X discussionNasdaq 100 ETF QQQ sits at the center of Michael Burry's consolidated short book after his Substack update. He concentrated almost all short exposure into Nasdaq 100 and semiconductor ETF SMH puts that expire in spring 2027 and sit roughly 20% out of the money. Traders care because the top call lands into CPI week while chips are already soft and famous bears keep pressing the AI unwind narrative.
BullQQQ's bullish structure is unbroken and fading Burry has paid for years. Key QQQ and mega-cap charts show no broken structure, while desks at Goldman and JPMorgan still lean into an AI earnings supercycle.
BearBurry is making a concentrated bet that Nasdaq and semis fall about 20% before mid-2027. He says a significant top sits within 0-9 months and frames SMH's 67% year-to-date run as the most stretched AI sleeve.
Posts
Bull evidence
@MMMTwealthStill long: QQQ charts show no broken bullish structure, and Burry/Dalio-style bears have missed the AI trade for years.
@CyclesFanQQQ closed back above the 20-day MA and is set up for a new all-time high next week.
@0racle0fBitcoinBurry has called the top repeatedly and a broken clock eventually looks right.
Bear evidence
@burrytrackerBurry says a significant top is 0-9 months out and most shorts are now QQQ and SMH puts, 20% OTM into spring 2027.
Context
@RevSharkRecaps Burry Substack: Nasdaq-100 and SMH puts ~20% OTM, April/June 2027 expiries, top window of 0-9 months.
@Yuanshan0626Burry is consolidating into NDX/SMH index shorts, not freshly piling on; SMH logic is hard but his timing record is weak.