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2021-06-25

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2025-11-11

How is meta put option

"Big Short" Michael Burry Shifts to "Battle Mode": Tech Giants' Profit Overstatements Due to Underestimated Depreciation—Oracle by 26.9%, Meta by 20.8% by 2028

2021-06-25

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is meta put option&nbsp;","listText":"How is meta put option&nbsp;","text":"How is meta put option","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/498912642998872","repostId":"1187050152","repostType":2,"repost":{"id":"1187050152","kind":"news","weMediaInfo":{"introduction":"Global Stock Market Deep Analysis","home_visible":1,"media_name":"Deep News","id":"1039043262","head_image":"https://community-static.tradeup.com/news/8296859682db4b478146245e72de1922"},"pubTimestamp":1762828466,"share":"https://ttm.financial/m/news/1187050152?lang=en_US&edition=fundamental","pubTime":"2025-11-11 10:34","market":"other","language":"en","title":"\"Big Short\" Michael Burry Shifts to \"Battle Mode\": Tech Giants' Profit Overstatements Due to Underestimated Depreciation—Oracle by 26.9%, Meta by 20.8% by 2028","url":"https://stock-news.laohu8.com/highlight/detail?id=1187050152","media":"Deep News","summary":"Michael Burry, famed for predicting the 2008 financial crisis, has once again targeted tech giants. On November 11, Burry posted on social media that these companies are artificially inflating...","content":"<p>Michael Burry, famed for predicting the 2008 financial crisis, has once again targeted tech giants. On November 11, Burry posted on social media that these companies are artificially inflating earnings by underestimating depreciation through extending the \"useful life\" of assets. He estimates that from 2026 to 2028, major tech firms could overstate profits by $176 billion due to this practice.</p>\n<p>Burry promised to reveal more details on November 25. He specifically highlighted that by 2028, Oracle's profits might be overstated by 26.9%, while Meta's could be exaggerated by 20.8%. Notably, Burry previously disclosed holding put options on NVIDIA and Palantir, reigniting market attention on his bearish stance toward the AI sector.</p>\n<p>Wall Street institutions like Morgan Stanley and Bank of America have also warned that the market severely underestimates the true scale of current AI investments and is unprepared for the impact of future depreciation expenses. This could lead to tech giants' actual profitability falling far below market expectations.</p>\n<p>**Accounting \"Tricks\": Extending Hardware Lifespans to Smooth Costs**  \nBurry argues that tech giants are employing accounting \"gimmicks.\" In his post, he noted that extending the \"useful life\" of assets to understate depreciation is \"one of the most common modern frauds.\" He emphasized that computing equipment, such as NVIDIA chips and servers—typically with 2-3 year lifecycles—should not have prolonged depreciation periods. However, \"hyperscalers\" like Meta, Alphabet, Microsoft, Oracle, and Amazon are doing just that, with some even stretching depreciation cycles to six years.</p>\n<p>Amazon, however, shortened the estimated useful life of some servers and networking equipment from six to five years in Q1 2025, citing accelerated AI advancements. If this trend reverses and expands, it could lead to accelerated depreciation recognition, impacting short-term earnings.</p>\n<p>**Depreciation \"Time Bomb\": Market Unprepared for Future Profit Shock**  \nBank of America has also warned that Wall Street is \"underestimating\" the growth of future depreciation expenses. Analyst Justin Post noted that as Google, Meta, and Amazon's capital expenditures surge in 2024 and 2025, their depreciation costs will inevitably accelerate post-2026. By 2027, the market's consensus for these three companies alone could understate actual depreciation expenses by nearly $16.4 billion, suggesting their true profitability may lag far behind current expectations.</p>\n<p>The \"short lifespan\" of AI assets exacerbates this risk. Hardware like GPUs, used for AI computing, faces rapid technological obsolescence and high workloads, with effective lifespans of just 3-5 years—contrary to tech giants' extended depreciation practices.