Xin Lang Cai Jing·2025-11-25 09:16Core Insights - Michael Burry, known for his successful shorting of the U.S. subprime mortgage crisis, has launched a paid Substack service focusing on financial markets while expressing skepticism about the current AI hype [1][2] - Burry's Scion Asset Management has officially terminated its registration, interpreted as a rational exit from a high-valuation market, although he clarified he is not retiring and is managing a personal fund [1] - Burry draws parallels between the current AI boom and the 1990s internet bubble, suggesting that history is repeating itself [2] Company and Industry Analysis - Burry's first article on his Substack discusses his early investment interests and compares the current AI hype to the internet bubble, indicating a potential overvaluation in the market [2] - Major tech companies, including Microsoft, Google, Meta, Amazon, and Oracle, are projected to invest nearly $3 trillion in AI infrastructure over the next three years, with Nvidia positioned as a central player in this trend [3] - Burry criticizes the current investment climate for ignoring profitability concerns and overestimating growth potential based on the assumption that technology will reshape the economy [3] - Burry has established short positions against Nvidia and Palantir, with a clear stance against Nvidia's accounting practices, which he believes may inflate reported profits [4] - He estimates that accounting maneuvers by cloud service providers could understate depreciation expenses by approximately $176 billion from 2026 to 2028, leading to inflated profits across the industry [4] - The debate over whether an AI bubble exists has polarized business leaders, with some warning of irrational exuberance while others, including Nvidia's CEO Jensen Huang, remain optimistic about the technological revolution driving real demand [5]