Michael Burry’s AI warning: When the music stops, who holds the bill?

Michael Burry is doing what he does best: looking at a market drunk on optimism and asking the question nobody wants to answer. This time, his crosshairs are on artificial intelligence, and more specifically, on the companies spending hundreds of billions of dollars building the infrastructure to power it.

The man who famously bet against the US housing market before its catastrophic collapse in 2008 is now drawing a striking parallel between the current AI boom and one of history’s most celebrated market manias: the 1920s radio craze centered on Radio Corporation of America, better known as RCA.