Michael Burry isn't done telling us what he thinks, even if he's technically done showing us his cards. Just days after officially deregistering Scion Asset Management—his hedge fund that made him famous for predicting the 2008 financial crisis—Burry took to social media to double down on what might be his most intriguing trade right now.

The Peanut Butter Trade Explained

In a Tuesday morning post on X, Burry laid out his strategy with characteristic brevity: "Long MOH stock and Long PLTR puts, like peanut butter and bananas." Translation? He's bullish on healthcare provider Molina Healthcare Inc. (MOH) while simultaneously betting against AI software company Palantir Technologies Inc. (PLTR).

This isn't exactly news—it's confirmation. Scion's final 13F filing for the third quarter, covering holdings as of September 30, revealed a fresh 125,000-share stake in Molina Healthcare. That same filing also disclosed a substantial bearish position in Palantir via put options, which initially caused quite a stir when it was reported with a $912 million notional value. Burry later clarified the actual value was closer to $9.2 million, though the intent was clear either way.

The peanut butter and bananas comparison? It's Burry's way of saying these two positions complement each other perfectly, like the ingredients in a classic sandwich. One sweet, one savory—or in market terms, one defensive healthcare play paired with a short on what he sees as an overvalued tech darling.

Burry's AI Bubble Warning

To understand why Burry is shorting Palantir, you need to understand his broader market view. On Monday, he shared a chart tracking net capital expenditures as a percentage of nominal U.S. GDP—basically measuring how much corporate America is investing relative to the size of the economy.

The chart, sourced from Scion and Bloomberg data, showed the current AI-driven investment boom surpassing even the peaks of the 2000 dot-com frenzy and the 2007 housing bubble. Burry's implication is hard to miss: we're in bubble territory again, and companies pouring money into AI infrastructure might be repeating the same pattern that preceded previous market crashes.

Palantir, with its sky-high valuation powered largely by AI enthusiasm, represents exactly the kind of stock Burry thinks is due for a reckoning. Meanwhile, Molina Healthcare—a provider of government-sponsored healthcare services—offers the kind of steady, essential business model that tends to hold up when speculative bubbles pop.

Going Private But Staying Public

Here's where things get interesting. By deregistering Scion Asset Management, Burry has freed himself from the requirement to file quarterly 13F reports disclosing his holdings. Most analysts interpreted this as a signal he's converting to a family office structure, managing his own wealth without the regulatory burden of running a public investment fund.

Yet Burry clearly hasn't lost his taste for sharing his market views. His willingness to publicly broadcast his conviction in the MOH-PLTR pair trade suggests that while he values privacy for his portfolio, he still wants his thesis out there. Maybe it's vindication he's after, or maybe he genuinely believes investors need the warning. Either way, the "Big Short" investor is making sure we know where he stands: bullish on healthcare fundamentals, deeply skeptical of AI valuations, and convinced this particular combination makes perfect sense together.

Like peanut butter and bananas, apparently.