Famed investor Michael Burry, known for "The Big Short," disclosed on June 30, 2026, that he has taken a short position against Caterpillar Inc. (CAT). Burry, via his SubStack post, stated he initiated the short at a share price of $1,060.98, marking the first time he has bet against the industrial giant.
Burry's thesis centers on Caterpillar's valuation, which he believes has become dangerously inflated due to its role as a beneficiary of the artificial intelligence infrastructure buildout. Caterpillar's stock surged 86% in the first half of 2026, and Burry highlighted that its price-to-sales ratio has reached its highest level in at least three decades.
This move is part of a broader bearish stance on what Burry perceives as an AI bubble. He also revealed new short positions in Nvidia, Tesla, Applied Materials, and a semiconductor ETF, signaling widespread concern about valuations in the tech and related sectors.