Michael Burry says he sold 25% of SMH puts

What happened

Michael Burry disclosed in a Substack post that he sold 25% of his put options on the VanEck Semiconductor ETF, taking partial profits during a sharp downturn in U.S. technology stocks. He said his remaining puts had become very large positions and indicated he plans to keep puts on other stocks and indexes.

Confirmed

Global impact / market context

Selling part of the puts reduces Burry’s bearish exposure to semiconductor shares, while retaining the rest keeps some protection or potential gains if prices fall further. His remaining positions could still influence perceptions of downside risk, but the disclosure does not establish what other investors will do.

Analyst inference

The article describes a sharp downturn in U.S. technology stocks and says Burry had concentrated much of his bearish trade in semiconductor and Nasdaq-100 puts. Puts are contracts that can gain value when prices fall, so his partial sale followed a move that had already benefited the position.

Confirmed

What to watch

1. Whether Burry later reports selling or retaining more SMH puts; the article says his remaining positions are very large, but gives no size or planned sale date. Analyst inference
2. Whether technology and semiconductor shares continue falling or recover, since further price moves could change the value of the puts Burry kept and the gains he has secured. Analyst inference
3. Any subsequent disclosure on his other stated put positions, including the Nasdaq-100 ETF and named companies; the article does not give their sizes or expiration details. Analyst inference

Evidence

• seekingalpha.com