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Michael Burry Shuts Down Scion

Michael Burry, the investor who famously predicted the 2008 housing market collapse, has deregistered his hedge fund Scion Asset Management with federal regulators, sparking speculation about his next move and the state of financial markets.

The Securities and Exchange Commission’s database shows Scion Asset Management’s registration status changed to “terminated” effective November 10. The firm had been managing approximately $155 million in assets as of March 2025.

A letter purportedly from Burry to investors, dated October 27 and circulating on social media, states he will “liquidate the funds and return capital” by year’s end. In the unverified letter, Burry wrote that his “estimation of value in securities is not now, and has not been for some time, in sync with the markets.”

You can read more on the matter here.

What’s going on?

• Bessent Walks Back Trump’s $2,000 Tariff Dividend Announcement (theDeepDive)

• US Colleges See Fewer Foreign Applicants as India Fuels Decline (Bloomberg)

• Trump Administration to Funnel Hundreds of Billions Into Nuclear Power Plants (theDeepDive)

• Chinese Hackers Used Anthropic’s AI to Automate Cyberattacks (WSJ)

• Ford Says F-150 Lightning Production Will Resume, But Offers No Timeline (theDeepDive)

• US government opens back up but deep political divisions remain (Reuters)

• The “Ugly” Part Of The Budget 2025, According To A Liberal MP (theDeepDive)

• CSIS director warns China, Russia agents active in Canada (Globe)

What’s the latest?

• Geopolitics: Canada and India are rebuilding trade ties after a two-year freeze, with talks focused on critical minerals, clean energy, AI, and agriculture. Canadian Trade Minister Maninder Sidhu met India’s Piyush Goyal to restart trade negotiations under a new process. Two-way trade hit $31 billion in 2024, with Canada enjoying a $16 billion surplus in services. Relations have improved since PMs Modi and Carney met at the G7, and India remains Canada’s largest source of immigrants and students.

• Markets: U.S. stocks fell sharply Thursday, with the S&P 500 down 1.3%, Dow off 471 points (1%), and Nasdaq down 2%, as Nvidia (-4.1%), Palantir (-5.1%), and Broadcom (-4.9%) led AI-related losses. Investors grew wary of overvalued AI stocks, comparing the surge to the 2000 dot-com bubble. The 10-year Treasury yield rose to 4.10%, as traders reduced bets on a Fed rate cut in December to 50% (from 70%). Disney fell 9.2% on weak revenue despite strong profit, while Cisco rose 4.7% after beating estimates.

• Energy: The IEA’s 2025 World Energy Outlook projects oil demand could rise to 113 million barrels per day by 2050, reversing earlier forecasts of a near-term peak. The agency’s “Current Policies Scenario” assumes no new regulations and predicts growth driven by petrochemicals and aviation fuel. OPEC welcomed the shift, calling it a “return to reality,” while analysts linked it to slower EV adoption and U.S. policy changes. Even under all scenarios, the IEA warns global temperatures will exceed the 1.5°C climate threshold.

• Politics: Federal workers furloughed during the 43-day U.S. government shutdown will begin receiving back pay early next week, according to White House economic adviser Kevin Hassett. The White House has urged agencies to issue payments “as soon as possible,” with “superchecks” covering Oct. 1–Nov. 1 expected to start arriving this weekend. Employees at agencies like the GSA and OPM will be paid first, followed by departments including Energy, Defense, Veterans Affairs, Education, and Transportation through Monday. Under federal law, furloughed workers must be compensated at their standard rate “at the earliest date possible.”

• AI: AI startup Cursor raised $2.3 billion at a $29.3 billion valuation, nearly tripling its worth since June. The company, founded in 2022 by Anysphere, built an AI coding tool with $1B+ in annualized revenue and 300+ employees. Investors include Accel, Thrive Capital, a16z, DST Global, Coatue, Nvidia, and Google. Cursor now joins OpenAI, Anthropic, xAI, Safe Superintelligence, and Thinking Machines among the few $10B+ AI firms, competing directly in the booming AI coding market.

Aya Gold & Silver’s Boumadine PEA

The stock market and stuff

• Crypto Cold War: China Accuses US of $13 Billion Bitcoin Theft (theDeepDive)

• Aston Martin chair explored buyout of carmaker with Saudi fund (FT)

• Wall Street stocks slide as tech jitters return (FT)

• G Mining Lifts Margins In Q3 2025 On Stronger Tocantinzinho Output (theDeepDive)

In the juniors

• Elemental Altus Raises Revenue & Output Guidances On Strong Q3 2025 (theDeepDive)

• Vizsla Copper To Acquire Palmer VMS Project In Alaska For Up To $30 Million (theDeepDive)

• Ivanhoe Electric Obtains Approval For $200 Million Credit Facility For Santa Cruz Copper (theDeepDive)

• i-80 Gold Remains In The Red Despite Doubling Q3 2025 Revenue (theDeepDive)

FULL DISCLOSURE: Emerita Resources is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Emerita Resources. The author has been compensated to cover Emerita Resources on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.