AI stocks are the hottest trades on Wall Street again. They're also among traders' favorite stocks to bet against.

Wall Street regained its risk appetite this week thanks to easing U.S.-China tensions, soft inflation data, and a slew of deal announcements out of President Trump's Middle East tour. The Cboe Volatility Index (VIX), sometimes called “the fear index,” dropped below 20 for the fi🐈rst time since March on Monday and has🐻 held steady since then.

AI stocks like Nvidia (NVDA), Palantir (PLTR) and Advanced Micro Devices (AMD) ha☂ve been among the biggest beneficiaries of investors' subsiding fear. But with stock gains comes speculation that the rally won't last, and thus more interest from active traders, like hedge funds, looking for o🐻pportunities to profit from pullbacks.

Among the stocks least loved by active traders is SoundHound AI (SOUN). Traders have sold short about $1.2 billion of the Nvidia-backed company’s stock, compared with just $340 million of long positions, according to data from market research firm S3 Partners. 

Another notable name: Super Micro Computer (SMCI), shares of which have soared about 40% this week amid a blistering AI rally. The total value of Supermicro short positions exceeds long positions by more than half a billܫion dollars. 

In dollar terms, SoundHound and Supermicro skew short more than most stocks. But relative to their size, these two stocks have more bullish support than some other hot stocks. Traders have sold short five times as much Rigetti Computing (RGTI) stock as they’ve bought long. Two more quantum computing stocks—IonQ (IONQ) and D-Wave Quantum (QBTS)—have short-to-long ratios exceeding 2:1. 

Other stocks in which short positions are about double long positions include Plug Power (PLUG), Trump Media & Technology (DJT), and GameStop (GME).