Fred Hickey Declared the AI Bubble Was "Starting to Pop." Nvidia Up 85% Since His Put Bets.

Legendary tech analyst Fred Hickey, after decades of spot-on calls in the sector, went all-in bearish on Nvidia in early February 2026. He proclaimed the AI bubble was popping and loaded up his largest-ever put options against the chip giant, betting on a collapse. Wall Street held its breath.

Two months later? Nvidia hit $184, with analysts now setting $275 price targets. The stock has recovered from its Feb lows and continues to defy gravity as enterprise AI demand shows no signs of slowing. Hickey's puts? Losing money daily. Sometimes even the best forecasters just pick the wrong tech cycle.