On November 3, Michael Burry’s Scion Asset Management disclosed a new regulatory filing, revealing several changes to its portfolio, including one million put options on Nvidia (NASDAQ: NVDA). The bet against the chipmaker was tied to roughly 1 million NVDA shares, carrying a notional value of about $186 million. With Nvidia jumping around 5% on Thursday, November 20, and adding roughly $205 billion in market value following strong third-quarter results, those who called Burry’s take “dead wrong” might be justified in hindsight. According to Burry, the “true cost” of stock-based compensation was effectively the full $112.5 billion spent on repurchases, an amount he argues slashed “owners’ earnings by 50%.”