Cassandra Unchained — sniff.trade

Cassandra Unchained

3 episodes · 20 trades · 2 speakers

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TRACKED TRADES

@Cassandra Unchained

2mo

Short Thoughts May 29, 2026 - by Michael Burry

IDEAS · 3

APOAPOSHORTApollo's Athene subsidiary runs 16.6x leverage on $103B of Level 3 (no-market-price) assets inside a Bermuda captive insurer, creating hidden credit risk that will reprice when the AI capex cycle turns$127.95-0.67%›NVDNVDASHORTNVIDIA's GPU revenue is partly manufactured through structured finance SPVs rather than organic end-user demand — when that engineered demand unwinds, reported revenue quality deteriorates$198.00+8.84%›AVGAVGOLONGBroadcom is the structural winner of the shift from NVIDIA GPUs to Google TPUs — it co-designs the TPUs, backstops $31B of the Anthropic deal's senior debt, and its custom AI accelerator revenue is growing 143% YoY$382.76-4.98%›

@Cassandra Unchained

2mo

Software & Payments Stocks Part II: Productivity Tools and Cybersecurity

POSITIONS · 3

MBMichael Burry

ADBADBELONGAdobe trades at pre-subscription multiples on overblown AI fears, a fat pitch with a real moat$254.53+2.71%›XYZXYZ100SHORTA historic overvaluation blowoff top means tech indices fall; Burry is short via SOXX and QQQ puts$27,870.94+4.83%›SOXSOXXSHORTA blowoff top in semis means SOXX falls; Burry holds put exposure and added to it$495.86+9.75%›

IDEAS · 7

DOCDOCUSHORTDocuSign is still overvalued at 4x IV15 with worst-in-class SBC and a stalling core business$55.69-11.49%›INTINTULONGIntuit is a Castle on the attack but priced too high at 2.81x IV15; great business, not yet a buy$310.41+2.30%›ADSADSKLONGAutodesk is a unique 15%-grower with a liability lock-in moat, but at 3.58x IV15 it is too expensive$230.01-1.46%›UULONGUnity is inflecting, Vector plus engine plus AI build a real moat, but valuation still too rich to buy$32.04+13.34%›

+3 more ideas →

@Cassandra Unchained

2mo

The Heretic’s Guide to AI’s Stars Part III: Tracepalooza & the Bezzle

POSITIONS · 1

MBMichael Burry

SOXSOXXSHORTSemiconductor index is mispriced as AI demand peaks on a temporary training phase and customer concentration$495.86+7.13%›

IDEAS · 6

PLTPLTRSHORTPalantir gets squeezed out long term as enterprises train up their own wrappers and stop needing third party tooling$125.65+9.39%›METMETSHORTMetLife is exposed to risky data center ABS it creates and offshores, vulnerable in a correlation event$0.17-17.39%›ORCORCLSHORTOracle's data center debt is so concentrated banks are selling it down, signaling the financing bezzle is cracking$127.63+33.54%›MSFMSFTSHORTMicrosoft is pulling forward chips it does not need and compressing third party AI spend, a soft demand signal$473.91-14.00%›

+2 more ideas →