.2 million. The athleisure brand has faced margin pressures, but Burry appears to be betting on its global expansion and brand loyalty.
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SLM Corporation (SLM) – 480,054 shares valued at $8.3 million. Better known as Sallie Mae, the student loan provider is a contrarian pick at a time when education financing remains politically sensitive.
Together, these new buys represent a modest slice of Scion’s portfolio, but they highlight Burry’s willingness to diversify beyond his headline-grabbing options trades.
Bearish Bets: Palantir and NVIDIA
The most eye-catching moves are Burry’s PUT options against two of the market’s AI darlings:
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Palantir Technologies (PLTR) – 5 million PUTs valued at $912.1 million, making up nearly 66% of Scion’s portfolio weight.
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NVIDIA (NVDA) – 1 million PUTs worth $353.6 million, or about 26% of the portfolio.
These positions suggest Burry is skeptical of the AI-fueled rally that has driven both stocks to lofty valuations. Palantir, in particular, has been a retail favorite, while NVIDIA remains the backbone of AI hardware demand. By taking such concentrated bearish bets, Burry is effectively wagering that the AI trade has run too far, too fast.
Bullish Calls: Pfizer and Halliburton
Balancing his bearish stance, Burry also initiated CALL options on:
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Pfizer (PFE) – 750,000 shares via calls, valued at $20.6 million. The pharmaceutical giant has struggled with post-pandemic revenue declines, but Burry may see value in its pipeline and dividend yield.
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Halliburton (HAL) – 2.5 million shares via calls, worth $16.1 million. The oilfield services firm is a classic cyclical play, benefiting from energy demand and global infrastructure spending.
Reading Between the Lines
Burry’s Q3 portfolio paints a picture of an investor hedging aggressively against AI exuberance while selectively adding exposure to defensive healthcare, consumer brands, and energy. His track record ensures that every move will be scrutinized, though it’s worth remembering that 13F filings show positions at quarter-end, not necessarily what he holds today.
Still, the scale of his Palantir and NVIDIA PUTs makes one thing clear: Burry is positioning for turbulence in the AI trade, even as he sprinkles in long bets on more traditional sectors.