Normally you use present continuous we are ...ing to describe an ongoing situation. For a small number of verbs called stative verbs, we can use present simple to describe an ongoing situation that will continue for the foreseeable future.
think is a stative verb, so if there were situation where "you are correct" is my opinion now, and is likely to be for the foreseeable future, I would say:
I think that you are correct
live can be a stative verb, for example it is when used to describe the place where you live:
I live in Egypt
It can also be non-stative if you want to talk about a temporary situation:
I am living in Egypt at the moment.
If we assume that these parallel universes have existed for ever and always will do, we can use the word live in a stative way.
If this theory about parallel universes is correct, it means that we live in more than one universe at the same time.
Note that, as I have said, live can also be non-stative so the other version also makes sense, but might suggest that it's some kind of temporary arrangement.
Note also that a university is not the same thing as a universe :-)