Big bear Michael Burry racked up $100 million by selling opinions? 300,000 subscribers support new businesses

Comparing news, Michael Burry, an investor famous for “The Big Short,” recently received attention for his paid investment communications business. Its Substack newsletter “Cassandra Unchained” surpassed 300,000 subscribers after the launch of 231 days. Based on an annual fee of $379, the theoretical annual revenue was approximately $113.7 million.

However, this revenue is a theoretical upper limit, and factors such as the proportion of free subscribers and platform rewards are not taken into account. Burry did not publicly disclose the actual number of paid subscribers.

Burry launched this newsletter in November 2025, mainly to publish investment opinions, position changes, and market analysis. Currently, the newsletter has subscribers from 212 countries around the world, and about 52% of them are located outside of the US. Meanwhile, Burry continued to bet on the risk of an AI bubble this year and publicly shorted AI and semiconductor-related stocks such as Nvidia, Micron Technology, and Applied Materials. However, the market trend did not develop as expected. Micron's increase once reached about 697% this year, and stocks such as Nvidia and Applied Materials also rose sharply, putting pressure on its short positions.

While shorting AI, Burry also lays out some value stocks, including PayPal, Lululemon, Alibaba, JD, etc., and indicated that as the AI boom cools down, capital may flow back to traditional value assets.

At present, Burry's investment transaction performance is under pressure, but subscription revenue from his personal brand may be the most definitive source of cash flow this year.