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Michael Burry Shorts Micron at $1,051.87 Amid AI Bubble Concerns, Stock Falls 5.49%

GateNews
Stocks
According to Michael Burry, the investor behind "The Big Short," he established a short position in Micron Technology (MU) on Thursday, July 2, targeting the stock he initiated at $1,051.87. The move came as MU closed Thursday down 5.49% at $975.56. In his Substack post, Burry stated Micron displays extreme valuation levels with significant downside risk from technical, valuation, and cyclical perspectives. He noted that over the past 42 years, Micron has undergone 34 corrections exceeding 30%, and the stock currently trades above its 200-day moving average by a magnitude surpassing any level since 1984, even exceeding the dot-com bubble peak. Burry attributed the recent rally to "FOMO, greater fool theory, and public commitment bias" rather than fundamental analysis, and characterized Micron as a cyclical play where "we have no idea what's coming next but we know it's going to be ugly eventually."
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Lucas Bennett3h ago

Samsung and SK Hynix Stocks Rebound 8-11% Ahead of Q2 Earnings

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"Real-life 'Big Short' figure Burry shorts Micron Technology stock; Philadelphia Semiconductor Index falls 12% in two days."

Market Whisper07-03 05:22
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