{"id":4285,"date":"2026-05-08T17:50:43","date_gmt":"2026-05-08T17:50:43","guid":{"rendered":"https:\/\/www.finznest.com\/blog\/michael-burry-says-the-market-today-feels-like-the-last-months-of-the-1999-2000-bubble\/"},"modified":"2026-05-08T17:50:43","modified_gmt":"2026-05-08T17:50:43","slug":"michael-burry-says-the-market-today-feels-like-the-last-months-of-the-1999-2000-bubble","status":"publish","type":"post","link":"https:\/\/www.finznest.com\/blog\/michael-burry-says-the-market-today-feels-like-the-last-months-of-the-1999-2000-bubble\/","title":{"rendered":"Michael Burry says the market today feels like &#8216;the last months of the 1999-2000 bubble&#8217;"},"content":{"rendered":"<div id=\"RegularArticle-ArticleBody-5\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-5-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"\/><\/p>\n<div class=\"InlineImage-imageEmbed\" id=\"ArticleBody-InlineImage-108231273\" data-test=\"InlineImage\">\n<div class=\"InlineImage-wrapper\">\n<div>\n<p>Michael Burry attends &#8220;The Big Short&#8221; New York screening Ziegfeld Theater on Nov. 23, 2015 in New York City. <\/p>\n<p>Astrid Stawiarz | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p>Michael Burry of &#8220;Big Short&#8221; fame is warning that the stock market&#8217;s fixation on artificial intelligence is beginning to resemble the final stages of the dot-com bubble.<\/p>\n<p>&#8220;Absolutely non-stop AI. Nobody is talking about anything else all day,&#8221; Burry wrote Friday in a Substack post after listening to financial television and radio coverage during a long drive.<\/p>\n<p>The investor, best known for predicting the U.S. housing crash, said stocks are no longer reacting meaningfully to economic data such as jobs reports or consumer sentiment in a logical way. The S&amp;P 500 rose to a fresh record high Friday as traders focused on a slightly better-than-expected\u00a0April&#8217;s jobs report rather than a record low reading in consumer sentiment.<\/p>\n<p>&#8220;Stocks are not up or down because of jobs or consumer sentiment,&#8221; Burry wrote. &#8220;They are going straight up because they have been going straight up. On a two letter thesis that everyone thinks they understand. &#8230; Feeling like the last months of the 1999-2000 bubble.&#8221;<\/p>\n<p>Burry compared the recent trajectory of the Philadelphia Semiconductor Index (SOX) with the run-up that preceded the collapse of technology stocks in March 2000. The index is up more than 10% this week, pushing its 2026 gains to 65%.<\/p>\n<\/div>\n<div>\n<div class=\"Collapsible-proliveCollapsableContainer\" role=\"button\" tabindex=\"0\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"256\" height=\"256\" viewbox=\"0 0 256 256\" aria-labelledby=\"title desc\" role=\"img\" focusable=\"false\" preserveaspectratio=\"xMinYMin\" class=\"Collapsible-stockChartIcon\"><title>Stock Chart Icon<\/title><desc>Stock chart icon<\/desc><g transform=\"translate(1.4065934065934016 1.4065934065934016) scale(2.81 2.81)\"><path d=\"M 87.994 0 H 69.342 c -1.787 0 -2.682 2.16 -1.418 3.424 l 5.795 5.795 l -33.82 33.82 L 28.056 31.196 l -3.174 -3.174 c -1.074 -1.074 -2.815 -1.074 -3.889 0 L 0.805 48.209 c -1.074 1.074 -1.074 2.815 0 3.889 l 3.174 3.174 c 1.074 1.074 2.815 1.074 3.889 0 l 15.069 -15.069 l 14.994 14.994 c 1.074 1.074 2.815 1.074 3.889 0 l 1.614 -1.614 c 0.083 -0.066 0.17 -0.125 0.247 -0.202 l 37.1 -37.1 l 5.795 5.795 C 87.84 23.34 90 22.445 90 20.658 V 2.006 C 90 0.898 89.102 0 87.994 0 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"\/><path d=\"M 65.626 37.8 v 49.45 c 0 1.519 1.231 2.75 2.75 2.75 h 8.782 c 1.519 0 2.75 -1.231 2.75 -2.75 V 23.518 L 65.626 37.8 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"\/><path d=\"M 47.115 56.312 V 87.25 c 0 1.519 1.231 2.75 2.75 2.75 h 8.782 c 1.519 0 2.75 -1.231 2.75 -2.75 V 42.03 L 47.115 56.312 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"\/><path