Is there really an AI bubble brewing? In this week’s AI Update, David Lykken and Pavan Agarwal dive deep into Michael Burry’s latest warning—drawing parallels to The Big Short while unpacking how today’s AI economy fundamentally differs from the 2008 mortgage meltdown. From NVIDIA’s massive chip-driven valuations to how depreciation schedules distort corporate earnings, Pavan breaks down what’s real risk, what’s market noise, and why the underlying infrastructure of AI is still a powerful long-term play. The conversation highlights what mortgage and fintech leaders should watch in OpenAI’s revenue trajectory, where corrections could emerge, and why the U.S.-built data center boom may be the biggest story of all.