By Shannon Carroll
Publication Date: 2025-11-25 20:16:00
Famed investor and housing-crisis-predictor Michael Burry has spent the past month conducting a kind of financial séance, calling up the ghosts of past bubbles and watching them arrange themselves neatly around Nvidia. He isn’t arguing that the company is weak — the numbers are far too good for that — but that its place in the AI boom has taken on a familiar glow, the kind that once surrounded Cisco when everyone decided the future would be built in one straight line.
The latest 13F for Burry’s Scion Asset Management showed put options on 1 million Nvidia shares — a bearish notional bet of about $187 million — before he shut the fund and deregistered it with the SEC in mid-November. Then, in his recently launched Substack, the $39-a-month Cassandra Unchained — a name somewhere between bloated prophecy and punchline — Burry labeled the AI boom a “glorious folly.”
In his post titled “The Cardinal Sign of a Bubble: Supply-Side Gluttony,” Burry reached back to the dot-com era and pointed to its standout cautionary tale. “And once again there is a Cisco at the center of it all, with the picks and shovels for all and the expansive vision to go with it. Its name is Nvidia,” he wrote — a comparison that carries weight, given Cisco lost almost 90% of its value when that boom finally broke.
On X and in follow-up posts, Burry has started to look at the places where he sees the story straining: depreciation schedules stretched past economic reality;…
