Overview
- Michael Burry reaffirmed his bearish case on Nvidia after the company circulated an analyst memo rebutting his critiques, following his billion‑dollar put bets and Cisco comparison.
- Nvidia reiterated blockbuster demand with guidance of roughly $65 billion for the January quarter, even as its shares and many smaller AI plays trade below recent highs.
- A Bank of America survey reported 45% of investors now see an AI bubble as the top market risk, with critics highlighting market concentration and opaque, reciprocal financing.
- Fresh spending pledges kept the build‑out rolling, including Amazon’s plan of up to $50 billion for U.S. government AI and UBS’s forecast for annual AI outlays to reach $375 billion this year and top $3 trillion by 2030.
- Proponents argue demand is durable, citing multi‑year industrial backlogs at Quanta Services, Eaton, GE Vernova and Vertiv, and product momentum such as Google’s Gemini 3.