By Kelsey Vlamis, Theron Mohamed, Max Adams
Publication Date: 2025-11-24 23:37:00
Nvidia is pushing back after investor Michael Burry of “The Big Short” fame took aim at the company.
A note Nvidia sent to a Wall Street analyst, a copy of which was obtained by Business Insider, addresses a spate of recent criticisms and claims made about the company and names Burry directly. It specifically cited an X post Burry made last week that said Nvidia’s stock-based compensation had hurt shareholder value, “reducing owner’s earnings by 50%.”
The memo offered this direct response to Burry’s claims:
“Nvidia repurchased $91B shares since 2018, not $112.5B; Mr. Burry appears to have incorrectly included RSU taxes. Employee equity grants should not be conflated with the performance of the repurchase program. Nvidia’s employee compensation is consistent with that of peers. Employees benefiting from a rising share price does not indicate the original equity grants were excessive at the time of issuance.”
Burry has recently gained attention online for going after the AI giant and expressing skepticism about the sustainability of the AI boom. He recently closed his hedge fund, Scion Asset Management, to outside cash, and launched a newsletter.
He continued his criticism of Nvidia in the first blog posted to his new Substack, “Cassandra Unchained,” which launched on Sunday.
In an X post on Monday, Burry acknowledged Nvidia pushing back on his arguments in the memo to analysts, adding, “I stand by my analysis. Obviously, the full analysis does not fit…
