Nvidia stock is in a “bubble” and its rally is being driven by an “overhyped” AI technology, hedge fund Elliott Management has told investors in a letter seen by the Financial Times.

The hedge fund, which manages around $70 billion in assets, reportedly said that mega-cap tech stocks including NVIDIA Corporation (NASDAQ:NVDA) are in “bubble land,” voicing skepticism that the high-volume purchases of Nvidia’s graphics processing units by Big Tech companies will continue.