</p>\n<p>**Wall Street's Warning: Underestimated Capex and \"Off-Balance-Sheet\" Expansion**  \nMorgan Stanley's research highlights that tech giants' AI capital expenditure intensity is nearing peak levels seen during the dot-com bubble, yet public data doesn't fully reflect the investment picture. Two key factors contribute to this underestimation:</p>\n<p>1. **Rise of Financing Leases**: Companies like Microsoft and Oracle are increasingly using these \"off-balance-sheet\" tools to build data centers, with initial investments excluded from traditional capex. Including financing leases, Morgan Stanley estimates Microsoft's 2026 capex-to-sales ratio would jump from 28% to 38%.  \n2. **Delayed Impact of \"Construction in Progress (CIP)\"**: Significant capital remains on balance sheets without depreciation, meaning the profit impact has only just begun.</p>\n<p>Bank of America warns that the AI infrastructure market could repeat historical patterns of overcapacity and price wars due to aggressive investment. If supply continues outpacing demand, aggressive pricing strategies may emerge by 2027, forcing hyperscalers to cut prices to maintain data center utilization—eroding profitability. This further supports Burry's argument about overstated tech earnings.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>\"Big Short\" Michael Burry Shifts to \"Battle Mode\": Tech Giants' Profit Overstatements Due to Underestimated Depreciation—Oracle by 26.9%, Meta by 20.8% by 2028</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n\"Big Short\" Michael Burry Shifts to \"Battle Mode\": Tech Giants' Profit Overstatements Due to Underestimated Depreciation—Oracle by 26.9%, Meta by 20.8% by 2028\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1039043262\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/8296859682db4b478146245e72de1922);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Deep News </p>\n<p class=\"h-time\">2025-11-11 10:34</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Michael Burry, famed for predicting the 2008 financial crisis, has once again targeted tech giants. On November 11, Burry posted on social media that these companies are artificially inflating earnings by underestimating depreciation through extending the \"useful life\" of assets. He estimates that from 2026 to 2028, major tech firms could overstate profits by $176 billion due to this practice.</p>\n<p>Burry promised to reveal more details on November 25. He specifically highlighted that by 2028, Oracle's profits might be overstated by 26.9%, while Meta's could be exaggerated by 20.8%. Notably, Burry previously disclosed holding put options on NVIDIA and Palantir, reigniting market attention on his bearish stance toward the AI sector.</p>\n<p>Wall Street institutions like Morgan Stanley and Bank of America have also warned that the market severely underestimates the true scale of current AI investments and is unprepared for the impact of future depreciation expenses. This could lead to tech giants' actual profitability falling far below market expectations.</p>\n<p>**Accounting \"Tricks\": Extending Hardware Lifespans to Smooth Costs**  \nBurry argues that tech giants are employing accounting \"gimmicks.\" In his post, he noted that extending the \"useful life\" of assets to understate depreciation is \"one of the most common modern frauds.\" He emphasized that computing equipment, such as NVIDIA chips and servers—typically with 2-3 year lifecycles—should not have prolonged depreciation periods. However, \"hyperscalers\" like Meta, Alphabet, Microsoft, Oracle, and Amazon are doing just that, with some even stretching depreciation cycles to six years.</p>\n<p>Amazon, however, shortened the estimated useful life of some servers and networking equipment from six to five years in Q1 2025, citing accelerated AI advancements. If this trend reverses and expands, it could lead to accelerated depreciation recognition, impacting short-term earnings.</p>\n<p>**Depreciation \"Time Bomb\": Market Unprepared for Future Profit Shock**  \nBank of America has also warned that Wall Street is \"underestimating\" the growth of future depreciation expenses. Analyst Justin Post noted that as Google, Meta, and Amazon's capital expenditures surge in 2024 and 2025, their depreciation costs will inevitably accelerate post-2026. By 2027, the market's consensus for these three companies alone could understate actual depreciation expenses by nearly $16.4 billion, suggesting their true profitability may lag far behind current expectations.</p>\n<p>The \"short lifespan\" of AI assets exacerbates this risk. Hardware like GPUs, used for AI computing, faces rapid technological obsolescence and high workloads, with effective lifespans of just 3-5 years—contrary to tech giants' extended depreciation practices.