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Michael Burry, best known for calling the 2008 crash, is now targeting mega-cap AI names like Meta, Oracle, Microsoft, Amazon, and Google, arguing they're understating depreciation on rapidly aging compute infrastructure. He estimates earnings could be overstated by as much as $176B from 2026-2028, with Oracle and Meta among the biggest offenders. He is expressing his short positions by owning put options on Nvidia (NASDAQ:NVDA) and Palantir Technologies(NASDAQ:PLTR).
Growth stocks have pulled back sharply, while value names and mega caps have kept the broader market afloat. Speculative tech and small caps are down 20-30% from their highs, yet the largest firms remain near record levels.
Analysts say this is a sign of narrowing leadership, not a full market breakdown. When volatility rises, capital flows back into profitability and balance sheet strength… a trend that could persist if rates stay elevated into 2026.
The bulk of Q3 reports are behind us, but Nvidia (NVDA) looms next week. It's the final test for AI momentum as investors look for signs of datacenter demand reacceleration and stronger gross margins.
Source: EarningsHub.com
If Nvidia delivers another blowout quarter, Burry's timing might look early once again. But if guidance softens or inventory builds show up, it could validate his warning that AI optimism has gotten ahead of itself.
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Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.
