Michael Burry looks to be in the chips after a timely bet against semiconductor stocks.
The investor of “The Big Short” fame said in a June 30 post on Substack that he’d shorted the iShares Semiconductor ETF (SOXX) at about $643, and refreshed his bearish put options on it too.
The exchange-traded fund — which tracks the NYSE Semiconductor Index, a basket of chip stocks including Nvidia, AMD, Micron, and Intel — fell 21% over the next month to close at $505 on July 31. It rose 0.6% on Monday.
Larry McDonald, the author of “The Bear Traps Report” newsletter and the former head of US macro strategy at Société Générale, praised Burry’s wager in a…
