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

The investor trimmed his SMH bet against chipmakers while keeping puts on Palantir, Oracle, Caterpillar and the Nasdaq-100 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 ...