“The Big Short” added to his position again.

On November 12, as the Nasdaq 100 rebounded to 27,000,
Burry doubled his put options, with strike prices set for early 2027 and about 20% out of the money;
at the same time, he bought back puts on the VanEck Semiconductor ETF.
He called the Nasdaq’s October 6 peak a “bull trap,” comparing it to March 2000.
The core thesis isn’t that valuations are too high,
but that longer depreciation schedules are inflating profits, while SPV off-balance-sheet financing conceals circular trading.
Army’s outlook:
He’s not betting on a drop tomorrow, but on the moment cash flows are disproven in mid-2027!