Michael Burry, hedge fund manager of “The Big Short” fame, is calling the top in two of the stock market’s favorite plays — and somewhat contradicting himself in the process. Burry’s Scion Asset Management has bought put options covering 5 million shares of Palantir a trade valued at about $912 million,

Michael Burry, the investor who famously predicted the subprime-mortgage bubble bursting two decades ago, is betting that two stocks at the heart of the artificial-intelligence trade are set for a fal...