'Big Short' investor Michael Burry defends his calls for a stock market bubble and predicts a 'Netscape fate' for OpenAI

Core Viewpoint - Michael Burry expresses skepticism about the sustainability of the AI boom, particularly targeting OpenAI, and draws parallels to the dot-com bubble, suggesting that the company is financially troubled and overvalued [1][2][3]. Company Analysis - OpenAI is compared to Netscape, indicating that it may be on a path to financial distress and significant cash losses, similar to the fate of Netscape during the dot-com bust [2]. - Burry criticizes Microsoft's financial support of OpenAI, suggesting that it is attempting to keep the company afloat while extracting intellectual property, and questions the rationale behind continued funding despite the company's cash needs [3]. Industry Insights - Burry's critique extends to Nvidia, where he has taken a short position, alleging that the company is warehousing GPUs in large quantities, which raises concerns about its operational transparency [4]. - The AI industry is perceived as needing a substantial initial public offering (IPO) of $500 billion to stabilize, indicating a potential overvaluation and unsustainable growth trajectory [3]. Market Commentary - Burry defends his previous bearish market predictions, referencing past warnings about meme stocks and inflation, which he claims have been validated by subsequent market corrections [5]. - He highlights a previous prediction regarding the regional banking crisis, asserting that his historical calls have proven accurate, and criticizes the scrutiny he has faced from reporters [6].