Bears Pile In — And Some Bail Out Fast

Short sellers made bold moves in the week to June 12. Cerebras Systems saw the biggest jump. Its SI % of free float leapt from 6.3% to 30.3% — a 24-point spike in just seven days. The AI chip firm is heavily watched on social platforms. Bears are clearly betting against its lofty valuation.

Grindr also attracted fresh shorts. SI % FF doubled from 11.8% to 22.3% over the same period.

Birkenstock sits at 29.9% short with a cost to borrow of 27%. That's expensive to maintain. Shorts are paying a steep premium to stay in the trade.

Hertz remains one of the most shorted mid-caps at 44.6% of float. Bears added another 4.8 points last week.

On the other side, Wolfspeed saw a dramatic short squeeze. SI % FF crashed from 119.7% to 88.1% — a 31-point drop. Shorts fled the SiC chipmaker fast.

CarMax is in focus today after a 41% earnings surge. Bears had already been retreating. With availability at 3,645% of SI, there are plenty of shares to borrow — but fewer takers.

Tesla stays lightly shorted at just 2.8% of float despite heavy social media chatter around Musk and SpaceX news dominating headlines this week.