d=\"M 39.876 60.503 c -1.937 0 -3.757 -0.754 -5.127 -2.124 l -6.146 -6.145 V 87.25 c 0 1.519 1.231 2.75 2.75 2.75 h 8.782 c 1.519 0 2.75 -1.231 2.75 -2.75 V 59.844 C 41.952 60.271 40.933 60.503 39.876 60.503 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"\/><path d=\"M 22.937 46.567 L 11.051 58.453 c -0.298 0.298 -0.621 0.562 -0.959 0.8 V 87.25 c 0 1.519 1.231 2.75 2.75 2.75 h 8.782 c 1.519 0 2.75 -1.231 2.75 -2.75 V 48.004 L 22.937 46.567 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"\/><\/g><\/svg><\/p>\n<div class=\"Collapsible-proLivePlayerCloseOrExpand\"><\/div>\n<\/div>\n<p><iframe title=\"SOX in 2026\" src=\"https:\/\/www.cnbc.com\/appchart?symbol=SOXQ&amp;range=YTD&amp;type=mountain&amp;embedded=true&amp;$DEVICE$=undefined\" height=\"460\" scrolling=\"no\" loading=\"lazy\" style=\"border:0;width:100%\"><\/iframe><\/p>\n<p>SOX in 2026<\/p>\n<\/div>\n<div class=\"group\">\n<p>The comments come as investors have poured into AI-linked shares over the past two years, helping propel major U.S. equity indexes to repeated record highs. Semiconductor companies and mega-cap technology firms tied to AI infrastructure and software have led the rally, with enthusiasm around generative AI fueling sharp gains in valuations.<\/p>\n<p>Paul Tudor Jones has also drawn parallels between today&#8217;s AI-fueled rally and the period leading up to the dot-com bust, though he believes the bull market may still have further to run. Jones told CNBC&#8217;s &#8220;Squawk Box&#8221; this week the current environment feels similar to 1999 \u2014 roughly a year before technology shares peaked in early 2000 \u2014 and estimated the rally could continue for another year or two.<\/p>\n<p>At the same time, Jones cautioned that the eventual correction could be dramatic if valuations continue to expand.<\/p>\n<p>&#8220;Just imagine the stock market went up another 40%,&#8221; Jones said. &#8220;The stock market GDP is going to probably be good lord 300%, 350%. You just know that there&#8217;ll be some &#8230; breathtaking kind of corrections.&#8221;<\/p>\n<\/div>\n<div class=\"ArticleBody-googlePreferredSourceContainer\" data-module=\"GooglePreferredSource\" data-id=\"RegularArticle-GooglePreferredSource-5\">Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Michael Burry attends &#8220;The Big Short&#8221; New York screening Ziegfeld Theater on Nov. 23, 2015 in New York City. Astrid Stawiarz | Getty Images Michael Burry of &#8220;Big Short&#8221; fame is warning that the stock market&#8217;s fixation on artificial intelligence is beginning to resemble the final stages of the dot-com bubble. &#8220;Absolutely non-stop AI. Nobody [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4286,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[919,1599,3201,285,1598,1980,699],"class_list":["post-4285","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-bubble","tag-burry","tag-feels","tag-market","tag-michael","tag-months","tag-today"],"_links":{"self":[{"href":"https:\/\/www.finznest.com\/blog\/wp-json\/wp\/v2\/posts\/4285","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.finznest.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.finznest.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.finznest.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.finznest.com\/blog\/wp-json\/wp\/v2\/comments?post=4285"}],"version-history":[{"count":0,"href":"https:\/\/www.finznest.com\/blog\/wp-json\/wp\/v2\/posts\/4285\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.finznest.com\/blog\/wp-json\/wp\/v2\/media\/4286"}],"wp:attachment":[{"href":"https:\/\/www.finznest.com\/blog\/wp-json\/wp\/v2\/media?parent=4285"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.finznest.com\/blog\/wp-json\/wp\/v2\/categories?post=4285"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.finznest.com\/blog\/wp-json\/wp\/v2\/tags?post=4285"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}