</p>\n<p>**Wall Street's Warning: Underestimated Capex and \"Off-Balance-Sheet\" Expansion**  \nMorgan Stanley's research highlights that tech giants' AI capital expenditure intensity is nearing peak levels seen during the dot-com bubble, yet public data doesn't fully reflect the investment picture. Two key factors contribute to this underestimation:</p>\n<p>1. **Rise of Financing Leases**: Companies like Microsoft and Oracle are increasingly using these \"off-balance-sheet\" tools to build data centers, with initial investments excluded from traditional capex. Including financing leases, Morgan Stanley estimates Microsoft's 2026 capex-to-sales ratio would jump from 28% to 38%.  \n2. **Delayed Impact of \"Construction in Progress (CIP)\"**: Significant capital remains on balance sheets without depreciation, meaning the profit impact has only just begun.</p>\n<p>Bank of America warns that the AI infrastructure market could repeat historical patterns of overcapacity and price wars due to aggressive investment. If supply continues outpacing demand, aggressive pricing strategies may emerge by 2027, forcing hyperscalers to cut prices to maintain data center utilization—eroding profitability. This further supports Burry's argument about overstated tech earnings.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU1697837992.HKD":"BGF DYNAMIC HIGH INCOME \"A6\" (HKDHDG) INC","SG9999004303.SGD":"Nikko AM Shenton Global Opportunities SGD","LU1988902786.USD":"FULLERTON LUX FUNDS GLOBAL ABSOLUTE ALPHA \"I\" (USD) ACC","LU0985489474.SGD":"First Eagle Amundi International AHS-C SGD-H","LU0308772762.SGD":"Blackrock Global Allocation A2 SGD-H","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","LU1642822529.SGD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"A\" (SGD) ACC","LU0444973449.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"DU\" (USD) ACC","LU0878866978.SGD":"First Eagle Amundi International AHS-QD SGD-H","IE00B7SZLL34.SGD":"Legg Mason ClearBridge - Value A Acc SGD-H","LU2473716301.USD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMF\" (USD) INC","BK4543":"AI","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","LU2463028550.USD":"AB SICAV I AMERICAN MULTI-ASSET PORTFOLIO \"A\" (USD) ACC","SGXZ81514606.USD":"大华环球创新基金A Acc USD","LU0433182093.SGD":"First Eagle Amundi International AS-C SGD","LU2065171311.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) ACC","LU0068578508.USD":"First Eagle Amundi International Cl AU-C USD","LU0096362180.USD":"CT (LUX) I GLOBAL FOCUS \"DU\" (USD)","LU2023250843.SGD":"Allianz Thematica Cl AT Acc H2-SGD","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU2065171402.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) INC","LU0353189763.USD":"ALLSPRING  US ALL CAP GROWTH FUND \"I\" (USD) ACC","BK4516":"特朗普概念","LU0208291251.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) INC","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","IE00B19Z8X17.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH  \"AG\" (USD) ACC","LU1992135399.USD":"Allianz Global Intelligent Cities AT Acc USD","LU0096364046.USD":"CT (LUX) I AMERICAN \"DU\" (USD) ACC","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","LU2720916845.USD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (USD) ACC","BK4548":"巴美列捷福持仓","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU0823434583.USD":"BNP PARIBAS US GROWTH \"C\" (USD) ACC","LU0109392836.USD":"富兰克林科技股A","LU0354030511.USD":"ALLSPRING  U.S. LARGE CAP GROWTH \"I\" (USD) ACC","LU0965509010.AUD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (AUDHDG) INC","LU0823434740.USD":"BNP PARIBAS US GROWTH \"C\" (USD) INC","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU1564329032.USD":"BGF DYNAMIC HIGH INCOME \"A2\" (USD) ACC","LU0354030438.USD":"富国美国大盘成长基金Cl A Acc","BK4554":"元宇宙及AR概念","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","BK4553":"喜马拉雅资本持仓","BK4077":"互动媒体与服务","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","LU0444971666.USD":"天利全球科技基金","LU0787776722.HKD":"AB SELECT US EQUITY PORTFOLIO \"A\" (HKD) ACC","SGXZ99366536.SGD":"United Global Innovation A Acc SGD-H","LU1506573853.SGD":"MANULIFE GF GLOBAL EQUITY \"AA\" (SGD) INC","LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","LU0965509101.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (SGDHDG) ACC","SG9999018857.SGD":"United Global Quality Growth Fd Cl Acc SGD-H","BK4550":"红杉资本持仓","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","LU1935042991.