{"slug": "the-ai-skepticism-map", "title": "The AI Skepticism Map", "summary": "Short interest across AI-related stocks has risen 24% in the last quarter, with GPU data center and neocloud companies facing the heaviest bearish bets at a median 16.8% of float shorted. The skepticism is concentrated in smaller AI firms like SoundHound AI (36.3% short) and C3.ai (32.2% short), while hyperscalers and NVIDIA remain lightly shorted at 1.1% and 1.2% respectively. The data indicate the market is not broadly fatigued with AI but is specifically doubting companies that depend on future capital access and demand, while betting on memory and infrastructure as critical supply constraints.", "body_md": "With Michael Burry 1 & Leopold Aschenbrenner\n\nWe can look at the percentage of shares sold short, a bet the stock will decline.\n\nAcross all software, semiconductor, neocloud, data center, & hyperscalers, the median short interest (short shares / total shares) has increased by about 24% in the last quarter.\n\nOne segment stands out for gloomy skies in the cloud: the GPU data center businesses, whose shorted shares have grown 60% in the last year 3. AI cloud and neocloud companies have the highest current median short interest at 16.8% of float.\n\nThe negative sentiment for SaaS & Dev Tools is a more abrupt & recent phenomenon. Developer tools and infrastructure software follow at 9.5%. Enterprise SaaS and AI apps sit at 8.9%.\n\nHyperscalers are at the other end of the spectrum. Their median short interest is 1.1%. NVIDIA, the defining AI infrastructure stock, is also lightly shorted: 1.2%.\n\nSemiconductor stocks saw a decrease in short-selling. With memory makers like Micron up 742% this year 4, & many ecosystem CEOs pointing to memory & storage as the limiting factor, the newest trillion-dollar companies are all memory.\n\nThe stocks with the most actively bearish betters? Most of these are small or mid-cap companies. The updated chart below adds market capitalization to each company label. The largest AI winners are mostly absent.\n\nSoundHound AI is 36.3% short. C3.ai is 32.2%. BigBear.ai is 29.4%. Applied Digital is 28.0%. UiPath is 22.0%. TeraWulf is 21.3%.\n\nThis is the market’s current AI skepticism map.\n\nThe skepticism is concentrated in companies whose AI exposure still depends on future capital access, future demand, or future operating leverage.\n\nThat distinction matters. If short interest were rising uniformly across AI semiconductors, hyperscalers, and software, the message would be broad fatigue with the AI trade. Instead, the data suggest a more specific view: memory has become critical & in short supply; software & devtools businesses need to prove their worth post-AI; & businesses reselling GPUs have more than their fair share of doubters about current prices versus long-term value.", "url": "https://wpnews.pro/news/the-ai-skepticism-map", "canonical_source": "https://www.tomtunguz.com/ai-shorts/", "published_at": "2026-06-01 00:00:00+00:00", "updated_at": "2026-06-03 13:06:22.616728+00:00", "lang": "en", "topics": ["artificial-intelligence", "ai-infrastructure", "ai-chips", "ai-startups", "ai-products"], "entities": ["Michael Burry", "Leopold Aschenbrenner", "NVIDIA", "Micron", "SoundHound AI", "C3.ai", "BigBear.ai", "UiPath"], "alternates": {"html": "https://wpnews.pro/news/the-ai-skepticism-map", "markdown": "https://wpnews.pro/news/the-ai-skepticism-map.md", "text": "https://wpnews.pro/news/the-ai-skepticism-map.txt", "jsonld": "https://wpnews.pro/news/the-ai-skepticism-map.jsonld"}}