Michael Burry’s Latest Bet Highlights Growing Concern of Melt-Up

Technology megacaps have pushed benchmark indexes to new records this month while the rest of the market is lagging behind. Traders can be forgiven for feeling like they’ve seen this movie before.

What makes this setup different is the velocity with which the market leaders have advanced, creating pockets of exuberance and widening the gap with a slew of other stocks that have yet to recoup losses from the Iran war.