"这就像电影里的情节，"Burry引用自己在《大空头》中的名言，"我可能早了，但没错。"他承认自己在互联网泡沫和房地产泡沫中都有过早入场 的先例，但他认为当前的AI热潮与当年的"数据传输泡沫"如出一辙。目前，他通过新开设的通讯栏目"Cassandra Unchained"向投资者阐述这一宏 大叙事，警告泡沫破裂只是时间问题。 这位曾准确预测次贷危机的投资者与全球市值最高公司的论战在近期显著升级。Burry不仅公开披露了做空仓位，更猛烈抨击英伟达为回应质疑而 发布的内部备忘录，称该文件充斥着"稻草人论证"，读起来"像个骗局"。他直言不讳地指出，真正的风险被掩盖了——随着技术迭代加速，英伟 达客户的巨额资本支出面临着未来的资产减记风险。 根据11月3日披露的信息，Burry通过买入看跌期权的方式做空这两家公司，这笔押注目前的成本约为1000万美元。如果市场如他所料发生剧烈崩 盘，这笔投资的潜在回报可能超过10亿美元。 电影《大空头》原型Michael Burry再次站在了华尔街主流共识的对立面，这一次，他的目标是支撑美股牛市的AI双雄——英伟达和Palantir。Burry 坚信市场已脱离现实，AI行业正在形成类 ...

"大空头"和英伟达之间的回合战正在升级。《大空头》电影原型Michael Burry再度将矛头指向英伟达，称其为 回应自己批评而向华尔街分析师分发的一份内部备忘录"令人失望"，并充斥着"一个接一个的稻草人论证"。 11月26日周二，Burry在其新开设的Substack博客平台发文写道，自己"不敢相信"这些回应出自全球市值最高 的上市公司之手，并称该文件"读起来几乎像个骗局"。 | Y26Q3 Earnings Responses Nvidia ... ~ | Claim: NVIDIA is depreciating FPSE more slowly than peers, indicating that depreciation expense is understated; if properly reported, depreciation would be higher and net income would be lowia . | | --- | --- | | | Response: First, NVIDA discloses useful its estimates consistien ...

Core Viewpoint - The ongoing conflict between Michael Burry, known as the "Big Short," and NVIDIA is intensifying, with Burry criticizing NVIDIA's internal memo as disappointing and filled with straw man arguments [1][3]. Group 1: Burry's Critique - Burry claims that NVIDIA's memo misrepresents his criticisms, addressing points he never made, particularly regarding the company's depreciation policies [5]. - He emphasizes that he has never questioned NVIDIA's fixed asset depreciation policy, stating that the company is primarily a chip designer with minimal capital expenditure [5]. - Burry warns that the rapid technological advancement in AI chips could lead to significant asset write-down risks for companies extending depreciation periods [8]. Group 2: Market Reaction and Positioning - Following Burry's criticisms, NVIDIA's stock has declined approximately 14% from its peak on November 3, indicating a shift in investor sentiment towards AI-related companies [2][11]. - Burry continues to hold put options against NVIDIA and Palantir, signaling his bearish outlook on these AI companies [3][10]. - The market has shown increased scrutiny of AI companies, with Palantir's stock also dropping 20% from recent highs, despite significant year-to-date gains [11]. Group 3: NVIDIA's Defense - In response to the criticisms, NVIDIA distributed a seven-page memo to Wall Street analysts, aiming to refute allegations of accounting fraud and circular financing [12]. - The company asserts that its depreciation practices align with industry standards, with customers typically depreciating GPUs over 4-6 years [14]. - NVIDIA emphasizes its leading position in the AI market, claiming to be the only company capable of running all AI models across various computing scenarios [12].