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (SGDHDG) INC","BK4551":"寇图资本持仓","LU0203202063.USD":"AB SICAV I - 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On November 11, Burry posted on social media that these companies are artificially inflating earnings by underestimating depreciation through extending the \"useful life\" of assets. He estimates that from 2026 to 2028, major tech firms could overstate profits by $176 billion due to this practice.\nBurry promised to reveal more details on November 25. He specifically highlighted that by 2028, Oracle's profits might be overstated by 26.9%, while Meta's could be exaggerated by 20.8%. Notably, Burry previously disclosed holding put options on NVIDIA and Palantir, reigniting market attention on his bearish stance toward the AI sector.\nWall Street institutions like Morgan Stanley and Bank of America have also warned that the market severely underestimates the true scale of current AI investments and is unprepared for the impact of future depreciation expenses. This could lead to tech giants' actual profitability falling far below market expectations.\n**Accounting \"Tricks\": Extending Hardware Lifespans to Smooth Costs**  \nBurry argues that tech giants are employing accounting \"gimmicks.\" In his post, he noted that extending the \"useful life\" of assets to understate depreciation is \"one of the most common modern frauds.\" He emphasized that computing equipment, such as NVIDIA chips and servers—typically with 2-3 year lifecycles—should not have prolonged depreciation periods. However, \"hyperscalers\" like Meta, Alphabet, Microsoft, Oracle, and Amazon are doing just that, with some even stretching depreciation cycles to six years.\nAmazon, however, shortened the estimated useful life of some servers and networking equipment from six to five years in Q1 2025, citing accelerated AI advancements. If this trend reverses and expands, it could lead to accelerated depreciation recognition, impacting short-term earnings.\n**Depreciation \"Time Bomb\": Market Unprepared for Future Profit Shock**  \nBank of America has also warned that Wall Street is \"underestimating\" the growth of future depreciation expenses. Analyst Justin Post noted that as Google, Meta, and Amazon's capital expenditures surge in 2024 and 2025, their depreciation costs will inevitably accelerate post-2026. By 2027, the market's consensus for these three companies alone could understate actual depreciation expenses by nearly $16.4 billion, suggesting their true profitability may lag far behind current expectations.\nThe \"short lifespan\" of AI assets exacerbates this risk. Hardware like GPUs, used for AI computing, faces rapid technological obsolescence and high workloads, with effective lifespans of just 3-5 years—contrary to tech giants' extended depreciation practices.\n**Wall Street's Warning: Underestimated Capex and \"Off-Balance-Sheet\" Expansion**  \nMorgan Stanley's research highlights that tech giants' AI capital expenditure intensity is nearing peak levels seen during the dot-com bubble, yet public data doesn't fully reflect the investment picture. Two key factors contribute to this underestimation:\n1. **Rise of Financing Leases**: Companies like Microsoft and Oracle are increasingly using these \"off-balance-sheet\" tools to build data centers, with initial investments excluded from traditional capex. Including financing leases, Morgan Stanley estimates Microsoft's 2026 capex-to-sales ratio would jump from 28% to 38%.  \n2. **Delayed Impact of \"Construction in Progress (CIP)\"**: Significant capital remains on balance sheets without depreciation, meaning the profit impact has only just begun.\nBank of America warns that the AI infrastructure market could repeat historical patterns of overcapacity and price wars due to aggressive investment. If supply continues outpacing demand, aggressive pricing strategies may emerge by 2027, forcing hyperscalers to cut prices to maintain data center utilization—eroding profitability. This further supports Burry's argument about overstated tech