A warning that the AI boom looks overvalued, and that calm credit markets may be giving investors a false sense of safety.

• Credit markets look relaxed about AI spending, but that same calm showed up right before the 2008 crash.
• Those markets have been wrong before, so a quiet warning signal today is not proof things are fine.
• At some point a big cloud company is expected to cut back its AI spending, and the rest of the tech industry will copy it since they mostly follow each other.
• Michael Burry, famous for calling the 2008 crash, is betting against this — though he tends to be right too early, which often looks like being wrong.

Outlook: Expect growing doubt about AI valuations, with a pullback in spending by one major player likely to trigger others.