Scion Asset Management has disclosed that, as recently as September 30, it was betting big on the decline of AI-fuelled titans like Nvidia and Palantir. While we don’t often concern ourselves with stock market wrangling, this firm was founded and is still currently led by Michael J. Burry. The name may be familiar to moviegoers as the protagonist in The Big Short. In 2008, Burry famously predicted the seismic subprime mortgage crisis, cashing in on the ensuing financial crisis with a series of bold bets against the market.
Scion’s action, outlined today by Bloomberg, didn't come out of the blue. The founder’s personal Twitter/X account, Cassandra Unchained, forewarned that this financial strategy was unfolding last Friday – on Halloween.