earnings.","news_type":1,"symbols_score_info":{"META":1,"GOOG":1,"XMAG":1,"AMZN":1,"NVDA":1,"TSLA":1,"MSFT":1,"AAPL":1,"FB":1,"ORCL":1}},"isVote":1,"tweetType":1,"viewCount":2354,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122093131,"gmtCreate":1624586973123,"gmtModify":1703841055738,"author":{"id":"3579604962735173","authorId":"3579604962735173","name":"Rahulfb","avatar":"https://static.tigerbbs.com/5e06ddcb50d16bf716a09fc4b38401bc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579604962735173","authorIdStr":"3579604962735173"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/122093131","repostId":"2146029313","repostType":4,"isVote":1,"tweetType":1,"viewCount":2838,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122007749,"gmtCreate":1624586899081,"gmtModify":1703841057039,"author":{"id":"3579604962735173","authorId":"3579604962735173","name":"Rahulfb","avatar":"https://static.tigerbbs.com/5e06ddcb50d16bf716a09fc4b38401bc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3579604962735173","authorIdStr":"3579604962735173"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/122007749","repostId":"2146029313","repostType":4,"isVote":1,"tweetType":1,"viewCount":3612,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":122007749,"gmtCreate":1624586899081,"gmtModify":1703841057039,"author":{"id":"3579604962735173","authorId":"3579604962735173","name":"Rahulfb","avatar":"https://static.tigerbbs.com/5e06ddcb50d16bf716a09fc4b38401bc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579604962735173","idStr":"3579604962735173"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/122007749","repostId":"2146029313","repostType":4,"isVote":1,"tweetType":1,"viewCount":3612,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":498912642998872,"gmtCreate":1762829919778,"gmtModify":1762831301518,"author":{"id":"3579604962735173","authorId":"3579604962735173","name":"Rahulfb","avatar":"https://static.tigerbbs.com/5e06ddcb50d16bf716a09fc4b38401bc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579604962735173","idStr":"3579604962735173"},"themes":[],"title":"","htmlText":"How is meta put option&nbsp;","listText":"How is meta put option&nbsp;","text":"How is meta put option","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/498912642998872","repostId":"1187050152","repostType":2,"repost":{"id":"1187050152","kind":"news","weMediaInfo":{"introduction":"Global Stock Market Deep Analysis","home_visible":1,"media_name":"Deep News","id":"1039043262","head_image":"https://community-static.tradeup.com/news/8296859682db4b478146245e72de1922"},"pubTimestamp":1762828466,"share":"https://ttm.financial/m/news/1187050152?lang=en_US&edition=fundamental","pubTime":"2025-11-11 10:34","market":"other","language":"en","title":"\"Big Short\" Michael Burry Shifts to \"Battle Mode\": Tech Giants' Profit Overstatements Due to Underestimated Depreciation—Oracle by 26.9%, Meta by 20.8% by 2028","url":"https://stock-news.laohu8.com/highlight/detail?id=1187050152","media":"Deep News","summary":"Michael Burry, famed for predicting the 2008 financial crisis, has once again targeted tech giants. On November 11, Burry posted on social media that these companies are artificially inflating...","content":"<p>Michael Burry, famed for predicting the 2008 financial crisis, has once again targeted tech giants. On November 11, Burry posted on social media that these companies are artificially inflating earnings by underestimating depreciation through extending the \"useful life\" of assets. He estimates that from 2026 to 2028, major tech firms could overstate profits by $176 billion due to this practice.</p>\n<p>Burry promised to reveal more details on November 25. He specifically highlighted that by 2028, Oracle's profits might be overstated by 26.9%, while Meta's could be exaggerated by 20.8%. Notably, Burry previously disclosed holding put options on NVIDIA and Palantir, reigniting market attention on his bearish stance toward the AI sector.</p>\n<p>Wall Street institutions like Morgan Stanley and Bank of America have also warned that the market severely underestimates the true scale of current AI investments and is unprepared for the impact of future depreciation expenses. This could lead to tech giants' actual profitability falling far below market expectations.</p>\n<p>**Accounting \"Tricks\": Extending Hardware Lifespans to Smooth Costs**  \nBurry argues that tech giants are employing accounting \"gimmicks.\" In his post, he noted that extending the \"useful life\" of assets to understate depreciation is \"one of the most common modern frauds.\" He emphasized that computing equipment, such as NVIDIA chips and servers—typically with 2-3 year lifecycles—should not have prolonged depreciation periods. However, \"hyperscalers\" like Meta, Alphabet, Microsoft, Oracle, and Amazon are doing just that, with some even stretching depreciation cycles to six years.</p>\n<p>Amazon, however, shortened the estimated useful life of some servers and networking equipment from six to five years in Q1 2025, citing accelerated AI advancements. If this trend reverses and expands, it could lead to accelerated depreciation recognition, impacting short-term earnings.