Michael Burry always gets attention with his stock picks and market calls. He became famous for betting against subprime mortgages before the 2008 crisis, and his fund Scion Capital reportedly returned over 480% from November 2000 to June 2008.
Burry closed his later fund, Scion Asset Management, in November 2025. He now shares his trades on a paid Substack called Cassandra Unchained. There are no official returns or 13F filings to check, so his calls can only be judged from his public posts and the bets reporters have tracked.
Burry is not the only big investor worried about AI. Billionaire Ray Dalio warns that AI has become a crowded trade, while Philippe Laffont of Coatue calls it a supercycle. See which AI stocks they own.
The crash calls that did not come
Burry has warned about a crash at least six times since 2021. In June 2021, he said the stock market was in the biggest speculative bubble ever and warned of “the mother of all crashes,” Fortune reported. Fortune noted in July 2022 that his steady stream of doom predictions led some people to say he was crying wolf. Stocks did fall in 2022, and the S&P 500 had its worst first half since 1970. In May 2022, he said the index could sink as far as 1,862, Fortune reported, and it never came close.
In January 2023, he posted one word, “Sell,” and in March he said he was “wrong to say sell,” Business Insider reported. In August 2023, his fund’s filings showed bearish positions against the S&P 500 and Nasdaq 100. The S&P 500 was already up nearly 16% for the year, CNN said.
The calls keep coming. In April, he bought puts on the semiconductor ETF SOXX after chip stocks jumped 47% in 18 days, Bloomberg reported. In August, he wrote that it is “possible we are near a major top, and possible a 1987-type fall,” CNBC reported. Burry also shorted Micron and called it “cyclical like no other,” and Claude AI said his warning “deserves respect.” Read the full analysis here.
Burry’s AI shorts include Nebius, where he questions the cloud company’s contract pricing and its longer server depreciation schedule. ChatGPT holds the stock and sees it differently. See why ChatGPT disagrees.
Methodology
We scanned credible media reports that covered Michael Burry’s stock picks. Burry closed his fund, Scion Asset Management, in November 2025, so there are no 13F filings to check. He now shares his trades on his paid Substack, Cassandra Unchained. We built this list from his Substack posts and from reports by established news outlets that tracked his bets. We included only stocks that these reports tied to Burry’s own comments or trades.
The reports describe his views and trades. They do not show his full portfolio or any official returns, so the list may miss positions he holds.
#10 PayPal Holdings, Inc. (NASDAQ: PYPL)
PayPal has been among the financial technology companies Michael Burry has reportedly favored after substantial declines in their stock prices. His interest in the payments company emerged earlier in 2026 as he looked for opportunities among businesses that investors had sold heavily amid concerns about technological disruption and future growth.
According to an April report in the media, Burry disclosed an investment in PayPal alongside other beaten-down software and financial technology names. The investment was consistent with his preference for businesses trading at valuations he considers attractive relative to their ability to generate cash.
PayPal latest quarterly results showed signs of a turnaround that started under the new CEO earlier this year. Bulls think the turnaround has more room to run because the company is putting its effort into the parts of the business that make the most money.
Venmo is the best example. Venmo’s total payment volume grew 14% year over year and now makes up 20% of PayPal’s total payment volume. Millions of people already use Venmo to send money every day, so PayPal can keep adding new ways to earn from them. Every point of share Venmo gains moves the business toward higher-margin revenue.
Management is also scaling back lower-margin products like Braintree. This should lift operating margins over time, because PayPal will spend less effort on volume that earns little profit.
PayPal also generates a lot of cash. Its free cash flow margin was 24% last quarter, and the company is on track to meet its full-year buyback target. Fewer shares outstanding means each remaining share earns a bigger slice of profit.
The stock trades at about 9.7 times earnings, which is a low price for a company with this much cash flow. If Venmo keeps growing and margins improve, bulls believe investors will pay a higher multiple for PayPal.
Meridian Hedged Equity Fund kept its PayPal position in its first-quarter 2026 investor letter, after the stock lost about 40% over the prior year. See what the fund said.
#9 Veeva Systems Inc. (NYSE: VEEV)
Veeva Systems, a provider of cloud software for pharmaceutical and life sciences companies, is another business Burry has reportedly favored despite concerns about artificial intelligence disrupting the software industry.
According to a September report, Burry reiterated his bullish stance on Veeva even after reducing his investment following a substantial rally in its shares. He reportedly indicated that another pullback could provide an opportunity to increase his exposure.
His investment thesis reflects a belief that some software companies have suffered excessive valuation declines despite maintaining attractive businesses. Veeva’s specialized focus on life sciences makes it different from more general enterprise software providers, although its valuation remains vulnerable to changes in growth expectations and competition.
Veeva Systems trades at a forward P/E of about 34. That is 70% above the median P/E of its sector, which sits near 20, and about 12% below Veeva’s own five-year average forward P/E of about 38. Analyst consensus has earnings per share growing 14% in fiscal 2027 and 11% in fiscal 2028.
