AMAT is one of Michael Burry's Short positions. It also has earnings coming out in lesss than two weeks, on August 13th. Looking back at previous earnings and interesting pattern emerges. Going back to April, 2025, the shares have risen from $123 to a high of $739 on June 30, 2026. That is an amazing run of over 500%. Yet, after each and every earnings report during this amazing run, price has taken a short-term hit. Earnings Close Subsequent Low May 15, 2025: $175 $157 @ May 30th -10% Aug 14, 2025: $188 $155 @ Sep 3rd. -18% Nov 13, 2025: $223 $203 @ Nov 14th. -9% Feb 12, 2026: $328 $317 @ Mar 9th. -3% May 14, 2026: $441 $397 @ May 19th. -10% Aug 13, 2026: Avg = -10% While AMAT has risen 500% during this period of time, the average return post earnings reports from close to subsequent low print was -10%. Add that to the fact that it is also on Burry's list of overvalued AI infrastructure names, and we have the makings of a higher probability short at or just before the release of earnings on Aug 13th. AMAT 2-Day Price declines post earnings and so far, has recovered each and every time...so far. Bottom Line: Nothing to do now, but we will revisit closer to Aug 13th earnings release.
