This can be the equivalent NumPy code for the given MATLAB code:
import numpy as np
X = np.random.rand(16, 10, 1200)
My = np.zeros((16, 16, 10000-3876+1))
for i in range(3876, 10001):
My[:, :, i-3876] = np.outer(X[:, i-1], X[:, i-1])
Note that we use i-1 as the index for X since Python uses 0-based indexing.