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Paul Singer's Elliott Management bets against Nvidia after calling it a 'bubble' and saying AI is 'overhyped'

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Billionaire investor Paul Singer 's firm bought put options last quarter on 1.45 million Nvidia shares with a notional value of about $195 million .

The activist-investing specialist told clients last year that Nvidia was in a "bubble" and AI was "overhyped " - Elliott had " at least $600 million in downside exposure" to the chip maker, one analyst said.