Michael Burry, the investor made famous by The Big Short for predicting the 2008 housing crash, has shuttered his hedge fund and debuted a paid Substack newsletter. Burry, a noted skeptic of the current AI frenzy, used his new platform to go after Nvidia and the broader tech boom, drawing parallels to the excesses of the dot-com era, Reuters reports. Burry argues that the current wave of spending on AI infrastructure—nearly $3 trillion over the next three years, driven by giants like Microsoft, Google, Meta, Amazon, and Oracle—shows all the hallmarks of a bubble.
"Once again there is a Cisco at the center of it all ... Its name is Nvidia," Burry wrote, likening the chipmaker's role in the AI boom to Cisco's during the dot-com era. His newsletter, "Cassandra Unchained," has quickly attracted more than 21,000 subscribers at $39 a month, with Burry promising regular updates on his market outlook. Per Business Insider, "Cassandra" is a shoutout to the priestess from Greek mythology "who was cursed to speak true prophecies but never to be believed."
CNBC notes that, with this new newsletter, Burry "is capitalizing on the massive audience he's built on X, where 1.6 million followers have long parsed his cryptic posts." Burry recently intensified his criticism of tech big guns, questioning the sustainability of their profits and accusing companies like Nvidia and Palantir of relying on aggressive accounting to inflate returns, per Reuters. Nvidia, meanwhile, is pushing back. Burry closed Scion Asset Management earlier this month, citing regulatory constraints that he said "effectively muzzled" his communication efforts and led to misunderstandings about his SEC filings.
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