As AI fervor reaches fever pitch among investors, some of Wall Street's sharpest minds are positioning for the opposite play. We caught up with three legendary short-sellers to dig into their contrarian thesis—why they're betting against the AI euphoria sweeping markets right now.

Their take? When sentiment gets this bullish, the downside risks compound fast. Whether it's valuation stretches, execution risks, or profit-taking triggers, these traders see cracks in the AI narrative that mainstream investors might be glossing over.

It's a classic cycle: massive institutional capital flows into hot narratives, retail FOMO kicks in, and then reality checks collide with expectations. The short playbook hasn't changed much—just the sector in focus.

For traders keeping score, the conversation raises a legit question: Is the AI bet already priced in, or are we still early in the hype cycle?