(Softbank sold all of its NVDA)
Daily Stock Markets covered in under 15 min. No ads. No politics! Easy to follow for your morning coffee, dog walk or commute
Inconvenient truth $NVDA $ORCL $META $SOX $MSFT
Source: Michael Burry
“Understating depreciation by extending useful life of assets artificially boosts earnings -one of the more common frauds of the modern era.
Massively ramping capex through purchase of Nvidia chips/servers on a 2-3 yr product cycle should not result in the extension of useful lives of compute equipment.
Yet this is exactly what all the hyperscalers have done. By my estimates they will understate depreciation by $176 billion 2026-2028.
By 2028, ORCL will overstate earnings 26.9%, META by 20.8%, etc. But it gets worse. More detail coming November 25th. Stay tuned.”
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