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May 16 - Scion Asset Management, led by famed investor Michael Burry (Trades, Portfolio), took a bearish turn on Nvidia (NASDAQ:NVDA) and several Chinese tech firms during the first quarter.
The firm opened put option positions against Nvidia, signaling expectations of potential downside for the AI chipmaker, which has been a top performer amid the artificial intelligence rally.
Scion also added puts against Chinese companies Alibaba (NYSE:BABA), Baidu (NASDAQ:BIDU), and JD.com (NASDAQ:JD), shifting away from previous long positions in those names. The moves reflect a broader cautious stance on China's tech sector.
Estee Lauder (NYSE:EL) was the only long equity holding reported in the quarter, the filing showed.
The portfolio update came through a Form 13F, which is required of institutional investors managing over $100 million in U.S.-listed securities. While the filings show what firms held at the end of the quarter, they do not reveal current exposure or trade timing.
Burry gained notoriety for anticipating the 2008 financial crisis, a story later dramatized in The Big Short.
This article first appeared on GuruFocus.