Michael Burry's complete holdings, per his Substack Top tier: • MercadoLibre $MELI [Long, 12%] • Deckers $DECK [Long] Second tier (9% each): • Molina Healthcare $MOH [Long] • Temple & Webster $TPW [Long] Third tier (undisclosed %): • JD $JD [Long] • Birkenstock $BIRK [Long] • Adobe $ADBE [Long] • HCA Healthcare $HCA [Long] • Fiserv $FISV [Long] • Build-A-Bear Workshop $BBW [Long] • Veeva Systems $VEEV [Long] • Freddie Mac $FMCC [Long] • PayPal $PYPL [Long] • QXO $QXO [Long] • Ero Copper $ERO [Long] • BYD $BYDFF [Long] Call options: • JD $JD [Call, 2029] • Zoetis $ZTS [Call, 2029] • Sprouts Farmers Market $SFM [Call, 2028] Put book (bearish, largest to smallest): • Nasdaq 100 $NDX [Put, Sept 2027] • Palantir $PLTR [Put, Sept 2027] • Nvidia $NVDA [Put, Sept 2027] • Semiconductor ETF $SOXX [Put, Sept 2027] • Oracle $ORCL [Put, Dec 2027] • Caterpillar $CAT [Put, Dec 2027] • Micron $MU [Put, June 2027] • Nebius $NBIS [Put, June 2027] • MetLife $MET [Put, 2029] Full exits: • Lululemon $LULU [Long] - Swapped for Deckers • Fannie Mae $FNMA [Long] - Entirety into Freddie Mac • Flutter $FLUT [Long] - Rotated into Lululemon • Zoetis $ZTS [Long] - Stock swapped for 2029 calls • Sprouts Farmers $SFM [Long] - swapped 2028 calls • Palantir $PLTR [Short] - Rolled into Sept 2027 puts • CoreWeave $CRWV [Short] - Covered, no puts yet • $MU, $NBIS, $NVDA, $ORCL, $CAT, $SOXX [Short] - All covered, replaced with puts Summary: Burry's book almost entirely puts instead of shorts on the AI basket he's been bearish on. He's "moving timelines up" on when he expects the bubble to burst, and he's using tax-loss season to swap LULU→DECK and FNMA→FMCC while buying into names like Ero Copper, QXO, and BYD outside the AI trade