{"id":3663,"date":"2026-05-08T21:10:29","date_gmt":"2026-05-08T21:10:29","guid":{"rendered":"https:\/\/finzexpert.com\/blog\/michael-burry-says-the-market-today-feels-like-the-last-months-of-the-1999-2000-bubble\/"},"modified":"2026-05-08T21:10:29","modified_gmt":"2026-05-08T21:10:29","slug":"michael-burry-says-the-market-today-feels-like-the-last-months-of-the-1999-2000-bubble","status":"publish","type":"post","link":"https:\/\/finzexpert.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":"\n<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 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 megacap 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":3664,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[1895,2150,3349,326,961,1050,874],"class_list":["post-3663","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan","tag-bubble","tag-burry","tag-feels","tag-market","tag-michael","tag-months","tag-today"],"_links":{"self":[{"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/posts\/3663","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/comments?post=3663"}],"version-history":[{"count":0,"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/posts\/3663\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/media\/3664"}],"wp:attachment":[{"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/media?parent=3663"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/categories?post=3663"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finzexpert.com\/blog\/wp-json\/wp\/v2\/tags?post=3663"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}