Michael Burry Bets $1 Billion Against Nvidia and Palantir as Wall Street CEOs Warn of Major Market Correction
Summary
Michael Burry places $1 billion bet against AI giants Nvidia and Palantir as tech stocks plummet and Goldman Sachs and Morgan Stanley CEOs predict a major 10-20% market correction within two years amid AI bubble concerns.
Key Points
- Michael Burry's hedge fund Scion Asset Management purchases over $1 billion in put options against Nvidia and Palantir, betting their stock prices will decline amid AI bubble concerns
- Tech stocks lead market decline with Palantir dropping 16% after earnings and Nvidia falling over 2% despite becoming the world's first $5 trillion company
- Goldman Sachs and Morgan Stanley CEOs predict a major 10-20% stock market correction within the next 12-24 months as AI spending shows record levels but little profitability