The big short-selling AI still refuses to admit defeat after losing all its money, "I am still active in the market", preview 11/25 Doing great things

Burry responded for the first time after revoking the SEC registration of his fund, saying that he was still active in the market and said that he was free of compliance restrictions
(Previous summary: Raoul Pal warned: If the Fed does not print money QE, "liquidity will be short", or the financial crisis in the repo market will be repeated in 2018)
(Background supplement: The United States will release the September non-farm payrolls report next week, and the market is closely watching the Federal Reserve (Fed) Impact of interest rate cuts)

Hedge fund manager Michael Burry, who is famous for the prototype of "The Big Short", has repeatedly warned of AI bubbles and short selling in the past. As his fund continues to lose money, he has terminated the investment adviser (RIA) registration of his asset management company Scion Asset Management with the U.S. Securities and Exchange Commission (SEC) earlier this month. Burry later expressed to the community via email that he was still active in the market, clarifying the boundary between changes in regulatory status and continuation of investment activities, and reducing the misunderstanding of "complete exit" by the outside world.

According to public information, Scion terminated its registration effective on November 10, and Burry wrote "on to much better things Nov 25th" on the X post, leaving a hint that there may be new trends on November 25. The market interpretation is that he will shift his focus to other investment vehicles or projects, while getting rid of the reporting obligations and compliance costs brought by RIA status.

This round is essentially a friends and family fund...I am still running my own money and active in the market, this is not a closure, just no longer an RIA and no longer running a fund for outside investors

Michael Burry closing his fund DOES NOT mean he is done

He is planning something massive on Nov 25th
(17 days away)

We think he is going to announce subtle moves on how we can all get in on his ideas.

The Autopilot Burry tracker will now use this information moving forward. pic.twitter.com/UM4BquUgaH

— Michael Burry Stock Tracker ♟ (@burrytracker) November 13, 2025

Bloomberg is too arrogant about being famous

According to Bloomberg columnist Shuli Ren, he believes that Michael Burry has harmed himself because of his fame. This self-proclaimed value investor has an extremely pessimistic attitude towards the driving of artificial intelligence AI topics. On November 11 In March, he voluntarily returned Scion Asset Management's external funds. He also submitted a particularly conspicuous 13F report, which can be used as his final judgment before closing the fund: more than $1 billion in puts targeting Nvidia Corp. and Palantir Technologies Inc.

Burry disclosed in the document that he holds 1 million Nvidia put rights with a nominal value of approximately US$187 million; and also holds 5 million Palantir put rights with a nominal value of approximately US$912 million. Shuli Ren pointed out that this scale is far more than a simple hedging, and more like a desperate move. Burry believes that the outstanding performance of technology giants is not due to terminal demand, but to cloud service providers purchasing large quantities of chips in order to seize the market, resulting in "synthetic growth." According to Nasdaq, he questioned whether companies were underestimating hardware depreciation and using accounting techniques to cover up declining returns on capital.

He compared the current atmosphere to a replica of the dot-com bubble in 2000. Taking Palantir as an example, a price-to-earnings ratio of more than 700 times rests on the assumption of "perfect execution," and Burry determined that valuations will eventually return to gravity.

Reflections brought about by DeepSeek

Shuli Ren also reminded investors to review Burry’s recent setbacks in the Chinese market. In the first quarter of this year, Scion cut off all Alibaba positions, and then China's AI model DeepSeek technology broke through, triggering a critical point of view:

If he misses the turning point in China's AI, is there a blind spot in his judgment of the US AI bubble?

In 2025, when the Trump administration continues its easing policy and momentum trading is prevalent, short positions are often threatened by short squeezes. Shuli Ren analyzed that Burry’s return of funds can be seen as a defense against investor pressure: operating alone, no longer bearing redemption risks, and retaining the patience and flexibility required to gamble with the market. This echoes his experience in 2008 when he single-handedly held on to mortgage default exchange contracts.

Shuli Ren emphasized that the DeepSeek incident showed that the technological narrative can flip in an instant, and even experienced short sellers can lose points due to technological changes. After Burry closed the door of Scion, he was only responsible for his own funds. The outside world could not know the trends immediately from the quarterly statements, and the risks and opportunities were more concentrated.

Shuli Ren’s conclusion is clear: Burry’s bet is a reminder for investors to examine the capital efficiency and real needs of the AI industry; but in an era of rapid technological iteration, any single perspective may be inaccurate. The market will soon verify whether this short-selling legend once again reveals the king's new clothes, or whether he will be squeezed to the edge of the times by the new narrative.