Michael Burry, the renowned investor famous as the inspiration for "The Big Short," is advising investors to look for bargain opportunities in Hong Kong's stock market, which has lagged behind this year's global artificial intelligence rally.
Burry, the founder of Scion Asset Management, stated on social media platform X that now is an excellent time to focus on inexpensive Hong Kong stocks. He suggested these shares should perform well as the recent strong performance of markets in South Korea, Japan, and semiconductor stocks begins to fade. This follows his earlier disclosure this month of increasing his stake in JD.com.
Burry's latest remarks come amid a global sell-off in chip stocks, as investors question whether the technology and massive spending by AI-focused companies will deliver adequate returns. He is not alone in his positive outlook for Hong Kong equities; the list of supporters is growing. For instance, Morgan Stanley has also recommended investors increase their holdings in Hong Kong stocks, partly driven by optimism regarding corporate earnings.
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