Michael Burry, the investor famed for calling the 2008 housing crash, has launched a Substack newsletter to outline his increasingly bearish view on artificial intelligence (AI) markets. The publication, titled “Cassandra Unchained”, comes with an annual subscription of $379 and targets the massive audience he’s built on X, where he has 1.6 million followers.

Burry draws parallels between today’s AI frenzy and the late-1990s tech mania, warning that markets are again in bubble territory. In a post announcing the launch, he referenced history:

• In 2000, he publicly shorted Amazon during the dot-com boom.
• In 2005, Fed Chair Alan Greenspan dismissed housing bubble fears—just two years before the subprime crash validated Burry’s famous “Big Short.”
• Today, he sees similar patterns with AI, noting that investors are extrapolating exponential growth, ignoring profitability concerns, and pouring money into AI companies.

Burry specifically flagged Nvidia and Palantir as examples of companies he believes are caught up in this speculative wave.

While Federal Reserve Chair Jerome Powell has argued that AI companies are “actually profitable” and “different” from past bubbles, Burry sees this as eerily reminiscent of Greenspan’s reassurances before the 2008 crisis.

The newsletter aims to provide in-depth analysis of what Burry considers an overheated market for AI, echoing his approach during previous market manias.