Nvidia(US:NVDA) 财富FORTUNE·2025-11-27 13:05Core Viewpoint - Michael Burry expresses concerns about the current AI hype, comparing it to the late 1990s internet bubble, particularly highlighting Nvidia as a potential indicator of an impending industry bubble burst [2][3]. Group 1: AI Hype and Nvidia - Burry labels the current AI trend as a "brilliant absurdity," identifying Nvidia as a central player in this bubble, akin to Cisco during the internet bubble [2]. - He draws parallels between the tech giants of the past, such as Microsoft and Cisco, and today's AI leaders, which he refers to as the "five knights": Microsoft, Google, Meta, Amazon, and Oracle [2]. - Nvidia's market capitalization has surged to approximately $5 trillion, making it the highest-valued company globally, raising concerns about its inflated valuation [5]. Group 2: Historical Comparisons - Cisco's stock price skyrocketed by 3,800% from 1995 to 2000, reaching a market cap of about $560 billion before crashing over 80% at the turn of the century, which Burry believes is a historical pattern repeating itself with Nvidia [3]. - Burry's hedge fund, Scion Asset Management, purchased over $1 billion in put options against Nvidia and Palantir, indicating skepticism about their future performance [4]. Group 3: Industry Dynamics - Concerns are raised about the interconnected financing among AI companies, with Nvidia committing significant investments to firms like OpenAI and Anthropic, creating a cycle of funding that may inflate valuations further [5]. - Nvidia's CFO refutes Burry's claims regarding the lifespan of its chips, asserting that their hardware is durable and efficient due to the CUDA software system [5]. - CEO Jensen Huang counters bubble concerns by stating that the company has not yet allocated any actual funds and that planned investments represent a small fraction of its revenue, emphasizing a long-term growth cycle in computing technology [6].