Michael Burry Is Skeptical Of NVDA, ORCL And NFLX — But Bullish On This Sports Betting Stock

• Burry increased his December 2026 Nvidia put position, citing high valuation, margin pressure and earnings risks over the next five years.
• He trimmed his Oracle puts by half after the trade grew too large, while keeping some downside exposure intact.
• Burry added to DraftKings shares in the $25 range, saying his core investment thesis remains unchanged.

Michael Burry, ‘The Big Short’ investor, is making fresh adjustments to his portfolio, with new moves across Nvidia Corp (NVDA), Oracle Corp. (ORCL), and DraftKings Inc. (DKNG). On Friday, Burry shared details of his latest options positions and also weighed in on Netflix (NFLX) after the stock’s recent decline following its earnings report.

Burry Adds To Nvidia Puts, Cuts Oracle Position

Burry said in a Substack post that he bought more December 2026 Nvidia puts struck in the low $100s, calling the position a “pocket change” addition. He said Nvidia stock has remained expensive, with significant margin and earnings risks over the next five years.

“With volatility in the stock minimal, and the VIX holding in, I bumped the position up,” Burry said.

The investor also said he sold half of his Oracle January 2027 puts struck in the low-to-mid $100s. Burry said the position had become “too big” and that he does not “fall in love with options trades that go well.”

“I maintained short exposure here by retaining half,” he said.

Burry Adds To DraftKings Position

Burry said he added to his DraftKings position in the $25 range, adding that there was “no change in the basic thesis.”

He said he expects to write more about DraftKings and Flutter Entertainment (FLUT) in more detail, but referred readers to his trading post from July 8, where he briefly described the thesis and valuation.

Burry Questions Netflix’s Long-Term Content Value

Burry also discussed Netflix in detail, which closed at $74.35 on Thursday, “after peaking at $134 June of 2025.” Netflix reported earnings after Thursday’s close and traded down sharply following the results.

Burry questioned whether Netflix produces content “that is long-lasting, watchable on repeat, across generations.” He compared the company with Disney and Pixar, which he said “produce evergreen content,” and questioned whether Netflix’s content library can create similar long-term value.

“Generally, I think of it this way. Disney produces wine. Netflix produces milk,” he said, explaining that one improves with time while the other is “just fine for now” but does not get better with age.

Burry said Netflix’s ability to create evergreen content will determine whether the company is a “Castle or a Chapel.” Following the recent earnings sell-off, he said the stock is either close to becoming a “Fat Pitch” or remains “Just Outside.”

Using his “Chapel” valuation, Burry said Netflix at $67.75 was about 1.6 times intrinsic value, with the stock needing to fall into the low $50s to become closer to a “Fat Pitch.”

NVDA, ORCL, DKNG, NFLX: Stocktwits Retail Sentiment

On Stocktwits, retail sentiment for NVDA was ‘bullish,’ with ‘normal’ message volume. ORCL saw ‘extremely bullish’ sentiment alongside ‘extremely high’ message volume. DKNG had ‘bearish’ sentiment with ‘normal’ message volume, while NFLX recorded ‘extremely bullish’ sentiment, alongside ‘extremely high’ message volume.

NVDA stock has gained more than 8% year-to-date, while ORCL, DKNG, and NFLX shares have declined nearly 35%, 29%, and 27%, respectively, during the same period.

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