"Elon is an American treasure but also a desperately incentivized futurist even earlier than me," the investor of "The Big Short" fame posted on X late Thursday. Burry, known for making premature but ultimately correct predictions, likely meant the Tesla and SpaceX CEO stands to profit enormously from his vision becoming reality, so he's highly motivated to hype it as much as he can. "I am glad he is here in America," Burry wrote on his Substack. "He will go down in history like PT Barnum and Thomas Edison," he added, referring to the legendary showman and founder of the Barnum & Bailey Circus, and the iconic inventor who helped refine the electric light bulb.
With stocks wobbling in the past week over potential AI valuation worries, investors might have noticed that much of the Magnificent Seven has been increasingly choppy while Apple ( NASDAQ:AAPL) has acted like a steady rock, holding its ground at around $270 per share. While the positive initial post-earnings reaction has faded, I do think that investors have a lot to look forward to as the strong early demand for iPhone 17 translates into something bigger as we head into the holiday season.
Michael Burry made significant portfolio changes in the second quarter by swapping bearish put options for bullish call options, indicating a shift towards more optimistic stock positions.
