Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis.

Good afternoon. Today is Tuesday, November 4th, and I'm your host, Kim Khan. Our top story so far,

Michael Burry of Big Short fame, is now betting against the AI trade. Burry's hedge fund,

Cyan Asset Management,

has bought put options on 1 million shares of NVIDIA and 5 million shares of Palantir. As you heard on Wall Street Breakfast, Palantir is down more than 5% despite stellar Q3 numbers,

in what looks like to be evaluation worries. Invidia is off about 3%. Burry, who's best known for his prescient bet against the U.S. housing market,

ahead of the 2008 financial crisis,

also shared charts to bolster his thesis.

One showed a sharp slowdown in cloud growth at Amazon, Alphabet, and Microsoft.

Another revealed that the rise in U.S. tech capex growth

is now mirroring.com bubble levels.

Channeling Obi-1 Canobi, he wrote,

"'These aren't the charts you're looking for. You can go about your business.'

But Burry's bet drew the ire of Palantir's CEO, Alex Carp.

Carp said on CNBC the two companies he's shorting are the ones making all the money, which is super weird.

The idea that chips and ontology are where you want to short is bat-h-hick crazy.

He added, I do think this behavior is egregious, and I'm going to be dancing around when it's proven wrong.

Worries about AI valuations are weighing on the overall market, although stocks are off their opening lows.

The NASDAQ is the weakest among the major averages. Strategist Mark Andre Fongern says,

Have we gone too far too fast when it comes to AI?

Probably.

Is a healthy correction necessary?

...