智通财经网·2025-11-11 12:13Core Viewpoint - Michael Burry, known for shorting the U.S. real estate market, warns about accounting practices in large tech companies, particularly regarding the artificial inflation of profits through extended asset lifespans [1][4]. Group 1: Accounting Practices - Burry highlights that major cloud computing and AI infrastructure companies are extending the useful life of assets to understate depreciation, which artificially boosts earnings [1]. - He estimates that this accounting adjustment could lead to a cumulative understatement of $176 billion in depreciation from 2026 to 2028 [1]. - Companies like Oracle and Meta are projected to inflate their profits by 26.9% and 20.8%, respectively, by 2028 due to these practices [1]. Group 2: Capital Expenditure Trends - Burry notes that large-scale data center operators are ramping up capital expenditures by purchasing Nvidia chips and servers, which typically have a 2-3 year product cycle [1][3]. - A chart shared by Burry shows that companies like Meta, Alphabet, and Oracle have gradually extended their reported equipment lifespans since 2020, with Meta's network equipment lifespan increasing from 3 years to 5.5 years by 2025 [2][5]. Group 3: Market Sentiment and Predictions - Burry has expressed caution regarding the AI hype, indicating that the current levels of capital expenditure in the tech sector are comparable to those seen during the 1999-2000 internet bubble [5]. - He has established bearish positions on Nvidia and Palantir, which constitute 80% of his fund's holdings, reflecting his skepticism about the sustainability of the AI-driven market rebound [4][5].