Michael Burry, the contrarian investor immortalized in The Big Short for foreseeing the housing crash, has pivoted from hedge fund management to paid newsletters, launching “Cassandra Unchained” on Substack just days after deregistering his firm Scion Asset Management. The move, announced on November 24, 2025, positions Burry to monetize his 1.6 million followers on X with unfiltered takes on what he calls the “glorious folly” of the AI boom, centered on Nvidia Corp.

In his inaugural post, Burry likened the AI frenzy to the dot-com bubble, writing, “There is a Cisco at the center of it all…Its name is Nvidia.” The $250 annual subscription—equivalent to $379 for some tiers, per posts on X—promises subscribers a “front row seat” to his market predictions, free from regulatory constraints that bound his former hedge fund. This comes after Scion’s liquidation, disclosed in an October 27 letter to investors where Burry admitted, “My estimation of value in securities is not now, and has not been for some time, in sync with the markets.”

From Housing Bets to Hedge Fund Shutdown

Burry’s deregistration filing with the SEC on November 10, 2025, marked the end of Scion, which he founded in 2000. The fund, once managing billions, had shrunk amid Burry’s bearish bets that clashed with roaring markets. Posts on X from users like @SpecialSitsNews highlighted the letter’s candor, noting Burry’s shift to personal trading without outside capital, freeing him from 13F disclosures. Reuters reported the closure allows Burry to trade anonymously, amplifying his newsletter’s appeal.

Industry insiders see this as Burry capitalizing on his cult status. With X posts cryptic—often just tickers or emojis—his Substack offers detailed analysis. CNBC detailed how Burry’s audience, parsing every tweet, now pays for clarity on his AI skepticism, including critiques of hyperscaler depreciation and earnings mirages, as theorized in X threads by @onechancefreedm.

Burry’s history underscores the pivot’s stakes. His 2005 credit default swaps bet netted $700 million for Scion during the 2008 crisis. Yet recent 13Fs showed modest positions, like puts on the S&P 500, per Business Insider. Deregistering sidesteps compliance, letting him opine freely.

Nvidia as the AI Bubble’s Cisco

Burry’s opening salvo targets Nvidia, whose stock has surged over 1,000% in two years on AI chip demand. “Nvidia is the Cisco of this bubble,” he wrote, evoking the telecom giant’s 2000 peak-and-plunge. Fortune quoted Burry directly: “The Big Short’s Michael Burry on AI bubble: ‘There is a Cisco at the center of it all…Its name is Nvidia.'” He argues AI infrastructure spending echoes dot-com excess, with returns lagging hype.

Supporting this, Burry has posted on X about data-center depreciation, warning hyperscalers like Amazon and Microsoft face massive write-downs as AI capex yields diminishing returns. Investing.com noted the newsletter launch follows Scion’s closure, with Burry now betting personally against the frenzy. LiveMint reported his focus: AI bubble bursting amid overvaluation.

Market data bolsters his view. Nvidia’s P/E ratio exceeds 50, versus Cisco’s 130 at its 2000 zenith, adjusted for growth. Burry’s Substack teases deeper dives, including portfolio reveals sans SEC filings. Sherwood News called it a “paywalled Substack after de-registering,” emphasizing Nvidia jabs.

Monetizing the Contrarian Edge

Substack’s model suits Burry: no gatekeepers, direct subscriber revenue. At $250/year, “Cassandra Unchained”—named for the mythic prophet ignored—targets finance pros craving his insights. CNBC reported Burry’s X bio now links the newsletter, driving sign-ups. Posts on X, like @HedgeFunb’s, amplified the CNBC story, fueling buzz.

Peers applaud the freedom. X sentiment, per searches, mixes skepticism—”ignore Burry now,” tweeted @DeepValueBagger—with excitement over unfiltered views. MK.co.kr noted the $379 price (560,000 won), underscoring premium access. Burry’s track record, from water investments to Chinese stocks, draws insiders despite past misses.

This isn’t retirement; it’s reinvention. BitcoinEthereumNews echoed CNBC: Burry attends events sparingly but wields X influence massively. Subscribers get predictions on AI unwind, potential shorts, and macro shifts.

Market Implications and Investor Watch

Burry’s voice matters: his 2008 call moved markets. Now, with AI stocks like Nvidia at records—market cap over $3 trillion—his newsletter could sway sentiment. Reuters framed it: “‘Big Short’ investor Burry targets AI boom with new blog after hedge fund closure.” If Burry unveils positions, volatility may spike.

X discussions theorize Burry’s next plays: gold, value stocks, or direct AI shorts. His October letter hinted at misalignment with bull markets fueled by Fed liquidity and AI euphoria. Business Insider positioned the blog as a “front row seat” to predictions, contrasting dot-com parallels.

For industry insiders, the real value lies in Burry’s process: value investing amid mania. As Yahoo Finance put it, post-closure, he’s unleashed. Monitoring “Cassandra Unchained” becomes essential for hedge funds, prop traders eyeing downside protection.

Legacy of the Outsider Investor

Burry’s journey—from sleep apnea battles to Scion’s glory—defines resilience. Deregistering reflects conviction: markets detached from fundamentals. X user @13radar_com noted: “No outside investors. No RIA compliance. Just his own capital—and full contrarian freedom.”

The newsletter tests if Burry’s prescience translates to media. Success could spawn copycats; failure, fodder for bulls. Yet with AI capex projected at $1 trillion annually by hyperscalers, per Burry’s implied critiques, his warnings resonate amid earnings pressures.

Investors watch closely. As CNBC concluded in its report, Burry capitalizes on X fame for AI bubble views. In a market chasing narratives, his data-driven dissent offers rare counterbalance.