Burry Bets on Microsoft with Long-Term Calls; Sees $350 as Buy Zone

Legendary hedge fund manager and "The Big Short" Michael Burry has disclosed his latest portfolio, revealing that he has purchased long-term call options on Microsoft expiring in December 2028. Burry stated that a drop in Microsoft's stock to $350 would present a prime buying opportunity.

On the fundamental front, following Apple's recent price hikes for MacBooks and iPads, Microsoft announced that it will raise prices for its Xbox consoles by up to $150 starting August 1. This marks the second price adjustment for the Xbox in less than a year.

In premarket trading, Microsoft shares rose more than 1%.