Vulcan Value Partners included Veeva in its All-Cap strategy in the second quarter of 2026 and calls it mission-critical software. Check the full letter here.
#8 Molina Healthcare, Inc. (NYSE: MOH)
Molina Healthcare is one of Burry’s more substantial reported investments outside the technology sector. The company provides health insurance through government-sponsored programs, including Medicaid and Medicare.
In August, Burry disclosed that he had purchased additional Molina shares at approximately $198, restoring his investment to a full-sized position. He expressed confidence in the company’s long-term prospects despite challenges facing the health insurance industry.
His investment case reflects an expectation that Molina’s underlying business can recover from its difficulties and that future policy developments could improve the operating environment. However, the company remains exposed to medical cost inflation and changes in government reimbursement policies.
Healthcare is also on the radar of other well-known investors. Abbott Laboratories is one of the top 10 picks in President Trump’s latest stock portfolio, according to his disclosures. See why Abbott made the list.
#7 QXO, Inc. (NYSE: QXO)
QXO is a building-products distribution business led by Brad Jacobs, whose investment strategy centers on expanding companies through acquisitions.
Burry reportedly established a position in QXO in September and subsequently added to his investment. Financial media coverage indicated that his exposure included both common and preferred shares.
The attraction is the possibility that Jacobs can build a substantially larger distribution business by acquiring competitors and improving operations. Such a strategy could increase the company’s scale and generate long-term value, although successful acquisitions are not guaranteed.
#6 Sprouts Farmers Market, Inc. (NASDAQ: SFM)
Sprouts Farmers Market is among the consumer companies Burry has targeted following a substantial decline in its shares. The grocery retailer specializes in fresh produce, natural foods and health-oriented products.
Burry reportedly added to Sprouts in September as he searched for value outside the crowded artificial intelligence trade. However, his October 5 trading update revealed an important change in how he managed the investment.
According to media reports earlier this month, Burry replaced his ordinary Sprouts shares with long-dated call options expiring in 2028. The adjustment came as he prepared for tax-loss selling pressure on stocks that had already suffered large declines.
The options maintain exposure to a potential recovery in Sprouts shares while limiting the initial amount of capital committed. However, they introduce expiration risk, meaning Burry could lose the entire amount paid for the options if the expected recovery does not materialize in time.
Another big retailer drew attention from fund managers this year. Brown Advisory’s Large-Cap Growth Strategy named Costco a top contributor in the first quarter of 2026, citing share gains and industry-leading traffic growth. Read the full letter here.
#5 Zoetis Inc. (NYSE: ZTS)
Zoetis, a major provider of animal healthcare products, is another beaten-down company Burry has reportedly favored.
The stock drew his attention after a substantial decline, as investors reassessed the outlook for animal health products and the company’s growth prospects. Burry has described opportunities in companies that lack the excitement of artificial intelligence investments but may offer attractive valuations.
In early October, Burry reportedly changed his Zoetis position by replacing ordinary shares with call options expiring in 2029. Media reports said this was part of a broader strategy involving investments that might face additional selling pressure during the fourth-quarter tax-loss-harvesting season.
Zoetis is down about 44% over the past year because its pet medicine sales are falling. Pet owners are visiting veterinary clinics less often and watching prices more closely, and rivals are selling cheaper skin and parasite medicines. U.S. pet sales fell 11% in the first quarter, and the stock dropped 21% in one day in May when the company missed estimates and cut its 2026 forecast. In August, it cut the forecast again, and it now expects organic revenue to fall 1% to 3% this year.
Bulls say Zoetis stock has fallen too far. It trades at about 12.6 times forward earnings, less than half its five-year average of about 27. Pet ownership and spending on animal health have grown for years, and livestock sales rose 11% in the second quarter. Zoetis is also launching new treatments, including arthritis drugs and a longer-lasting version of its skin treatment Cytopoint, which bulls expect to bring growth back to pet medicine. Its gross margin is still about 73%, so each new sale adds a lot of profit.
Other investors are also looking at healthcare to diversify away from AI stocks. Jim Cramer and billionaire Ken Fisher both like AbbVie. Read the full analysis here.
#4 Fiserv, Inc. (NASDAQ: FISV)
Fiserv is a financial technology company providing payment processing and related services to banks, merchants and financial institutions.
Burry reportedly continued to favor Fiserv in October even as the company’s shares experienced substantial volatility. According to recent media reports, he maintained the investment and saw potential for annualized returns in the low teens over time.
His bullish argument centers on valuation. Fiserv is an established payments business, but investor concerns about growth, competition and technology-related risks have pressured its stock price. Burry reportedly believes the valuation offers an opportunity for attractive future returns.
Unlike some of his other October changes, the Fiserv update described a continuing long-term investment rather than a conversion into call options. However, his reported return expectation is a forecast, not a guaranteed outcome.
Fiserv stock fell in August after the company reported second-quarter results. Revenue dropped 4%, adjusted operating margin fell to 31.8% from 39.6%, and the company cut its 2026 earnings guidance. Bulls say most of the drop came from one-time, high-margin fees in its bank software business, such as payments from clients that ended their contracts early.
