Michael Burry sells 25% of his semiconductor ETF puts but stays bearish on chips

Michael Burry has trimmed his bet against the chip sector. The investor said on November 5, 2026 that he sold 25% of his put options on the VanEck Semiconductor ETF, known by its ticker SMH.

He added that what remains is still “very large.”

According to the research findings, he still holds puts on several notable names and indexes:

• Palantir (PLTR), the data analytics company closely tied to the AI narrative
• Oracle (ORCL), the enterprise software and cloud provider
• Caterpillar (CAT), the heavy equipment maker
• The Nasdaq-100 (QQQ), the tech-heavy index tracked by the popular QQQ fund

He also made a bullish move in the same breath. Burry said he increased his long position in MercadoLibre (MELI), buying shares below $1,500 after the company reported earnings.

How the bearish bet took shape in 2026

This trim follows a consolidation Burry carried out in October 2026. At that point, he moved most of his bearish exposure into puts on SMH and the Nasdaq-100 index (NDX), with expirations in 2027.

Around that time, Burry also said he anticipates a potential significant market top within nine months.

Earlier in 2026, Burry converted short positions in individual stocks, including Micron, into put options. The research indicates he favored this approach as a way to gain leverage during periods of low volatility.