Michael Burry, the "Big Short" investor, disclosed in a Substack post on July 25 local time that he increased short positions in Micron Technology, NVIDIA, and the Philadelphia Semiconductor ETF, initiated a new short position in Caterpillar, and maintained short positions in Tesla and Palantir while holding Nasdaq-100 put options. He stated that NVIDIA’s current and future substantial demand is not driven by end customers but fueled by off-balance-sheet financing arrangements, citing the Bank for International Settlements’ 2026 Annual Report. Burry further shorted Micron Technology at $933.86 per share, added to his NVIDIA short position at $210.28, and increased short exposure to SOXX at $535.83. He previously said Samsung Electronics and SK hynix’s semiconductor capital expenditure plan for South Korea marks "the beginning of the downturn" in the semiconductor industry cycle, forecasting an approximate 30% correction in the sector and arguing that AI infrastructure-related company valuations are severely inflated.