# Michael Burry Broadens Bearish Bet With Long-Dated Puts On Semiconductor ETF And Nasdaq-100

- URL: https://stocks.freetheai.org/news/michael-burry-broadens-bearish-bet-with-long-dated-puts-on-semiconductor-etf-and-0ac405
- Published: 2026-10-12T16:17:34Z
- Category: markets; sentiment: bearish; impact: medium
- Symbols: [NASDAQ:SMH](https://stocks.freetheai.org/symbols/NASDAQ-SMH), [NASDAQ:NVDA](https://stocks.freetheai.org/symbols/NASDAQ-NVDA), [NYSE:TSM](https://stocks.freetheai.org/symbols/NYSE-TSM), [NASDAQ:AMD](https://stocks.freetheai.org/symbols/NASDAQ-AMD), [NASDAQ:AVGO](https://stocks.freetheai.org/symbols/NASDAQ-AVGO), [NASDAQ:MU](https://stocks.freetheai.org/symbols/NASDAQ-MU)
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Hedge fund manager Michael Burry revealed that almost all of his short exposure is concentrated in long-dated put options on the Nasdaq-100 Index and the VanEck Semiconductor ETF (NASDAQ:SMH). The Nasdaq-100 put options expire in April 2027, while the VanEck Semiconductor ETF (NASDAQ:SMH) contracts expire in June 2027. Both positions are approximately 20% out of the money. Burry indicated that he expects a major market top within zero to nine months, warning that volatility could increase as major stock indexes touch new highs.

The trade puts major tech and chip holdings directly in focus. Nvidia Corp (NASDAQ:NVDA) makes up 19.6% of the VanEck Semiconductor ETF (NASDAQ:SMH), while Taiwan Semiconductor Manufacturing Co., Ltd. (NYSE:TSM) represents 9.3% and Advanced Micro Devices, Inc. (NASDAQ:AMD) accounts for 5.6%. Together, these three stocks comprise 34.5% of the fund. Broadcom Inc. (NASDAQ:AVGO) and Micron Technology, Inc. (NASDAQ:MU) each hold roughly 5% weights. In trading today, the VanEck Semiconductor ETF (NASDAQ:SMH) declined 1.80% as major holdings pulled back.

Going forward, investors will be monitoring big-tech capital expenditures and corporate growth forecasts to gauge whether demand for artificial intelligence hardware remains steady. Any slowdown in spending could add pressure to semiconductor stocks, whereas continued strong investment could challenge bearish trades.

## Key points

- Michael Burry holds put options on the Nasdaq-100 Index and VanEck Semiconductor ETF expiring in 2027.
- Both option positions are currently about 20% out of the money.
- Burry believes the stock market is within zero to nine months of a major top.
- Nvidia, Taiwan Semiconductor, and AMD make up 34.5% of the VanEck Semiconductor ETF portfolio.
- The VanEck Semiconductor ETF fell 1.80% today alongside broader semiconductor losses.

## Questions and answers

### What put options did Michael Burry buy?

Michael Burry purchased put options on the Nasdaq-100 Index expiring in April 2027 and on the VanEck Semiconductor ETF expiring in June 2027, both roughly 20% out of the money.

### Which stocks are the largest holdings in the VanEck Semiconductor ETF?

Nvidia Corp represents 19.6% of the ETF, followed by Taiwan Semiconductor Manufacturing at 9.3% and Advanced Micro Devices at 5.6%. Together, they make up 34.5% of the fund.

### Why is Michael Burry shorting semiconductor stocks?

Burry believes the broad stock market is within zero to nine months of a major top and expects increased volatility as stock indexes reach new record highs.