Burry New: For the first time ever, Caterpillar's CAT, further empty AI and semiconductor

Original by Claude, Deepwater TechFlow

Deep tide guides:Michael Burry, the prototype of The Big Blanche, revealed the latest empty combination, the first one of which was the top 500 Caterpillar CAT (an 86 per cent increase in the first half of the year), with a bid of $1060.98. On the same day, he also built an empty ETF (SOXX) for the semiconductors of In Weida, Applied Materials, Tesla and Philadelphia. Almost all the bids were for the core benefit of AI Capital Development, and Burry judged that the valuation had reached the extreme that he had not seen in 30 years, "just a matter of time."。

Michael Burry, the hedge fund manager known for the 2008 subprime mortgage crisis, sent a one-time announcement on 30 June in his payment substack column "Cassandra Unchained" of a new empty warehouse for AI and semiconductor plates. The article is entitled Trading Post June 30, 2026, and the core logic is only one sentence: this round of AI cases has reached dangerous positions。

According to CNBC, Burry wrote, "This is the first time I've ever been a kacatepel." I used to make more than this ticket, and it always made me very good." This quote points to the most unusual example of a holdout: Caterpillar is not an AI company. It works in engineering machinery, mining and energy equipment。

FOR THE FIRST TIME, IT'S A CARTENDER

Burry's at $106.98 to empty Caterpillar. He was alarmed that, as stock prices had reached record highs, Caterpillar ' s market sales (P/S, ratio of stock to income per sharehold) had risen to at least the highest level in the past 30 years. According to GuruFocus, the market share is about 53 times higher。

CATERPILLAR HIMSELF HAD NOTHING TO DO WITH AI, BUT THE MARKET TREATED IT AS A “GRAVE UNIT” FOR GLOBAL AI CAPITAL INVESTMENT. THE CONSTRUCTION OF THE DATA CENTRE REQUIRES ELECTRICITY GENERATION, TRANSMISSION AND CIVIL CONSTRUCTION, AND INCREASING FUNDS ARE POURING INTO THIS HEAVY EQUIPMENT. AS A RESULT, CATERPILLAR ROSE BY 86 PER CENT IN THE FIRST HALF OF 2026, BECOMING ONE OF THE BEST-PERFORMING INGREDIENTS THIS YEAR。

Burry gave his own interpretation of the direct trigger for the rise that day. According to TipRanks, he wrote: "The direct cause of today's increase is South Korea's announced massive spending plan. This, in my view, is the beginning of the journey towards the end. It's just a matter of time

IN A DAY'S TIME, WE'LL BE ABLE TO EMPTY THE YINGWEIDAS, THE APPS, THE SOXXS. PRICE

Caterpillar is not alone. According to Electrek and Investing.com, Burry disclosed on the same day (30 June) an empty entry price of US$ 198.09, US$ 642.80 for the Philly Semiconductor (SOXX) and US$ 729.40 for applications。

It's not Caterpillar, but a semiconductor. Burry argued that valuation extremes: the Philadelphia Semiconductor Index (SOX) was currently more than 65 per cent higher than its 200-day moving average, and that this stretching had occurred only once in history, when the Internet bubble peaked in 2000. He also pointed out that the index was more than 16 times the market rate, and that even the removal of Weeda would be "almost unaffected"。

In practical terms, he extended SOXX's fallover options from January 2027 to March 2027, moving the rights up to $400, while continuing to hold one-month drop options for ETF (QQQ). As for the retreat of the semiconductor, he wrote: "Now is only a matter of time."

Tesla, $416.22 is empty, but the position is not on the scale

Burry dealt with Tesla differently from the first few. According to Yahoo Finance, he wrote, "Finally, I've made an empty Tesla for $416.22. I'm glad it's up again. I don't know. Tesla's previous trading date was $379.71, with a sharp increase of about 10 per cent on Tuesday, meaning that Burry was empty in the rise, not in the fall。

It is worth noting that he did not disclose any information on the size of Tesla's empty head — no shares, no amounts, no options. This needs to be interpreted with particular caution. Burry's past Tesla was overstated by the media several times: the 13F document of Scion in the first quarter of 2021 showed that it held 80.01 million shares of Tesla's watch-and-drop options, which was emptyed by a large number of media reports as “ $534 million”, but that was only the nominal value of the options (market value of the shares at the time of receipt) and not the amount of money he actually invested (i.e., the right-to-right fund, much smaller). He flatted that warehouse in November 2021。

Tesla still fits Burry's overall empty logic. Last December, he criticized Tesla’s “puzzling” equity and “puzzling overvaluation” valuations and linked them to the Marsk trillion-dollar compensation scheme adopted by shareholders. In April this year, after analysing the audit reports of several technology companies for almost 10 years, he described Tesla as the "King of the Tragic Layer" — a type of company whose equity incentives at the same time exceeded the GAAP caliber incentive costs and accumulated net profits。

IT'S A SEASON-END CLEANUP, BUT NO 13F ENDORSEMENT

According to Investing.com, this warehouse space is read more like a single round-up of a single vote at the end of a season. Burry had previously gone completely blind: in the third quarter of 2025, Scion held 5 million shares of Palantir ' s watch-and-see options (some $912 million in nominal terms) and 1 million shares of Ingweida ' s watch-and-see options (some $187 million), which alone combined approximately $1.1 billion. He has repeatedly named Oracle, Google and Microsoft ' s expansion of aggressive data centres, warning markets to ignore the financial risks of heavy capital consumption in the face of AI optimism, and repeatedly comparing current patterns to the 1999-2000 Internet bubble。

The reader needs to be reminded that, as of the time of dispatch, there was no confirmed disclosure of the 13F file on the head of Caterpillar. So far, all the information comes from Burry's own column and social media, not from the regulatory record. The exact size and structure of the warehouse, waiting for the next Scion 13F to have hard data。