A former stockbroker and producer of award-winning films like "The Social Network," Brunetti has a reputation as an oracle on the intersection of technology and entertainment. His prediction for shorting Netflix came as earnings pushed the stock down as much as 15 percent in a night.
With Silicon Valley and Hollywood growing ever closer, Brunetti said anyone from Google to Snapchat could dominate entertainment's next inning. He's particularly interested in virtual reality.
"It's not between Netflix and Amazon anymore — it's the dark horse we haven't seen yet," Brunetti said. "That's what's really going to change the game."
Naturally, Brunetti was quick to respond when asked what companies he is long and short on.
"I'm long right now on CBS, even [with] the craziness that's happening with that," Brunetti said.
Industry watchers have floated CBS for a potential tie-up with former parent company Viacom. It comes as Viacom CEO Philippe Dauman and majority stakeholder Sumner Redstone fight for control over the Viacom media empire.
However, Brunetti was more optimistic about fixing Yahoo, which has struggled to stay relevant against competitors like Facebook and Google. He suggested the company just needs to "blaze new paths." (Brunetti's comments came before Yahoo agreed to be purchased by Verizon in late July.)
"Our industry is an industry of a lot of dinosaurs, unfortunately," Brunetti said. "You have to adapt or die."
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— CNBC's Richard Washington contributed to this report.