Fiserv trades at a forward P/E of about 6.6. The median P/E of its sector is about 11, and Fiserv’s own five-year average forward P/E is about 15. Analyst consensus has earnings per share falling 16% in 2026 and growing 10% in 2027. If earnings grow 10% a year after 2026, the P/E falls to about 6 in one year and about 5.4 in two years. The stock costs much less than its sector and much less than it has in the past.
Payments stocks are getting attention from other big investors too. Visa hit an all-time high in mid-October after eight straight winning sessions, and it is a common pick of billionaire Bill Ackman, President Trump, and Claude’s AI portfolio. Click to read the full story.
#3 JD.com, Inc. (NASDAQ: JD)
Chinese e-commerce company JD.com has featured in Burry’s recent trading activity as he looks for investment opportunities outside US technology stocks.
Earlier in 2026, Burry reportedly shifted some of his Chinese e-commerce exposure away from Alibaba toward JD.com. His investment case focused on JD.com’s valuation and cash-generation prospects, particularly in comparison with Alibaba’s spending plans and financing decisions.
The bullish stance received a more recent update in October. According to an October 5 Stocktwits report, Burry added long-dated JD.com call options expiring in 2029.
The options position indicates that he was willing to maintain exposure to a potential increase in JD.com’s share price over several years. However, Chinese e-commerce investments remain exposed to competition, consumer spending conditions and regulatory risks.
JD.com second-quarter revenue fell 2.9% from a year earlier. Management said the decline came from a high comparison base, because revenue grew 22.4% in the second quarter of 2025 when government subsidies pushed people to buy appliances and other goods. Revenue for the first half of 2026 rose just 0.7%, so growth has already stalled.
JD.com’s biggest product category is electronics and home appliances, such as phones, laptops, refrigerators, and TVs. These are expensive items that shoppers buy less often, so a slowdown in this one category can pull down total sales.
Profit is the bigger problem. JD.com buys products from brands and sells them itself, so it books the full price of every sale as revenue. That leaves it with very little profit. Its operating margin was 0.2% in 2025, down from 3.3% in 2024. In the first half of 2026 it was 1.3%, below 1.5% a year earlier. The company is spending heavily on new businesses like food delivery and Jingxi, and those costs hold margins down.
E-commerce stocks are drawing attention beyond Burry’s picks. We ranked the 10 best e-commerce stocks to buy as global online sales hit records. See the full list here.
#2 Deckers Outdoor Corporation (NYSE: DECK)
Deckers Outdoor, the company behind HOKA and UGG footwear, became part of Burry’s investment strategy in early October.
According to several media reports, Burry sold his Lululemon position and bought Deckers as part of a tax-loss-harvesting transaction. The move allowed him to realize losses on Lululemon while maintaining exposure to another footwear and apparel business.
Burry had warned that investors might intensify selling of stocks already suffering substantial losses toward the end of the year. By replacing Lululemon with Deckers, he could continue participating in a potential recovery in consumer-related stocks without immediately repurchasing the same shares.
However, the purchase should not necessarily be interpreted as a permanent preference for Deckers over Lululemon. Reports indicated that Burry planned to reconsider Lululemon after the applicable wash-sale period.
Deckers Outdoor sales are slowing, and the U.S. market is the main reason. Direct-to-consumer comparable sales fell 6.4% in the fiscal second quarter, after rising 6.8% in the first quarter. Management said promotions increased through the quarter and shoppers now wait for discounts. Deckers sells at full price, so it loses sales when rivals cut prices. Nike and On also reported weak sales.
#1 MercadoLibre, Inc. (NASDAQ: MELI)
MercadoLibre is one of the clearest examples of Burry reaffirming an existing bullish investment view in October.
The Latin American e-commerce and financial technology company’s shares declined sharply on October 26 as Brazilian markets reacted to the country’s presidential election. The stock fell nearly 8%, but Burry reportedly regarded the selloff as an investment opportunity rather than a reason to abandon his earlier thesis.
According to an October 27 Stocktwits report citing comments on his Substack, Burry suggested the decline created an opportunity because he did not see a corresponding deterioration in MercadoLibre’s fundamentals.
His interest in MercadoLibre was already established. In September, media reports described him as adding to the company as part of his search for undervalued businesses outside the AI trade.
The October comments matter because they provide a fresh indication that Burry remained positive on the company even after another significant price decline. However, the report did not confirm that he purchased additional shares on October 26.
MercadoLibre’s businesses span online retail, payments and other financial services across Latin America. Its growth opportunities remain substantial, but currency volatility, competition and economic conditions across the region present risks.
City Different Investments highlighted MercadoLibre in its second-quarter 2026 investor letter and wrote about what it calls the MercadoLibre paradox. Read the full letter here.
While we acknowledge the risk and potential of MELI as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than MELI and that has 10,000% upside potential, check out our report about this cheapest AI stock.
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