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Michael Burry issued a sharp warning on Wednesday evening, claiming that the true end-user demand for artificial intelligence is far smaller than what major technology firms are reporting. His comments came shortly after Nvidia delivered another round of blockbuster quarterly earnings, igniting a global rally in tech stocks.
Burry, best known for correctly predicting the 2008 subprime mortgage crisis, shared a graphic highlighting AI-related investment flows among major tech giants such as Microsoft, OpenAI, Oracle, and Nvidia. Alongside the image, he accused several of these companies of engaging in “suspicious revenue recognition,” suggesting that their reported growth may not reflect genuine market demand.
According to Burry, future observers will look back at this period and see the current AI hype cycle as fraudulent rather than transformative. He argued that “true end demand is ridiculously small” and claimed that many customers fueling AI growth are themselves funded by the same companies selling them AI technologies—painting a picture of a self-reinforcing loop rather than sustainable adoption.
In a follow-up post, Burry referred to OpenAI as the “linchpin” of the entire AI boom and questioned the credibility of the startup’s auditor. His warnings continue a series of skeptical remarks about the AI-driven surge in tech valuations since he resurfaced publicly in November. Burry has disclosed short positions against Nvidia and Palantir, and he has repeatedly accused large AI spenders of misrepresenting data center depreciation to inflate earnings.
His latest caution came just hours after Nvidia released stronger-than-expected third-quarter results and issued an upbeat outlook supported by continued AI-driven demand. Nvidia CEO Jensen Huang dismissed speculation about an AI bubble, saying its demand base extends beyond hyperscalers.
Despite Burry’s warnings, Nvidia’s shares popped more than 5% in after-hours trading, lifting broader tech and AI stocks and pushing U.S. stock index futures higher.
