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Hyunsoo Rim

Michael Burry de-registers his hedge fund, Scion Asset Management, as he warns of market bubbles and hints at "better things" ahead

"The Big Short" investor Michael Burry has de-registered his hedge fund, Scion Asset Management, according to SEC adviser records.

The agency's database lists Scion's registration status as "terminated" effective November 10, 2025. Investment advisers with more than $100 million in regulatory assets must stay registered with the SEC, and Scion reported $154.93 million as of March, per its latest filing.

A viral — though unverified — online post circulating today appears to show Burry's letter to investors dated October 27, in which he wrote: "My estimation of value in securities is not now, and has not been for some time, in sync with the markets."

Michael Burry is shutting down Scion Asset Management
byu/Independent-Cress382 inwallstreetbets

The investor, famed for predicting the 2008 housing crash and immortalized in “The Big Short”, recently drew attention for placing a large options bet against Nvidia and Palantir, and warning of market "bubbles" on X. The notional value of his positions in the filing was some ~$1.1 billion — $912 million for Palantir and $187 million for Nvidia — though Burry later clarified on X that his actual exposure on the Palantir leg was only around one-hundredth of that amount ($9.2 million). Each put option contract gives the ability to sell 100 shares, but the 13F filing requires the notional value of the underlying shares to disclosed.

Burry traded barbs with Palantir’s CEO, Alex Karp, over the bet's disclosure, with the Scion investor saying on X that it “Doesn’t surprise me one bit that Alex Karp and his “ontology” @PalantirTech cannot crack a simple 13F.” Earlier this week, he also criticized major tech firms for understating depreciation on their computing hardware, saying it "artificially boosts earnings."

While not addressing the shutdown directly, Burry teased in an X post yesterday that he'll be "on to much better things" on November 25.

Burry previously shut down his earlier hedge fund, Scion Capital, in 2008 before launching Scion Asset Management in 2013.

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BABA rises as the company prepares major update of its flagship AI app, aimed at taking on ChatGPT

Alibaba is up nearly 5% in Hong Kong on Thursday morning, paring losses earlier in the week, after Bloomberg reported that the e-commerce giant is set to overhaul its mobile AI app to become a fully functioning AI agent, in a model that more closely resembles OpenAI’s ChatGPT.

Per the report, Alibaba will first update and rename the existing “Tongyi” mobile app to “Qwen,” after the company’s better-known AI model, then gradually add agentic-AI features that could support shopping from its main Taobao business “in coming months.”

“The idea is to streamline the look and feel for consumers under the Qwen banner and make it the go-to app,” people familiar with the matter told Bloomberg. That would take advantage of its strong e-commerce business to draw new users into its AI app — in a bid to catch up with ByteDance’s Doubao and Tencent’s Yuanbao, which are more popular in China. The revamped Qwen app will remain free to users “for now.”

The latest news builds on Alibaba’s pledged $50 billion+ AI budget.

With access to AI hardware at the forefront of Sino-American tensions, Chinese tech firms have been investing heavily into all parts of the AI supply chain. Just this morning, Baidu and Tencent, are also in the green on a flurry of AI-related headlines, with the former unveiling two new AI semiconductors, and the latter posting strong AI-fueled earnings.

Alibaba Preps Big Revamp of Flagship AI App to Resemble ChatGPT

Alibaba Preps Big Revamp of Flagship AI App to Resemble ChatGPT

Per the report, Alibaba will first update and rename the existing “Tongyi” mobile app to “Qwen,” after the company’s better-known AI model, then gradually add agentic-AI features that could support shopping from its main Taobao business “in coming months.”

“The idea is to streamline the look and feel for consumers under the Qwen banner and make it the go-to app,” people familiar with the matter told Bloomberg. That would take advantage of its strong e-commerce business to draw new users into its AI app — in a bid to catch up with ByteDance’s Doubao and Tencent’s Yuanbao, which are more popular in China. The revamped Qwen app will remain free to users “for now.”

The latest news builds on Alibaba’s pledged $50 billion+ AI budget.

With access to AI hardware at the forefront of Sino-American tensions, Chinese tech firms have been investing heavily into all parts of the AI supply chain. Just this morning, Baidu and Tencent, are also in the green on a flurry of AI-related headlines, with the former unveiling two new AI semiconductors, and the latter posting strong AI-fueled earnings.

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