Many on Wall Street are asking themselves if the market is getting too high and waiting for a bubble to burst. The S&P 500 index closed at a new all-time high earlier this month, and despite falling last week, the Wall Street index is still up more than 9% year-to-date. The Nasdaq Composite Index has also risen more than 9% since the beginning of the year. However, the profits are concentrated in the “Magnificent Seven'' led by Nvidia, whose stock price has skyrocketed since last year on the back of buzz around artificial intelligence. Many more AI-related stocks are also surging, including super micro computers. Paul Meeks, co-chief investment officer at Harvest Portfolio Management and a veteran tech investor, said the role of AI infrastructure in enabling the building of large-scale language models “has legs,” adding that for example He cites Nvidia and Advanced Micro Devices as examples. But on the other hand, there are some “dangers” in AI plays, he told CNBC Pro. He compared this moment to the dot-com era, when the Internet bubble burst, saying, “There were some success stories. Amazon was created, Alphabet was created, Meta was created. But the Internet Most of the companies that have products, “They went bankrupt.'' You see the same thing here. There will be some big winners, but many of these companies… [have] “Today's AI story is going to break.'' Meeks has shorted some AI stocks and is looking for more stocks, so the AI ​​story is going to break. “We're unfairly inflating the prices of companies pretending to be AI, many of which are developing AI-based apps that are unproven and may not be very profitable.” he added. Tracking apps SoundHound, BigBear.ai, and C3.ai. SoundHound is up about 300% since the beginning of the year, while BigBear.ai is up 10% and C3.ai is down 1.5% over the same period. “31% compared to a year ago. I have short-sold the first two and am profiting from that trade,” he said, adding, “I have successfully short-sold BBAI and SOUN, and their stocks All things even remotely related to AI are on the rise, but those are “shitty companies.” ADBE's disappointing quarterly outlook released last night provided further evidence of where the revenue growth lies in the AI ​​space. “Based on my contrarian AI investment theory, I'm looking for more stocks to short,” he said.