
One More Euphoric Rally Before a Bigger Market Crash, Says Universa’s Spitznagel
Universa founder Mark Spitznagel says the AI boom may continue for a while, but after one more risk-on rally he expects a crash larger than any in living memory. His tail-hedging strategy, which buys out-of-the-money options to protect against extreme moves, has paid off in past crises, and he argues current leverage and hype around AI hyperscalers set the stage for a significant downturn. He also notes Michael Burry’s concerns but says timing may be off, and he plans to be the biggest bear in the coming months while awaiting the crash."







