Nebius Group (NBIS) Price on Solana

Michael Burry has covered his short position in Nebius Group common stock and replaced it with put options expiring in June 2027, according to his Monday investment newsletter as reported by CNBC and Stocktwits. The switch covers several of his AI-related bets: he made the same move on Micron, the iShares Semiconductor ETF (SOXX) and Palantir. The Micron puts also expire in June, while the Palantir and SOXX puts run to September 2027. Stocktwits said the Nebius puts carry double-digit strike prices.

Burry said the change reflects a shorter timeline for his bearish view. "Fundamentally, I am moving timelines up. As such, I want more leverage in my short positions," he wrote. He added that "the bubble in AI may burst sooner than later," and CNBC reported that he cited an Ares Management report on the AI boom's reliance on sustained AI capital spending. Some of the changes were also made to reduce his tax bill. Burry has previously called Nebius an example of "what the top of a boom looks like." The update comes days after he reported adding to his Nebius short. Stocktwits put Nebius shares up about 175% so far this year.

Nebius Group shares rose more than 6% in midday trading on September 24 after Bank of America raised its revenue estimates for the AI infrastructure company for 2026, 2027 and 2028, according to CNBC's roundup of the day's biggest movers.

The upgrade to the bank's forecasts came during a volatile session for AI data center names. Oracle fell about 4% after it sent a force majeure notice on a New Mexico data center project, and Bloom Energy dropped almost 6% on concerns about its exposure to that project. The move also came a day after reports that Michael Burry had added to his short position in Nebius.

"Big Short" investor Michael Burry has added to his short positions against AI-linked stocks, and Nebius Group is one of them, CNBC reported on September 23. The AI cloud platform is on the list alongside memory maker Micron Technology, the iShares Semiconductor ETF (SOXX) and Palantir. Burry made the additions as the Nasdaq-100 hit an all-time high this week.

Burry's argument centres on memory chips. He says the shortage that has pushed prices up during the AI build-out is temporary, and that "over the next two years this shortage will blow off as production catches up, and memory will have a down cycle again." To back this up, he cited Acer's CEO, who told Taiwanese media that Chinese production capacity has been rising steadily without shortages. Burry expects the semiconductor sector to go back to its old boom-and-bust cycles. His positions against AI infrastructure names, Nebius among them, are how he is betting on that.