Michael Burry 将 Nasdaq 100 的上涨形态比作「历史上最危险的泡沫前夜」，称半导体暴涨推高的菲拉德尔菲亚股票交易所半导体指数自3月底以来上涨近70%，使整体科技市值逼近高风险区间。 他指出 Nasdaq 100 目前的本益比约43倍，远高于他认为约30倍的合理隐含价值，并认为华尔街可能把「最快成长、估值最高」的公司盈利预估放大了超过50%。 他警告这像是「车祸发生前最后的刹那」，意味著回调风险不仅存在，且是结构性而非偶发。
其他观察者也在关注同一条风险线：Alphabet、Amazon.com Inc.等科技巨头的AI支出推升市场创下高点，但同时美伊冲突可能抑制增长并推升油价。 Sundial Capital Research（由 Jason Goepfert 领衔）的数据显示，S&P 500 现在创新高，却只有约5%成员处于52周低点，显示涨势失衡。 Bespoke Investment Group 的统计指出，费城半导体指数在高于其200日均线程度上，历史上仅在1995年7月与2000年3月（网路泡沫前）出现过与此次相似的偏离。
Burry 并未建议直接空头作战，因为买权保费昂贵且时间窗口不确定，反而称其持有一个对「被低估且低估值」公司组合的高杠杆空头部位，且计划减持不符合其最严格估值条件的公司。 他建议在回撤前锁定回报、降低整体股票曝险，尤其是科技板块。 他认为即使市场再延续一周、一个月、甚至三个月，历史最终仍偏向「价格大幅下修」，而当估值进入极端区域后，结果无论市场向谁转移，代价都难以回避。
Michael Burry is warning that the Nasdaq 100 is entering a dangerous reversal phase after a parabolic surge, with the Philadelphia Stock Exchange Semiconductor Index up nearly 70% since late March and pulling technology valuations to unsustainable extremes. He says the Nasdaq 100 is trading around 43 times earnings versus about 30 times implied by fundamentals, arguing that Wall Street may be overstating profits for the fastest-growing, highest-valued firms by more than 50%. Burry compares the setup to the moment before a car crash, implying that a correction risk is structural rather than random.
Other observers note that AI-related spending by Alphabet, Amazon.com Inc., and peers has driven index records even as the U.S.-Iran conflict could slow growth and lift inflation via oil prices. Sundial Capital Research led by Jason Goepfert says this is only the fourth time the S&P 500 has made a record while just 5% of its members were at 52-week lows, highlighting how stretched the rally is. Bespoke Investment Group data adds that the semiconductor index has been this far above its 200-day moving average only twice before: July 1995 and March 2000 at the internet bubble peak.
Burry does not favor shorting individual stocks directly because put options are expensive and timing is risky. He says he holds a significant leveraged short position against a portfolio he believes is depressed and cheap, and plans to lighten holdings that fail his strictest valuation standards. He advises taking profits from the rally and reducing equity exposure, especially in tech. Even if the rally lasts a week, a month, or three months, he expects much lower prices eventually, arguing that once the market reaches such extremes, severe outcomes become unavoidable.