智通财经网·2025-11-25 09:04Core Viewpoint - Michael Burry, known for his successful shorting of the U.S. subprime mortgage crisis, has launched a paid Substack service focusing on financial markets, expressing skepticism about the current AI hype, particularly targeting Nvidia [1][2]. Group 1: Transition from Asset Management to Paid Insights - Burry's Scion Asset Management officially terminated its registration on November 10, with plans to liquidate the fund and return capital to investors due to a prolonged divergence between market valuations and his assessments [2]. - Despite the fund's closure, Burry clarified he is not retiring and is instead focusing on a personal fund and his new Substack column titled "Cassandra Unchained," which has attracted over 21,000 subscribers at a monthly fee of $39 [2]. Group 2: Historical Parallels and AI Bubble Concerns - Burry compares the current AI boom to the late 1990s internet bubble, suggesting that investors are overly optimistic about exponential growth while ignoring profitability concerns [3][4]. - He highlights that major tech companies, including Microsoft, Google, and Nvidia, are committing nearly $3 trillion to AI infrastructure over the next three years, reminiscent of past speculative bubbles [4]. - Burry recalls past assurances from Federal Reserve officials, drawing parallels between current statements about AI profitability and previous reassurances about housing market stability before the subprime crisis [3][4]. Group 3: Short Positions and Accounting Critiques - Burry's Scion Asset Management has established short positions against Nvidia and Palantir, with the latter's short position being approximately $9.2 million, contrary to market rumors [5]. - He criticizes major cloud service providers for manipulating accounting practices by extending asset lifespans, potentially inflating reported profits by an estimated $176 billion from 2026 to 2028 [6]. - Burry questions Nvidia's recent earnings report, arguing that its supporters overlook the eventual exposure of accounting and economic realities [6]. Group 4: Diverging Opinions Among Business Leaders - The debate over whether an AI bubble exists has polarized top business leaders, with some, including OpenAI's CEO and Microsoft co-founder Bill Gates, warning of irrational exuberance similar to past tech bubbles [7]. - Conversely, optimistic leaders from hardware supply and core development sectors, such as Nvidia's CEO Jensen Huang, believe the current investment surge is driven by genuine technological demand [7]. - Figures like Meta's CEO Mark Zuckerberg and Amazon's founder Jeff Bezos maintain a cautious stance, acknowledging signs of market overheating while asserting that long-term value will materialize as technology progresses [7].