Markets
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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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Tasha Matsumoto
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Stocks slide on inflation fears as oil climbs

Tech fell and oil rose, while investors grew concerned that oil supply disruption from the ongoing closure of the Strait of Hormuz could drive inflation.

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Paige Oamek

SpaceX reportedly plans to IPO in mid-June, chooses to list on Nasdaq

Elon Musk’s aerospace and satellite manufacturer, SpaceX, could price its initial public offering as soon as June 11 and make its public market debut on June 12, Reuters reported Friday. SpaceX is preparing for a monster IPO, reportedly aiming to raise $75 billion at a record $1.75 trillion valuation.

Sources familiar with the matter told Reuters that Musk’s company had chosen to list on the Nasdaq.

SpaceX is moving through its IPO timeline and is said to be ready to hit the road to secure commitments from investors around June 4, according to Reuters.

SpaceX did not immediately respond to requests for comment.

Go Deeper: What happens to Tesla stock when SpaceX goes public?

markets
Paige Oamek

Figma spikes after raising full-year sales outlook as the software company leverages AI for growth

Figma jumped postmarket Thursday after posting impressive sales in Q1, surpassing Wall Street expectations and raising its full-year guidance. The key numbers:

  • Q1 revenue of $333.4 million (compared to analyst estimates of $316 million).

  • Q2 sales guidance of $348 million to $350 million (estimate: $329.7 million).

  • Full-year revenue between $1.422 billion and $1.428 billion (up from previous guidance of $1.37 billion).

The digital design software firm is the latest company to diminish investor fears about AI-induced disruption by making the technology work for them. Like Atlassian or Datadog, Figma said it was able to use AI to its advantage, bringing more customers on board and getting them to spend more.

In the press release, Praveer Melwani, Figma CFO, said:

“As AI gets better, Figma is accelerating and customer usage and workflows on our platform are deepening. Our platform and AI products drove faster growth for both new customer acquisition and expansion within existing accounts.”

Revenue grew 46% year over year in Q1 2026, an acceleration from growth of 40% in Q4 2025.

markets
Luke Kawa

Infleqtion reports Q1 adjusted loss, offers modest boost to full-year sales guidance

Infleqtion is falling in postmarket trading after reporting a Q1 adjusted loss from operations of $13.2 million and sales of $9.5 million.

Management modestly upgraded its sales guidance to “at least” $40 million for 2026, adding that language to enhance the target provided in early April. Revenues of $40 million would mark an increase of roughly 23% compared to the $32.5 million generated in 2025, and an acceleration from growth of 12% last year.

The company utilizes neutral-atom technology to make quantum sensors used in clocks and antennas in addition to computers.

“Q1 reinforced our confidence that quantum is gaining momentum as the market shifts toward deployable systems, real applications, and measurable customer value,” said CEO Matt Kinsella. “Across computing, sensing, and software, we are seeing expanding customer activity especially in national security, space, and hybrid quantum-AI applications.”

Shares are roughly flat since February 13, which is just before the company went public via a SPAC, after being down 35% near the end of March, and then up nearly 30% in mid-April.

The quantum computing space benefited from the return of speculative appetite in April after the US and Iran agreed to a ceasefire. The cohort was later bolstered after Nvidia unveiled a suite of open models designed to leverage AI to improve calibration and error correction for quantum computers.

markets
Luke Kawa

Applied Materials rallies after better-than-expected Q2 results, strong sales guidance

Shares of Applied Materials are gaining in postmarket trading after the company reported robust Q2 results and a sales outlook that indicate building momentum.

  • Net sales: $7.9 billion (compared to analyst estimates of $7.7 billion and guidance for $7.65 billion, plus or minus $500 million).

  • Adjusted earnings per share: $2.86 (estimate: $2.68, guidance: $2.68, plus or minus $0.20).

For Q3, the company anticipates net sales of $8.95 billion (plus or minus $500 million; estimate: $8.15 billion) with adjusted EPS of $3.36 (plus or minus $0.20; estimate: $2.88).

“The growth in AI that Applied has been investing for is now in full force,” CFO Brice Hill said in the press release.

Management has consistently indicated that it expects demand to pick up in the second half of this year, but its first-half results have already blown away expectations by a wide margin. All this appetite for semiconductors to support AI compute is fantastic news for companies like Applied Materials that make the equipment to produce these specialized chips.

Shares of Applied Materials closed near a record high ahead of this report, up more than 70% year to date.

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