I don’t recall saying anything about retail money. There are many things at play- short squeezing, gamma squeezing, retail buying, trend based algo buying. Trying to attribute a move to any one thing is folly because it’s never one thing.

But, when you get mass hysteria around a certain asset class and frenzied buying with the expectation said asset will just keep going up without regard for the fair value (in this case heavily shorted stocks), that’s a bubble. Just because you’re a large institutional buyer doesn’t make you immune from participation.