</p>\n<p>**Depreciation \"Time Bomb\": Market Unprepared for Future Profit Shock**  \nBank of America has also warned that Wall Street is \"underestimating\" the growth of future depreciation expenses. Analyst Justin Post noted that as Google, Meta, and Amazon's capital expenditures surge in 2024 and 2025, their depreciation costs will inevitably accelerate post-2026. By 2027, the market's consensus for these three companies alone could understate actual depreciation expenses by nearly $16.4 billion, suggesting their true profitability may lag far behind current expectations.</p>\n<p>The \"short lifespan\" of AI assets exacerbates this risk. Hardware like GPUs, used for AI computing, faces rapid technological obsolescence and high workloads, with effective lifespans of just 3-5 years—contrary to tech giants' extended depreciation practices.</p>\n<p>**Wall Street's Warning: Underestimated Capex and \"Off-Balance-Sheet\" Expansion**  \nMorgan Stanley's research highlights that tech giants' AI capital expenditure intensity is nearing peak levels seen during the dot-com bubble, yet public data doesn't fully reflect the investment picture. Two key factors contribute to this underestimation:</p>\n<p>1. **Rise of Financing Leases**: Companies like Microsoft and Oracle are increasingly using these \"off-balance-sheet\" tools to build data centers, with initial investments excluded from traditional capex. Including financing leases, Morgan Stanley estimates Microsoft's 2026 capex-to-sales ratio would jump from 28% to 38%.  \n2. **Delayed Impact of \"Construction in Progress (CIP)\"**: Significant capital remains on balance sheets without depreciation, meaning the profit impact has only just begun.</p>\n<p>Bank of America warns that the AI infrastructure market could repeat historical patterns of overcapacity and price wars due to aggressive investment. If supply continues outpacing demand, aggressive pricing strategies may emerge by 2027, forcing hyperscalers to cut prices to maintain data center utilization—eroding profitability. This further supports Burry's argument about overstated tech earnings.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>\"Big Short\" Michael Burry Shifts to \"Battle Mode\": Tech Giants' Profit Overstatements Due to Underestimated Depreciation—Oracle by 26.9%, Meta by 20.8% by 2028</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n\"Big Short\" Michael Burry Shifts to \"Battle Mode\": Tech Giants' Profit Overstatements Due to Underestimated Depreciation—Oracle by 26.9%, Meta by 20.8% by 2028\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1039043262\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/8296859682db4b478146245e72de1922);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Deep News </p>\n<p class=\"h-time\">2025-11-11 10:34</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Michael Burry, famed for predicting the 2008 financial crisis, has once again targeted tech giants. On November 11, Burry posted on social media that these companies are artificially inflating earnings by underestimating depreciation through extending the \"useful life\" of assets. He estimates that from 2026 to 2028, major tech firms could overstate profits by $176 billion due to this practice.</p>\n<p>Burry promised to reveal more details on November 25. He specifically highlighted that by 2028, Oracle's profits might be overstated by 26.9%, while Meta's could be exaggerated by 20.8%. Notably, Burry previously disclosed holding put options on NVIDIA and Palantir, reigniting market attention on his bearish stance toward the AI sector.</p>\n<p>Wall Street institutions like Morgan Stanley and Bank of America have also warned that the market severely underestimates the true scale of current AI investments and is unprepared for the impact of future depreciation expenses. This could lead to tech giants' actual profitability falling far below market expectations.</p>\n<p>**Accounting \"Tricks\": Extending Hardware Lifespans to Smooth Costs**  \nBurry argues that tech giants are employing accounting \"gimmicks.\" In his post, he noted that extending the \"useful life\" of assets to understate depreciation is \"one of the most common modern frauds.\" He emphasized that computing equipment, such as NVIDIA chips and servers—typically with 2-3 year lifecycles—should not have prolonged depreciation periods. However, \"hyperscalers\" like Meta, Alphabet, Microsoft, Oracle, and Amazon are doing just that, with some even stretching depreciation cycles to six years.