The Bears Send Some Tech Super-Stocks Down…Temporarily

WASHINGTON, DC – SEPTEMBER 13: X/Tesla CEO Elon Musk (L) and Palantir CEO Alex Karp attend the “AI Insight Forum” in the Kennedy Caucus Room in the Russell Senate Office Building on Capitol Hill on September 13, 2023 in Washington, DC. Lawmakers are seeking input from business leaders in the artificial intelligence sector, and some of their most ardent opponents, for writing legislation governing the rapidly evolving technology. Photo by Chip Somodevilla/Getty ImagesCommentaryThe correction in selected tech stocks last Tuesday stemmed from big bets by some bears. The news came out then that Michael Burry’s Scion Asset Management placed bearish bets on Nvidia (NVDA) and Palantir Technologies (PLTR) via put options. The news is good on both stocks, so I look forward to “squeezing” Michael Burry, since I have great confidence on those two stocks.