"Big Short" investor Michael Burry bought NVIDIA call options with December expiry and strike prices in the mid-to-high $200s ahead of NVIDIA's earnings report, while simultaneously increasing his short position in the stock. He stated that these call options were intended as a hedge, not a bullish trade. Burry wrote on Substack that his core concern was NVIDIA's return on capital rather than growth itself, believing the company "does not distribute enough capital to shareholders" and warning that its investment "into and through the top of the bubble" could ultimately lead to "stunning earnings declines." Additionally, Burry increased his short positions in Oracle, Palantir, and Nebius, and took long positions in Birkenstock and Freddie Mac.