Sou Hu Cai Jing·2025-11-13 08:51Core Viewpoint - Michael Burry, a well-known investor who accurately predicted the subprime mortgage crisis, has raised concerns about the AI sector, alleging that major U.S. tech companies are artificially inflating profits through aggressive accounting practices [1][3]. Group 1: Accounting Practices - Burry pointed out that cloud computing and AI infrastructure giants, including Meta, Oracle, Microsoft, Amazon, and Google, are extending the depreciation periods of chips and servers to artificially lower annual depreciation costs, thereby exaggerating profit performance [3]. - He emphasized that this practice is one of the "most common financial fraud techniques" in modern financial reporting, with some companies extending equipment depreciation periods to six years despite actual product lifespans of only two to three years [3]. - Burry estimated that the AI industry could see an inflated profit of up to $176 billion due to underestimated depreciation from 2026 to 2028, specifically highlighting that Oracle and Meta's profits could be overestimated by approximately 27% and 20%, respectively, by 2028 [3]. Group 2: Market Reactions - Following Burry's statements, Nvidia and Palantir experienced significant market volatility, reflecting increasing investor disagreement over AI valuations [7]. - SoftBank's recent liquidation of Nvidia shares, cashing out $5.8 billion, has further fueled speculation that the AI boom may be peaking [7]. - A report from Bank of America indicated that the market is severely underestimating the future growth potential of depreciation expenses for tech giants, with Google, Meta, and Amazon potentially underestimating depreciation expenses by nearly $16.4 billion by 2027 [7]. Group 3: Future Developments - Burry has committed to revealing more details on November 25, indicating that the controversy surrounding the "wealth myth" of AI is still evolving [7].