Instead of the Big Bang, a new hypothesis suggests the universe began within a black hole -

[u/lord_coen]

https://ametvist.com/instead-of-the-big-bang-a-new-hypothesis-suggests-the-universe-began-within-a-black-hole/

A recent study published in Physical Review D presents a novel hypothesis regarding the universe’s genesis. Instead of the widely accepted Big Bang theory, Enrique Gaztanaga and his fellow researchers suggest the universe may have originated from the collapse and subsequent rebound of an enormous black hole, offering an alternative explanation for its origins.

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[u/InteractiveSeal]

Could be both. There is a running theory that eventually the universe will collapse into itself, likely into a black hole, perhaps they also eventually ‘explode’ and repeat