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"Big Short" Michael Burry shorts Caterpillar for the first time, while also shorting stocks including Nvidia, Applied Materials, and Tesla.

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Mars Finance News, July 1 – Michael Burry, the investor known for successfully shorting the U.S. housing market and the real-life inspiration for "The Big Short," said he has shorted Caterpillar, believing the construction equipment manufacturer has become one of the overvalued beneficiaries of the AI investment boom. Burry stated that he shorted Caterpillar stock at $1,060.98, while also shorting NVIDIA, Applied Materials, Tesla, and the iShares Semiconductor ETF (SOXX), in preparation for what he sees as an increasingly overextended rally in AI-related stocks. In a Substack article, Burry wrote, "Caterpillar caught my attention. I have never shorted Caterpillar before. In the past, it has always given me great returns on the long side." Caterpillar's stock rose 86% in the first half of 2026, making it one of the best-performing stocks in the S&P 500 this year. As investors increasingly view it as a proxy for global AI infrastructure buildout, Caterpillar's shares have surged significantly. Burry said the stock's valuation has reached a level that warrants his attention, sharing a chart showing that Caterpillar's price-to-sales ratio has risen to its highest level in at least 30 years, while the stock price hit a record high. Burry also reiterated his concerns about semiconductor valuations. He noted that the Philadelphia Semiconductor Index is currently about 65% above its 200-day moving average, a level previously seen only during the dot-com bubble in 2000. Burry said, "The direct reason for today's rise is South Korea's announced massive spending. Well, I think this is the beginning of the end. It's just a matter of time now."
SOXX4.73%
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