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Core Viewpoint - Michael Burry, the figure behind "The Big Short," warns that the Federal Reserve's resumption of short-term Treasury purchases highlights the fragility of the U.S. banking system and expresses concerns about the alignment of actions between the Fed and the U.S. Treasury [1][3]. Group 1: Federal Reserve Actions - Burry indicates that the Fed's decision to restart purchasing short-term Treasury bonds, estimated at $35 billion to $45 billion monthly, signals increasing dependency of the banking system on Fed support [3]. - He emphasizes that without the Fed's support of over $3 trillion in reserves, the U.S. banking system would struggle to operate, marking a rapid decline in the system's strength compared to previous years [3]. - The Fed's recent end to quantitative tightening, which saw a reduction of approximately $2.4 trillion in its balance sheet since 2022, coincides with rising volatility in the $12 trillion repo market [4]. Group 2: Concerns Over AI Sector - Burry warns that the most popular trades in the U.S. stock market, particularly in the AI sector, are brewing a crisis, specifically targeting OpenAI, which he believes is destined to fail [6]. - He compares OpenAI to Netscape, suggesting that the company is burning cash rapidly and will not meet its financial needs despite raising $60 billion [6]. - Burry has also criticized Nvidia, indicating concerns over its GPU inventory and the sustainability of its AI infrastructure spending [7]. Group 3: Market Reactions - Recent market movements show a significant drop in tech stocks, with Oracle falling over 11% and Nvidia nearly 2%, amid fears of an AI valuation bubble [2]. - British pension funds are reducing their exposure to U.S. stocks due to concerns over the AI sector's inflated valuations, managing over £200 billion in assets [8]. - The European Central Bank and the International Monetary Fund have echoed warnings about the high valuations of U.S. tech stocks, suggesting that a shift in market sentiment could pose significant risks [9].