On August 14, 2025, legendary “Large Quick” investor Michael Burry made an enormous $95 billion wager on Lululemon, Inc. (NASDAQ: LULU), whose inventory was buying and selling at $195.
Since then, Lululemon inventory has fallen about 45% to $108 as of this writing, June 24, 2026, marking a 52-week low after a reasonably troublesome 12 months that noticed the corporate’s market capitalization drop to only $12.5 billion.
In different phrases, the worth of Mr. Berry’s place is now roughly $52.2 billion lower than it was on the finish of the second quarter of 2025.
A lot of the issues the corporate has confronted since Barry made his wager have been associated to weak shopper demand and broader financial headwinds.
Wall Road analysts additionally lowered their estimates after the corporate’s newest outcomes, with Freedom Brokers and Bernstein decreasing their value targets, citing revised gross sales and profitability estimates and considerations about new product launches.
Michael Barry loses one other inventory wager
On March 3 of this 12 months, Barry additionally reportedly made a “vital” funding in Adobe (NASDAQ:ADBE), which truly led to a short-term rally. Nonetheless, this wager did not repay, with ADBE inventory down about 27% on the time of writing, plummeting from about $270 to $197.
Barry’s hedge fund, Scion Asset Administration, was deregistered on the finish of 2025, so it is inconceivable to evaluate how a lot it truly misplaced on a notional foundation. Nonetheless, Adobe has emerged as one of many worst-performing software program shares over the previous 12 months.
Nonetheless, regardless of the sharp decline, Adobe’s underlying enterprise continues to carry out strongly. For instance, within the second quarter of fiscal 2026, the corporate posted document income of $6.62 billion, up 13% 12 months over 12 months.
Satirically, given Barry’s present aversion to synthetic intelligence (AI), the first progress driver has been Adobe’s AI enterprise. Notably, AI First’s annual recurring income (ARR) greater than tripled to over $500 million.
In response to Wall Road, Adobe is presently broadly thought-about a “maintain.” trace rank On the time of writing, the common value goal for the subsequent 12 months is $257. In different phrases, Berry could possibly be taking a look at a 30% rise from present ranges by mid-2027.
