Michael Burry reduced portfolio risk by selling his December 2026 put options on Nvidia and Palantir while retaining 2027 puts on Palantir and the Invesco QQQ Trust. He also outlined a bullish thesis for bonded European fine wine as a potential hedge against dollar debasement, artificial-intelligence and quantum-computing risks. Burry cited a 25%-30% decline in fine-wine indices from their 2022 peak and tracks the market through the Liv-ex Fine Wine 100 and Liv-ex Bordeaux 500 indices. His broader portfolio remains heavily short technology and AI-linked companies, with Oracle as his largest short, while his long book is led by Lululemon Athletica, Molina Healthcare and MercadoLibre. Oracle’s strong quarterly results, including $19.35 billion in revenue and more than $30 billion in additional AI cloud contracts, underscore the tension in his positioning.