Burry backs GameStop, triggering a fresh rally and heightened options activity

Michael Burry stated on a Substack post that he owns GameStop and has been buying recently, signaling a long-term thesis and possible value near tangible book value. The disclosure sparked a rally as GME traded around $24.15 (up ~4%), with heavy volume and a surge in short-dated call options (strikes near $20–$25) as traders bet on more upside and link the move to meme-stock dynamics tied to Ryan Cohen.