“大空头”：英伟达掉下神坛只是时间问题

Core Viewpoint - Michael Burry, a well-known short-seller, warns of an impending long-term downturn in the tech sector, particularly criticizing the current AI bubble and the excessive spending on data centers and microchips that will soon become obsolete [4][6]. Group 1: Investment Risks in AI - Burry highlights that major data center operators like Microsoft and Alphabet are wasting vast amounts of capital on technology that will soon be standardized, leading to no competitive advantage [6][7]. - He compares the current situation to a historical example involving a department store that invested in escalators, which did not yield lasting benefits, indicating that many AI facilities will face similar outcomes [7]. - Burry predicts a decline or stagnation in employment within the tech industry, suggesting a prolonged period of economic downturn [8]. Group 2: Critique of AI Companies - Burry criticizes Nvidia and Palantir, claiming that the market has a fundamentally flawed view of these companies, which he believes are overvalued and will eventually see significant declines [8][9]. - He describes Nvidia as a power-hungry, outdated solution that will struggle to maintain its position as competitors enter the market with more innovative approaches [8][10]. - Burry also points out that Palantir's CEO's defensive stance regarding Burry's short position indicates a lack of confidence in the company's future [9][10]. Group 3: Surprising Developments in AI - Burry expresses surprise that Google has faltered, allowing less competitive firms to seize opportunities in the AI space [11][12]. - He notes that OpenAI's ChatGPT has sparked a multi-trillion-dollar infrastructure race, likening it to a global investment frenzy in robotics [13][14]. - Lastly, he expected more energy-efficient chips to be prevalent by now, yet Nvidia continues to dominate the market [14].