“Stocks are not up or down because of jobs or consumer sentiment. They are going straight up because they have been going straight up. On a two letter thesis that everyone thinks they understand... Feeling like the last months of the 1999-2000 bubble.”

Burry compared the Philadelphia Semiconductor Index's run (up ~65% in 2026 at the time) with the run-up into the March 2000 top; as of late September 2026 the S&P 500 and Nasdaq were still setting records, with no bubble peak yet identifiable.