Michael Burry Disclosed New Equity Positions
The investor has targeted several companies while noting skepticism toward current artificial intelligence stock trends.
Updated on Sept. 22, 2026 in Investing
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Investor Michael Burry has disclosed new positions in five companies, including Ero Copper, QXO, Temple & Webster, Sprouts Farmers Market, and Zoetis. His strategy appears to focus on assets he views as discounted, even as he expresses caution regarding the broader artificial intelligence market.
Why it matters
Burry is betting that long-term copper demand, driven by data-center construction, will outpace supply given the 18-year lead time required to bring new mines to production. This strategy highlights a shift toward companies he perceives as currently out of favor.
Copper reached a settlement of $6.6865 per pound on September 21, 2026, as projections suggest global consumption may hit 42 million tonnes by 2040. Meanwhile, Temple & Webster reported fiscal 2026 revenue of A$665 million.
The players
Michael Burry
An investor who communicates his strategies via Substack and is known for targeting out-of-favor or discounted companies.
Ero Copper
A mining entity with operations in Brazil that carries C1 cash costs between $2.15 and $2.35 per pound.
Temple & Webster
An Australian retail company that reported A$665 million in fiscal 2026 revenue.
QXO
A company currently issuing Series B mandatory convertible preferred stock with a 7.4% cumulative yield.
Zoetis
A public company whose share value has declined 50% over the past year.
The details
Burry's investment approach emphasizes finding value in stocks experiencing significant declines, such as Temple & Webster and Zoetis, which have fallen 82% and 50% respectively over the last year. His focus on copper involves firms like Ero Copper, which maintains production guidance of 67,500 to 77,500 tonnes. Additionally, he has acquired QXO common shares and 5.5% Series B mandatory convertible preferred stock, the latter of which provides a 7.4% cumulative current yield.
Timeline
2025: No major copper deposits were discovered.
September 9, 2026: Copper reached a record price.
September 21, 2026: COMEX copper settled at $6.6865 per pound.
May 15, 2028: QXO preferred stock is scheduled to convert to common stock.
Money Landscape
This move sits within a broader cycle of commodity scarcity characterized by the 18-year lead time required to bring new copper mines to production. It contrasts sharply with recent market enthusiasm for high-growth sectors, signaling a focus on physical infrastructure assets.
Investors should note that positions in volatile assets like those identified by Burry often require a high risk tolerance and a focus on long-term time horizons. Always consult with a qualified financial professional before making decisions based on public disclosure filings.
The takeaway
Burry's recent disclosures underscore the potential long-term appeal of industrial commodities like copper amid ongoing data-center expansion. Readers should track upcoming supply-demand reports from the copper industry to better understand these market mechanics.
Further reading
Learn more about market strategies and asset analysis in our Investing section.
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