Michael Burry, the investor who profited from betting against the U.S. housing-market collapse before the 2008 global financial crisis and inspired The Big Short, has largely replaced short positions in major AI stocks with put options (contracts granting the right to sell at a set price). The move preserves his bearish view while increasing leverage, as put options require less capital than borrowing and selling shares. Burry said he is moving up his timeline for expected declines, citing unusually low VIX volatility that makes puts relatively inexpensive. His new positions are concentrated around June to September 2027, suggesting he expects the AI investment boom to reverse by next summer at the latest. The changes included Micron Technology, Nebius Group, the iShares Semiconductor ETF and Palantir. Burry said some adjustments reduced tax liabilities, but most reflected his belief that the AI bubble could burst earlier than expected. He also cited an Ares Management report warning that weak AI sales in a single quarter could prompt corporate boards to reassess investments. On September 23, he said rising Chinese memory-chip supply could resolve the shortage supporting technology stocks within two years.