Burry Buys NVDA Calls Amid Rising Short Exposure

Famed investor Michael Burry has made a series of moves in his portfolio, including buying call options on Nvidia (NASDAQ: NVDA) ahead of the company's earnings. According to a Substack post from Burry, this is a 'hedge' against his existing short exposure.

The calls have strikes set in the mid-to-high $200s and premiums paid in single digits, with Burry noting that the cost is 'entirely offset' by his short position. He emphasized that he's not playing for gains here, but rather using this strategy as a hedge against potential losses.

Burry's total short stock position has now climbed to over 21% of his portfolio, excluding puts, following additional bets against Oracle (NYSE: ORCL), Palantir (NASDAQ: PLTR), Nebius (NASDAQ: NBIS), and Caterpillar (NYSE: CAT). He also disclosed that he added to his holding in Birkenstock (NYSE: BIRK) in the mid-$30s and increased his stake in Freddie Mac (OTC: FMCC).