Scion Asset Management drastically reconfigured its $1.38 billion portfolio in Q3 2025, initiating seven new positions among its eight total holdings. The firm concentrated heavily, with Palantir Technologies alone comprising 66.0% of the entire portfolio. NVIDIA held 13.5%, Pfizer 11.1%, Halliburton 4.5%, and Molina Healthcare 1.7%, completing the five largest stakes.

Michael Burry placed a $912.1 million wager on Palantir Technologies in Q3 2025, constituting his largest new position by a wide margin. Burry often targets assets the market disregards; his conviction implies Palantir’s data analytics power remains severely undervalued by mainstream investors. He also bought $186.6 million of NVIDIA Corporation, a substantial investment for a contrarian known for avoiding popular, high-momentum names. This suggests Burry sees an overlooked discount in the AI chip leader’s future growth trajectory. Pfizer Inc. captured $152.9 million of Burry’s capital, signaling a belief that the market discounts the pharmaceutical giant’s pipeline or post-pandemic earnings power excessively.

Burry’s Q3 purchases, from software to semiconductors to pharmaceuticals, share a distinct contrarian flavor. Each position reflects a bet against popular market sentiment or perceived wisdom. Palantir’s immense valuation and business model frequently attract skepticism, but Burry identifies deep unappreciated value. NVIDIA, despite its AI leadership, presents a market that perpetually questions its premium; Burry buys when he discerns mispricing. Even stalwarts like Pfizer, Halliburton ($61.5 million), Molina Healthcare ($23.9 million), and SLM Corp ($13.3 million) typically face market segments with complex narratives or cyclical challenges. These holdings collectively affirm Burry’s strategy: locate assets suffering from market neglect or excessive pessimism, then make a high-conviction wager on their true value.

Scion Asset Management significantly exited its Lululemon Athletica Inc. position in Q3 2025. Michael Burry’s firm slashed its holdings by 78%. He maintains an extremely concentrated portfolio, a strategy requiring severely mispriced assets the market ignores or despises. A reduction of this magnitude suggests LULU no longer qualifies as deeply undervalued by his contrarian standards. Burry famously bet against US subprime mortgages from 2005–2008, identifying a monumental market mispricing others missed. His willingness to quickly reduce such a large stake shows his ongoing discipline in pursuing only his highest conviction plays.