The S&P 500 and Nasdaq Composite have reached fresh highs while a prominent bear has called the market top again. In early May 2026, Michael Burry warned that the market has jumped the shark and took a significant leveraged short position using put options on the semiconductor ETF SOXX through January 2027. Semiconductor stocks have shown strong momentum, with the Philadelphia Semiconductor Index rising more than 10% in a week and up roughly 65% in 2026. Burry compares the current velocity to the parabolic run in semiconductors and tech stocks before the Nasdaq peaked in March 2000. NVIDIA remains a key example, with strong revenue growth, large free cash flow, and major AI infrastructure demand tied to hyperscaler commitments.
"Q4 FY2026 revenue landed at $68.13B, up 73.2% YoY, with Data Center revenue of $62.31B and Data Center Networking up 263% YoY as Grace Blackwell ships. Free cash flow ran $96.58B for FY2026. Jensen Huang's framing is that "the agentic AI inflection point has arrived." The demand side reads like a memo from the future: OpenAI's 10-gigawatt commitment and Anthropic's 1 GW initial buildout, both backed by direct NVIDIA investment."
Read at 24/7 Wall St.
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