[tsycho]

Short the stock, go long the appropriate index.

eg: If you think NVDA is overvalued relative to the overall tech sector, you could short NVDA, go long QQQ.

And if you have a more opinionated trade in the same currency, eg: you think AAPL will be fine if the AI trade pops, you can do short NVDA, long AAPL.

Finally, an even more advanced version would be to go long on something else in the same sector, but which is less overvalued in your opinion. eg: Short ORCL, long NVDA.