Nvidia(US:NVDA) 华尔街见闻·2025-11-27 07:54Core Viewpoint - The ongoing conflict between Michael Burry, known as the "Big Short," and Nvidia highlights concerns over the AI industry's potential bubble and the company's accounting practices [1][3][12]. Group 1: Burry's Critique - Burry criticized Nvidia's internal memo as disappointing and filled with "strawman arguments," claiming it misrepresented his criticisms [1][3]. - He emphasized that he never questioned Nvidia's depreciation policy, arguing that as a chip design company, its capital expenditure is minimal, making depreciation irrelevant [4][5]. - Burry's focus is on the future obsolescence of new chips, suggesting that they may become functionally outdated between 2026 and 2028 [4][5]. Group 2: Accounting Practices and Risks - The core of Burry's argument revolves around the accounting practices of AI companies, particularly regarding the depreciation policies of hyperscalers that purchase AI chips [7]. - He warned that extending the useful life of chips and servers for accounting purposes could misrepresent profits and asset values, especially given the rapid technological advancements in AI [7]. - Burry referenced Microsoft CEO Satya Nadella's comments about slowing down data center construction due to concerns over overbuilding for a generation of AI chips [7]. Group 3: Market Context and Positioning - Burry disclosed that he continues to hold put options against Nvidia and Palantir, indicating his bearish outlook on these AI companies [3][10]. - His asset management firm, Scion Asset Management, reported holding put options with a nominal value of $1.1 billion, but the actual cost was approximately $10 million each, providing a clearer picture of his investment scale [10]. - The market has shown increased scrutiny of AI-related companies, with Nvidia's stock dropping about 14% since its peak on November 3, reflecting changing investor sentiment [3][10]. Group 4: Nvidia's Defense - In response to criticisms, Nvidia distributed a seven-page memo to Wall Street analysts, addressing allegations of accounting fraud and AI bubble concerns [12][13]. - The memo clarified that Nvidia's business is economically sound, with transparent reporting that does not compare to historical accounting fraud cases [12]. - Nvidia defended its depreciation practices, stating that customers typically set the depreciation period for GPUs at 4 to 6 years, aligning with actual usage [13].