Here’s How Michael Burry’s Shorts Are Doing So Far in 2026

Michael Burry’s Q3 filing had him betting 13.5% of his portfolio against NVDA stock. He later said on X that these puts had a strike price of $110, expiring on December 17, 2027. There’s thus a long way to go, and we don’t really know what he paid for these shorts or when he bought them during Q3 last year.

What we do know is that these NVDA puts aren’t doing too well yet.

Earlier in January, Burry said his Nvidia bet was “the most concentrated way to express a bearish view on the artificial intelligence trade”.

His argument is that the stock is cheap to short since it is “the most loved, and least doubted,” meaning its put options are relatively cheap compared to more controversial AI names.​

On top of that, unlike Meta (NASDAQ:META), Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL), or Microsoft (NASDAQ:MSFT), Nvidia’s valuation is based purely on AI. This means when you’re shorting Nvidia, you’re not inadvertently betting against a strong advertising arm of the business.

But even though those arguments are good, he has yet to see success with the NVDA puts. The demand for Nvidia’s chips remains strong. The company has hundreds of billions in sales it still needs to clear. Suffice to say, the floor isn’t that low, either. NVDA stock already trades at ~24 times forward earnings. Earnings would have to collapse before the stock does. The opposite is happening instead.

I believe these NVDA puts will lose him money by year-end 2027 unless the expiry lines up with a cyclical downturn.

Burry disclosed on Substack that he holds put options on ORCL stock and has been shorting it for the past six months. He didn’t reveal what the strike prices are or what his position looks like, but it’s almost a given that he’s making money off of his puts.

ORCL stock has cratered by over 51% from its peak in Q3 2025. The market was overly optimistic on this stock, and the gains were wiped out rather quickly. Burry said, “It did not need to do what it is doing, and I do not know why it is doing this. Maybe ego,” when questioned about Oracle’s AI buildout.

The bigger picture is that his shorts are now vindicated and are doing quite well. The Big Short 2.0 is off to a great start so far. Only time will tell if his doubling down ends up being a mistake.

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