Everyone is dunking on @michaeljburry today because of the rip in $NBIS. While I think in the short to medium term he is probably wrong, there are multiple sceanrios in the future that could ultimately support his bearish take. Remember, the market is just a combination of projections on what will happen in the future and those on the right side of those projections make money and those on the otherside lose. His projection is based on a future demand picture that looks softer for AI chips than what the market is crediting. His rational is that at some point compute demand and chip supply will intersect and result in premium pricing pressure to decline. So far, he's been quite wrong. Demand has skyrocketed and new supply of both chips and compute is more limited. This elongates the cycl
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