By Lloyd Lee, Theron Mohamed
Publication Date: 2025-11-26 11:19:00
Michael Burry has doubled down on his critique of Nvidia and other AI giants, and revealed he’s betting against both it and Palantir.
In a Tuesday post on his new Substack, the investor of “The Big Short” fame called out Nvidia’s recent memo to Wall Street analysts, saying it was responding to claims he didn’t make.
Burry, in a post titled “Unicorns and Cockroaches: Blessed Fraud,” wrote that he couldn’t believe Nvidia’s responses had come from the world’s most valuable public company. He said the document contained “one straw man after another” and the memo “almost reads like a hoax.”
The market veteran, who recently closed his hedge fund to outside cash and turned his focus to writing, said he’d never suggested Nvidia was dragging out the depreciation of its property, plant, and equipment (PP&E), as it’s primarily a chip designer with minimal capital expenditures, not a manufacturer.
“No one cares about Nvidia’s own depreciation,” he said. “One straw man burnt.”
Burry also dismissed Nvidia’s argument that its older-generation chips are still being used, saying his concern is that newer chips could become functionally obsolete between 2026 and 2028.
“I am looking forward because I see problems that are relevant to investors today,” he wrote. “A second straw man burnt.”
Burry added that Nvidia’s rebuttal to him was “disingenuous on the face, and disappointing.”
He disclosed in his latest post that he’s placed wagers against the chipmaker and another…
