NVIDIA Corporation’s (NASDAQ:NVDA) market valuation is “a textbook story of a Big Market Delusion,” according to Rob Arnott, the founder of Research Affiliates LLC.

Speaking to Bloomberg, Arnott warned that Nvidia’s lofty valuation may become a bigger problem for the whole market than some think it is.

“Overconfident markets paradoxically transform brilliant future business prospects into even more brilliant current stock price levels,” Arnott wrote in his research note to clients, according to Bloomberg.

While highlighting that NVDA shares trade at around 110 times earnings, Arnott says that “Nvidia is today’s exemplar of that genre: a great company priced beyond perfection.”

Along these lines, “it’s very possible” that Nvidia stock selloff could bring down the entire market.

Nvidia is not “too big to fail,” it’s “too big to succeed,” he added.

“The risk that we’re wrong, that Nvidia’s off to incredible things and will go up another 10-fold in the coming 10 years is possible,” he said. “I would say it’s not plausible, and therefore I’m comfortable calling it a bubble.”

Nvidia shares are up 232% year-to-date.