Breaking: Michael Burry says the cracks are already showing

Here's where he sees them:

1. Private equity and private credit are "getting torn apart under the surface of the calm"

2. Private equity firms own insurance companies, and he says those insurers are "holding too many bad assets"

3. Those insurers lend a big share of the money building AI data centers

4. Data center projects are already running into delays

5. Companies are building their own small AI models using "whatever is cheapest, even Chinese open weight models"

This explains Burry's short position for MetLife. He holds $MetLife(MET.US) puts expiring in 2029