The decline in US technology stocks intensified. Well-known investor and prototype of the movie “The Big Short” Michael Burry revealed on Thursday (5th) that he had sold 25% of his put rights in VanEck Semiconductor ETF (SMH), but still planned to retain the remaining positions.
Bloomberg News reported that Berry posted on Substack that even though some puts were sold, the remaining SMH put positions still became quite large. The value of a put option typically increases when the underlying price falls.
Berry also said that in addition to the remaining SMH puts, he also intends to continue to short Caterpillar, Invesco QQQ Trust ETF, Palantir and.Oracle (Oracle) kept the position.
