“大空头”炮轰科技巨头诈欺：人为低估折旧抬高利润，甲骨文盈利或被夸大26.9%、Meta夸大20.8%，情况可能更差

Core Viewpoint - Legendary hedge fund manager Michael Burry has raised concerns about major tech companies underestimating depreciation by artificially extending the useful life of assets, labeling it as one of the most common frauds in modern finance [1][3]. Group 1: Depreciation Concerns - Burry highlights that tech companies are significantly increasing capital expenditures to purchase NVIDIA chips and servers to expand computing power, with typical product cycles lasting only 2 to 3 years, yet some companies are extending depreciation periods to 6 years [3]. - Major tech firms like Meta and Oracle are reportedly engaging in this practice, leading to an estimated underestimation of depreciation by $176 billion from 2026 to 2028 [3]. - Burry estimates that by 2028, Oracle's earnings could be overstated by 26.9% and Meta's by 20.8%, indicating a potentially more severe situation [3]. Group 2: Market Predictions - Prior analysis by Bank of America analyst Justin Post indicated that capital expenditures for Alphabet, Meta, and Amazon are expected to rise significantly in 2024 and 2025, which will likely accelerate depreciation expenses post-2026 [3]. - By 2027, it is projected that the depreciation expenses for these three companies could be underestimated by nearly $16.4 billion, suggesting that their actual profitability may be far below current market consensus [3].