AMD shares surged for the first time in months, while Michael Burry stayed on the sidelines of a trade tied to NVIDIA

Shares of AMD rose sharply on what market coverage described as its best single day in roughly six months, a move that stood out against the choppy tone often associated with semiconductors. The attention on AMD came alongside renewed chatter about the group’s near-term direction, particularly as investors looked for indicates from large AI-chip beneficiaries such as NVIDIA.

In that context, the market-focused coverage also pointed to changes associated with Michael Burry, the investor who has become known for taking concentrated positions that often focus on market and sector dislocations. The reporting said Burry trimmed about 25% of his SMH puts last week.

SMH is the Invesco Semiconductor ETF, a broadly used options and hedging vehicle for exposure to the semiconductor industry. “Puts” are options that increase in value when the underlying asset falls, so trimming put exposure generally indicates less willingness to bet on declines than before.

Even with that reduction, the coverage said Burry still held substantial bearish semiconductor exposure after trimming part of the position. That combination, trimming some downside protection while still keeping a meaningful bet that the sector could weaken, suggests a more measured approach rather than a clean reversal.

The same reporting said Burry would not “touch” a trade framed around a potential NVIDIA-driven headline move. The phrase indicates that, despite investor interest in NVIDIA as a bellwether for AI hardware demand, Burry was not adding a position intended to capture a near-term catalyst tied to NVIDIA.