Burry Shifts AI Shorts to 2027 Puts as Anthropic IPO Filing Shows $42B Loss

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4▲0 ▼8Impact / 5
Summary · why it matters

Michael Burry has intensified his bearish positioning on AI, converting several stock shorts into long-dated put options as Anthropic prepares for an IPO that could value the company at more than $2T. Anthropic's confidential IPO prospectus reportedly showed revenue jumping to nearly $4.6B in 2025, roughly twelve times the prior year, alongside a net loss of about $42B and an operating loss exceeding $8B. Burry said he covered common-stock shorts in Micron Technology, Nebius Group, Caterpillar, the iShares Semiconductor ETF, CoreWeave, Nvidia, and Palantir Technologies, replacing most of them with puts extending into 2027, and swapped his Oracle short for December 2027 puts while opening a new short in MetLife using longer-dated puts. He attributed part of the repositioning to tax-loss harvesting but said the majority stemmed from weekend research that convinced him the AI bubble could burst sooner than later, prompting him to move his timelines up and seek more leverage. About $34B of Anthropic's net loss came from an accounting charge tied to the valuation of financing instruments that could eventually convert into shares rather than cash operating expenses, while the company spent $7.33B on compute and infrastructure in 2025 and disclosed $518B in future infrastructure commitments.

Impact on assets 8

Artificial Intelligence▼ · 3 stocks
NVIDIA Corporation
NVDA
▼ NegativeCapitalrelevance

Burry converted his Nvidia short into long-dated 2027 puts, intensifying his bearish AI-bubble bet against the stock.

Nebius Group N.V.
NBIS
▼ NegativeCapitalrelevance

Burry covered his Nebius Group short but replaced it with puts extending into 2027, keeping a bearish bet.

Aging Population▼ · 1 stocks
MetLife Inc
MET
▼ NegativeCapitalrelevance

Burry opened a new short in MetLife using longer-dated puts.

Cloud & Digital Infrastructure▼ · 1 stocks
Oracle Corporation
ORCL
▼ NegativeCapitalrelevance

Burry swapped his Oracle short for December 2027 puts as part of his escalated AI-bubble positioning.

Defense & Geopolitical Fragmentation▼ · 1 stocks
Palantir Technologies Inc.
PLTR
▼ NegativeCapitalrelevance

Burry replaced his Palantir common-stock short with longer-dated puts, maintaining a bearish bet on the AI-linked name.

Energy Transition & Power Demand▼ · 1 stocks
Caterpillar Inc
CAT
▼ NegativeCapitalrelevance

Burry covered his Caterpillar short but replaced it with long-dated puts, maintaining a bearish bet against the stock.

Semiconductors▼ · 1 stocks
Micron Technology Inc
MU
▼ NegativeCapitalrelevance

Burry covered his Micron common-stock short but replaced most of it with long-dated puts, retaining a bearish stance.

Off-coverage companies 1

AnthropicPrivate± Mixed
Capitalrelevance

Anthropic's confidential IPO filing reportedly shows revenue near $4.6B but a $42B net loss and $518B in future infrastructure commitments.

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