Michael Burry Trims NVDA Call Hedge by Half and Critiques Build-A-Bear

Yahoo Finance · 2026-08-27

Famous investor Michael Burry liquidated half of his newly established Nvidia call options in under twenty-four hours, noting the hedge successfully achieved its purpose with a fifty to sixty percent gain. Burry emphasized that he maintains a long-term bearish outlook on NVDA and could potentially unload the remaining portion soon, despite acknowledging that minimal barriers exist to prevent further stock price appreciation. Additionally, Burry shifted his focus to Build-A-Bear Workshop, criticizing the firm for diluting its brand value and highlighting major setbacks including a flat commercial revenue forecast, international franchise declines, and the loss of a Walmart partnership. He stated he is awaiting the 10-Q filing before making any decisions regarding his current stake. During Thursday's market activity, NVDA shares surged nearly nine percent before dipping 0.61 percent in after-hours trading, whereas BBW stock plummeted over twenty-seven percent.

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Renowned investor Michael Burry sold half of his NVDA call option hedge position within 24 hours, securing a 50-60% profit. While maintaining a long-term bearish outlook on NVDA, he acknowledged its short-term upward momentum, and stated he is awaiting the 10-Q report for BBW following its sluggish earnings. This sale was conducted to address short-term volatility, but bullish pressure still drives the broader market's AI craze and retail investor sentiment.

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AI — Michael Burry also acknowledged that there are few obstacles to NVDA's short-term stock price rise, supporting the continuation of the AI-related bull narrative.

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Consumer Goods — Build-A-Bear was negatively impacted as its stock plummeted 27% due to the non-renewal of its Walmart partnership and a downgrade of its commercial sales guidance from +20% to flat.

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Michael Burry's sale of half his NVDA call options is profit-taking upon achieving short-term hedging goals, but the remaining position and long-term short view still act as factors for increased volatility. Notably, NVDA fell 0.61% in after-hours trading following a short-term 9% surge, while BBW plummeted 27% in regular trading due to lowered earnings guidance and the non-renewal of its Walmart partnership.

Future stock scenarios depend on NVDA's further upside potential and the justification of the AI sector's valuation, while BBW is expected to gauge further downside or rebound momentum after the release of its 10-Q report. Investors should closely monitor whether Burry liquidates his remaining NVDA options and BBW's earnings recovery indicators.

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