The famed "Big Short" investor Michael Burry, known for accurately predicting the U.S. housing crisis, has issued a warning that the current frenzy surrounding artificial intelligence (AI) in the U.S. stock market increasingly resembles the final stages before the internet bubble burst. In a post on Friday, Burry noted that during a long drive, he could scarcely hear financial television and radio discussing any topic other than AI. "It's nothing but non-stop talk about AI; nobody discusses anything else all day," he remarked.

Burry believes the market's reaction to economic data is increasingly losing its logical foundation. Despite recent U.S. consumer confidence hitting a historic low, the market has chosen to overlook this risk, instead focusing on slightly better-than-expected April employment figures. On the same day, the S&P 500 index reached another record high. "Stocks are rising or falling not really because of jobs data or consumer confidence, but because they have been rising," Burry wrote. He further stated that the market is currently chasing gains frantically around a "two-letter theme" that "everyone thinks they understand," a sentiment that reminds him of the market conditions in the final months of the 1999-2000 internet bubble.

Burry also compared the recent trajectory of the Philadelphia Semiconductor Index to the upward path seen before the tech stock crash in 2000. Data shows the Philadelphia Semiconductor Index rose over 10% this week, with a cumulative gain of 65% since 2026. Over the past two years, substantial capital has continuously flowed into AI-related stocks, driving major U.S. indices to repeatedly刷新历史新高. Semiconductor companies and large-cap tech stocks related to AI infrastructure and software have been the core drivers of this rally, with the generative AI boom further pushing market valuations higher.

Meanwhile, prominent hedge fund manager Paul Tudor Jones recently compared the current AI market dynamics to the internet bubble period, though he believes the bull market may still have room to run. In a media interview this week, Jones stated the current market environment is "very much like 1999," approximately one year before tech stocks peaked in early 2000. He anticipates the current AI-driven行情 could persist for another one to two years.

However, Jones also warned that if valuations continue to膨胀 rapidly, the magnitude of a future market correction could be相当惊人. "Imagine if the stock market rises another 40%; the total market capitalization of U.S. stocks as a percentage of GDP could reach 300% or even 350%. At that point, the eventual market correction could be suffocating," he said.