Michael Burry is once again betting against the market. For Nvidia, he bought puts covering about 1 million shares worth approximately $187 million. For Palantir the exposure is puts on roughly 5 million shares valued at about $912 million
Palantir, which has gained over 170% this year, but is currently down 8.8% on Tuesday after its latest quarterly results (which were good) were eclipsed by Burry and a general risk-off shift in the market. Palantir CEO, Alex Karp has called Burry out for market manipulation even though most analysts might call Palantir “overvalued”.
In crypto markets, Bitcoin has been hovering near the key $100,000 level, a price it hasn’t dropped below since June 23. If it breaks lower, traders could be watching $98,240 and then $96,975 as the next major support levels.
Ether tumbled as much as 9% on Monday, breaking below the $3,600 support after hackers stole more than $100 million from a major DeFi protocol. The decline leaves Ethereum about 25% below its August peak of $4,885.
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Trading involves risk and may not be suitable for all investors. The information provided in this article is for educational purposes only and does not constitute financial advice. Always conduct thorough research and seek professional advice before making any investment decisions.
