Nvidia(US:NVDA) 美股IPO·2025-11-27 03:38Core Viewpoint - Michael Burry criticizes Nvidia's internal memo as disappointing and filled with "straw man arguments," emphasizing that the real risk lies in the potential asset write-downs faced by Nvidia's customers due to rapid technological obsolescence [1][3][5]. Group 1: Burry's Critique - Burry continues to hold put options on Nvidia and Palantir, each valued at approximately $10 million, indicating his bearish outlook on these AI companies [5][12]. - He argues that Nvidia's memo misrepresents his criticisms, particularly regarding depreciation policies, stating that he never questioned Nvidia's own asset depreciation [7][9]. - Burry highlights the risk of asset write-downs for companies extending the useful life of AI chips, warning that rapid technological advancements could render these assets obsolete [9][10]. Group 2: Nvidia's Response - Nvidia distributed a seven-page memo to Wall Street analysts to counter criticisms, asserting that its accounting practices are robust and transparent, with no comparison to historical accounting frauds [14]. - The company claims that its customers typically depreciate GPUs over four to six years, aligning with actual usage, countering claims of a two to three-year lifespan [15]. - Nvidia refutes allegations of circular financing, stating that its strategic investments in Q3 amounted to $3.7 billion, a small fraction of its revenue, and calls such claims baseless [16]. Group 3: Market Context - Following Burry's warnings and the onset of earnings season, Nvidia's stock has declined approximately 14% from its peak on November 3, reflecting a shift in investor sentiment towards AI-related companies [5][13]. - The ongoing debate about whether AI represents a revolutionary advancement or a speculative bubble has intensified, with Palantir's stock also experiencing a 20% drop from recent highs [13].