Michael Burry Shorts Micron and Leading AI Chip Names

Overview

• Michael Burry began publishing a string of bearish disclosures at the end of June and on July 1 he revealed a short position in Micron entered near $1,052 per share.
• Micron reported a blowout quarter for the period ending May 2026 with $41.5 billion in revenue, an 84.6% gross margin, $28.2 billion in net income, and management projecting roughly $50 billion next-quarter revenue.
• Burry’s thesis focuses on extreme valuations and the memory market’s history of deep, recurring drawdowns rather than current operational failure, citing low median returns on invested capital and frequent 30%+ declines in Micron’s past.
• Precise sizes and option structures of Burry’s bets remain unclear because he is posting on Substack after Scion deregistered, but his disclosures have already produced short-term share pullbacks in some named stocks.
• The trade raises a wider risk question for investors because memory manufacturing is capital intensive and large public and private chip investment plans could create future excess capacity that would pressure prices and profits.