--- title: "全市场追 AI，“大空头” Burry 却逆向抄底：Adobe、阿里巴巴等四股获青睐" type: "News" locale: "en" url: "https://longbridge.com/en/news/289654597.md" description: "“大空头” Michael Burry 逆向操作，在 AI 热潮中减持英伟达和 Palantir 等 AI 明星股，同时增持阿里巴巴、Adobe、PayPal 和 Veeva 四只深度价值股。他认为当前市场存在严重错位，AI 资本无序虹吸导致基本面稳健的蓝筹股被系统性惩罚，其持仓呈现非对称的多空对冲特征。" datetime: "2026-06-13T04:17:02.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/289654597.md) - [en](https://longbridge.com/en/news/289654597.md) - [zh-HK](https://longbridge.com/zh-HK/news/289654597.md) --- # 全市场追 AI，“大空头” Burry 却逆向抄底：Adobe、阿里巴巴等四股获青睐 According to the Zhitong Finance APP, as the AI boom in the U.S. stock market and the structural market led by the "Seven Sisters" continues for nearly a year and a half, a "contrarian flag bearer" known for accurately capturing extreme mispricing in the market is sending out a completely different signal. Michael Burry, the founder of Scion Asset Management and the prototype for the movie "The Big Short," released a sharply worded market diagnosis on social media on Friday. He pointed out without hesitation that the U.S. stock market is currently in a profound misalignment—large, solidly founded blue-chip companies with substantial owner returns, low debt burdens, and ongoing large-scale stock buybacks at low valuation levels are being subjected to systemic market punishment, with the culprit being the chaotic siphoning of AI capital and extreme scenario extrapolation. ## What is the market punishing? Burry's conclusion is based on a value judgment that is completely contrary to the current market narrative. While mainstream Wall Street funds focus on the competition for AI computing power and capital expenditures, industry giants traditionally seen as "cash cows" are experiencing continuous valuation compression. In Burry's view, the fundamentals of these companies have not deteriorated—their gross margins remain near historical highs, their debt structures are healthy, and their shareholder return strategies are proactive. However, in the face of capital flows driven by AI faith, these characteristics have instead become "non-hot" labels. Earlier this week, Burry commented that AI investments are showing signs of excessive resource concentration, and excessive capital expenditures could lead to scenarios similar to the bursting of the internet bubble. This is not the first time Burry has expressed caution about the AI bubble. Since late 2025, Scion Asset Management has continuously disclosed bearish options positions against NVIDIA and Palantir, with about 80% of the fund's positions concentrated on shorting these two AI star stocks. As he increased his traditional value positions this weekend, this "long-short hedge" risk exposure has become even more asymmetric. ## Increasing positions in four "deep value" stocks: Logic and data Burry's choice to increase positions in four stocks against the trend—Adobe (ADBE.US), Alibaba (BABA.US), PayPal (PYPL.US), and Veeva Systems (VEEV.US)—is based on a consistent investment logic: to take advantage of the market's obsession with the AI narrative and the pricing misalignments caused by short-term company disturbances, buying undervalued assets supported by high-quality fundamentals. Here are the specific holding logic and latest market conditions for the four stocks: **Adobe: "Irrational plunge" following better-than-expected performance** Burry's core reason for increasing his position in Adobe is that the market overreacted collectively to the unexpected negative impact of the CFO's departure and technical selling pressure, while the company's fundamentals are actually in their best phase in recent years. He believes that Adobe's gross margin is near historical highs, while the stock price has been unjustly punished amid irrational outflows of AI capital. The key contrast is that—Adobe's financial report for the second quarter of fiscal year 2026 (ending in May) actually exceeded market expectations: revenue of $6.2 billion, a year-on-year increase of 12.7%, marking the highest growth rate since the second quarter of fiscal year 2022; Earnings per share (non-GAAP) also achieved a year-on-year increase. However, after the earnings report was released, the company's stock price plummeted 6.76% to $204.02 at Friday's close, with a market capitalization shrinking to approximately $82.465 billion, and the TTM price-to-earnings ratio dropping to about 11.67 times. The apparent catalyst for the market sell-off was the CFO's announcement of resignation on the same day the earnings report was released, compounded by overall pressure on the software sector. However, in Burry's value assessment framework, this level of short-term disturbance precisely provides a window to buy quality assets at a deep discount— a software leader with revenue growth returning to double digits, ample free cash flow, and the commercialization of generative AI tools (Firefly series) still being implemented, with a price-to-earnings ratio dropping below 12 times; this pricing clearly deviates from its intrinsic value. **Alibaba: China's Most Advanced AI Company Ignored by the Market** Burry's evaluation of Alibaba is particularly straightforward: "In terms of artificial intelligence strategy, it is the most advanced company in China and has been repurchasing shares. Even though the market has not responded positively recently, the company's value continues to grow, benefiting common stockholders." Earlier, Burry had completely liquidated his basket of Chinese tech stocks in his 13F holdings but then quickly reversed and increased his positions in Alibaba and JD.com. As of the close on June 12, Alibaba's stock price was $112.82, with a 52-week high of $192.67 and a TTM price-to-earnings ratio of about 17 times, with a total market capitalization of approximately $270.67 billion. Burry's logic for holding Alibaba includes: first, the Tongyi Qianwen large model is in the leading camp in China's large model filing and commercialization; second, Alibaba's ongoing large-scale stock repurchases are significantly enhancing intrinsic value per share; third, the current stock price is far below recent highs, and the market's pessimistic expectations regarding macroeconomic factors completely overshadow the company's layout value in the AI infrastructure field. **PayPal: 7-8 Times PE Plus Large-Scale Buybacks** Among the positions Burry increased, PayPal's valuation compression is the most extreme. As of the close on June 12, PayPal was priced at $41.53, with a price-to-earnings ratio of only about 7.79 times and a market capitalization of approximately $36.634 billion, with a 52-week fluctuation range of $39.90 to $78.22. "At this price level, a 7-8 times price-to-earnings ratio combined with a large amount of stock buybacks is extremely attractive to private equity firms and strategic acquirers," Burry wrote on social media. PayPal has undergone management changes and business strategy adjustments over the past two years, with the market continuously focusing on its "ultimate performance" but seeing no breakthroughs. As the new management team gradually clarifies the product roadmap and profitability remains robust (earnings per share of about $5.38), Burry's judgment is that the market's pessimistic expectations for PayPal have been fully reflected in the valuation, and any positive catalyst at the strategic level could trigger a valuation recovery. **Veeva Systems: The Threat from Salesforce (CRM.US) is Greatly Exaggerated** Veeva Systems is a software company providing cloud solutions for the life sciences industry. As of the close on June 12, the stock price was $159.54, with a TTM price-to-earnings ratio of about 28.29 times and a market capitalization of approximately $25.916 billion The company's revenue for the fourth quarter of fiscal year 2025 was $836 million, with a TTM revenue of $3.19 billion, continuing to maintain steady growth. Burry believes that Veeva's stock price has fallen back to a low point, with both the price-to-earnings ratio and price-to-sales ratio significantly below historical levels. "The threat from Salesforce is only related to a small part of its business, and its importance has been greatly exaggerated." 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