Burry’s Notional Put Positions on Nvidia and Palantir Draw Renewed Attention After Fund Closure

Investor Michael Burry disclosed put options with a notional value estimated at $1.1 billion against Nvidia and Palantir Technologies shortly before winding down his hedge fund, according to reporting by Currently.com. The disclosure has prompted renewed discussion about positioning among prominent investors in high-valuation technology names, including those with significant defence and government software exposure.

Put options give the holder the right to sell shares at a set price, and notional value reflects the underlying exposure rather than the much smaller premium actually paid. That distinction matters when interpreting large disclosed positions: the cash at risk in this case was far below the headline $1.1 billion figure, a nuance often lost in coverage of quarterly filings.

Palantir, a data-analytics software company whose platforms are used by government and intelligence customers in the United States and United Kingdom, has been among the most closely watched names in the defence-technology space. Its market capitalisation currently stands at roughly $439.7 billion, with shares trading at $170.50, down 0.07% from the previous close of $170.62. The stock sits in the Software – Infrastructure industry classification, but its government-facing contracts have made it a frequent proxy for sentiment on defence software more broadly.

Burry, best known for his role chronicled in the 2008 financial crisis period, closed his fund after the filings became public, which limits the ability to observe whether the positions were maintained, adjusted, or exited. Disclosures of this kind represent a snapshot in time, and options positions in particular can change quickly between reporting dates.

The episode highlights a broader dynamic for defence-adjacent technology stocks: elevated valuations have drawn both strong institutional interest and high-profile scepticism, with quarterly regulatory filings becoming a focal point for investors trying to gauge positioning. For Palantir specifically, the put disclosure arrived while the company’s valuation remained near record levels, making it a recurring reference point in debates about how the market prices government software businesses.

What to watch

• Palantir’s next quarterly earnings report and any updates to revenue guidance
• New regulatory filings that may reveal how large investors have adjusted options positions
• Contract announcements or government procurement decisions affecting defence software vendors

Source: original release