Nvidia rallied after a blowout quarter and bullish guidance—stock rose about 5% premarket—its CFO saying the company has “visibility to $0.5 trillion” of Blackwell and Rubin revenue for 2025–26 and forecasting a $3–4 trillion annual AI infrastructure build by 2030, while management argued CUDA software has extended the useful life of older GPUs such as the A100. Michael Burry renewed his public critique, arguing firms are overstating economics by stretching depreciation and running older, less energy‑efficient chips, highlighting complex “give‑and‑take” deals with AI customers and accusing Nvidia of meaningful dilution despite roughly $113 billion in buybacks since 2018 (noting $20.5 billion in stock‑based comp but claiming $112.5 billion true dilution and 47 million more shares outstanding). Burry also disclosed bearish puts on 1 million Nvidia and 5 million Palantir shares (notional $187 million and $912 million), questioned OpenAI’s auditor, and framed his warnings as a broader caution that hyperscaler overinvestment could leave AI infrastructure returns uncertain.
Nvidia reported a blowout quarter with record revenue and profit and a bullish fourth-quarter outlook that lifted the stock about 5% in premarket trading; CFO Colette Kress said management has “visibility to $0.5 trillion in Blackwell and Rubin revenue” for 2025–26 and estimated a $3–4 trillion annual AI infrastructure build by 2030, framing these figures as the basis for continued demand. Management emphasized software-led longevity—saying CUDA has extended useful life so A100 GPUs shipped six years ago remain fully utilized—and argued the installed base across Ampere, Hopper and Blackwell is running at full utilization. Michael Burry publicly countered on X, arguing companies are stretching depreciation to flatter earnings, noting older chips are less energy efficient and may be marginally profitable, and highlighted complex “give-and-take” deals with hyperscalers and alleged dilution despite roughly $113 billion in buybacks since 2018 and 47 million more shares outstanding. The disclosures of Scion’s bearish puts on 1 million Nvidia and 5 million Palantir shares and the ensuing public debate increase headline risk; the net takeaway is a strong operating beat and long-term demand narrative tempered by credible questions on accounting, unit economics and capital-return math that warrant active monitoring.
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