“Bought January 2027 Nvidia put options at the $115 strike for $3.30 while continuing to hold $100-strike puts from earlier — a position sized at roughly 3% of notional value, on the view that Nvidia's valuation leaves almost no room for disappointment: 'borrowing costs could easily get that high or higher if Nvidia stock really starts falling.'”

Options expire January 2027; Burry subsequently escalated the trade, shorting Nvidia outright at $198.09 by June 30, 2026 and adding December 2026 and June 2027 puts in August 2026.