Michael Burry, founder of Scion Asset Management and famed for "The Big Short," reduced his risk exposure in September by closing out NVIDIA (NVDA) put options expiring in December 2026. He did not roll them into later contracts, directly reducing his most prominent AI short bet. Burry stated that this move was due to rapid time decay and NVIDIA's continued stock price increase, which is up 19% year-to-date.

Despite this, Burry still holds put options on Palantir (PLTR) and Invesco QQQ Trust (QQQ) expiring in 2027, and stated that this move should not be interpreted as an optimistic signal, as his AI short thesis remains intact.