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Michael Burry Launches Paywalled 'Cassandra Unchained' Critiquing the AI Boom and Nvidia

After deregistering Scion, the Big Short investor is using essays to argue AI’s buildout shows dot-com-style excess.

Overview

  • Burry introduced the Substack with two initial posts, including a personal retrospective and an essay titled “The Cardinal Sign of a Bubble: Supply-Side Gluttony.”
  • He contends today’s AI cycle mirrors the dot-com era’s overinvestment, warning of overbuilt supply relative to demand.
  • Burry labels Nvidia the modern-day Cisco at the center of the infrastructure buildout, citing parallels to the 2000 crash.
  • He has separately accused major tech companies of understating depreciation on computing hardware, which he says inflates reported earnings.
  • The newsletter, priced at $379 per year, was unveiled on X as he pivots from his now-deregistered Scion Asset Management to writing as his primary focus.