Michael Burry (Trades, Portfolio) has reportedly opened a short position in Micron Technology NASDAQ:MU as the chip stock's powerful rally continues to draw investor attention. In a Substack post, The Big Short investor said he shorted Micron at $1,051.87 per share, arguing that the recent surge could be driven by fear of missing out, greater fool theory, [and] public commitment bias.
Burry pointed to Micron's long cyclical history, saying the company defines cyclical like no other. He noted that Micron has seen 34 drawdowns of more than 30% over the last 42 years, while its shares are now more extended above their 200-day moving average than at any point since 1984, including the dot-com peak.
Micron shares have risen more than 240% since the start of 2026, though the stock has slipped around 10% over the past month. Burry said Micron's puts looked expensive and that he could look to add puts if the stock settles down and volatility eases, while also adding to existing long positions in PayPal NASDAQ:PYPL, Sprouts Farmers Market NASDAQ:SFM, Zoetis NYSE:ZTS, Fannie Mae (FNMA), and Freddie Mac (FMCC), after earlier disclosing short positions in Nvidia NASDAQ:NVDA, Applied Materials NASDAQ:AMAT, and the iShares Semiconductor ETF NASDAQ:SOXX.