</p>\n<p>Amazon, however, shortened the estimated useful life of some servers and networking equipment from six to five years in Q1 2025, citing accelerated AI advancements. If this trend reverses and expands, it could lead to accelerated depreciation recognition, impacting short-term earnings.</p>\n<p>**Depreciation \"Time Bomb\": Market Unprepared for Future Profit Shock**  \nBank of America has also warned that Wall Street is \"underestimating\" the growth of future depreciation expenses. Analyst Justin Post noted that as Google, Meta, and Amazon's capital expenditures surge in 2024 and 2025, their depreciation costs will inevitably accelerate post-2026. By 2027, the market's consensus for these three companies alone could understate actual depreciation expenses by nearly $16.4 billion, suggesting their true profitability may lag far behind current expectations.</p>\n<p>The \"short lifespan\" of AI assets exacerbates this risk. Hardware like GPUs, used for AI computing, faces rapid technological obsolescence and high workloads, with effective lifespans of just 3-5 years—contrary to tech giants' extended depreciation practices.</p>\n<p>**Wall Street's Warning: Underestimated Capex and \"Off-Balance-Sheet\" Expansion**  \nMorgan Stanley's research highlights that tech giants' AI capital expenditure intensity is nearing peak levels seen during the dot-com bubble, yet public data doesn't fully reflect the investment picture. Two key factors contribute to this underestimation:</p>\n<p>1. **Rise of Financing Leases**: Companies like Microsoft and Oracle are increasingly using these \"off-balance-sheet\" tools to build data centers, with initial investments excluded from traditional capex. Including financing leases, Morgan Stanley estimates Microsoft's 2026 capex-to-sales ratio would jump from 28% to 38%.  \n2. **Delayed Impact of \"Construction in Progress (CIP)\"**: Significant capital remains on balance sheets without depreciation, meaning the profit impact has only just begun.</p>\n<p>Bank of America warns that the AI infrastructure market could repeat historical patterns of overcapacity and price wars due to aggressive investment. If supply continues outpacing demand, aggressive pricing strategies may emerge by 2027, forcing hyperscalers to cut prices to maintain data center utilization—eroding profitability. This further supports Burry's argument about overstated tech earnings.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU1697837992.HKD":"BGF DYNAMIC HIGH INCOME \"A6\" (HKDHDG) INC","SG9999004303.SGD":"Nikko AM Shenton Global Opportunities SGD","LU1988902786.USD":"FULLERTON LUX FUNDS GLOBAL ABSOLUTE ALPHA \"I\" (USD) ACC","LU0985489474.SGD":"First Eagle Amundi International AHS-C SGD-H","LU0308772762.SGD":"Blackrock Global Allocation A2 SGD-H","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","LU1642822529.SGD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"A\" (SGD) ACC","LU0444973449.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"DU\" (USD) ACC","LU0878866978.SGD":"First Eagle Amundi International AHS-QD SGD-H","IE00B7SZLL34.SGD":"Legg Mason ClearBridge - Value A Acc SGD-H","LU2473716301.USD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMF\" (USD) INC","BK4543":"AI","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","LU2463028550.USD":"AB SICAV I AMERICAN MULTI-ASSET PORTFOLIO \"A\" (USD) ACC","SGXZ81514606.USD":"大华环球创新基金A Acc USD","LU0433182093.SGD":"First Eagle Amundi International AS-C SGD","LU2065171311.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) ACC","LU0068578508.USD":"First Eagle Amundi International Cl AU-C USD","LU0096362180.USD":"CT (LUX) I GLOBAL FOCUS \"DU\" (USD)","LU2023250843.SGD":"Allianz Thematica Cl AT Acc H2-SGD","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU2065171402.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) INC","LU0353189763.USD":"ALLSPRING  US ALL CAP GROWTH FUND \"I\" (USD) ACC","BK4516":"特朗普概念","LU0208291251.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) INC","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","IE00B19Z8X17.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH  \"AG\" (USD) ACC","LU1992135399.USD":"Allianz Global Intelligent Cities AT Acc USD","LU0096364046.USD":"CT (LUX) I AMERICAN \"DU\" (USD) ACC","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","LU2720916845.USD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (USD) ACC","BK4548":"巴美列捷福持仓","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU0823434583.USD":"BNP PARIBAS US GROWTH \"C\" (USD) ACC","LU0109392836.USD":"富兰克林科技股A","LU0354030511.USD":"ALLSPRING  U.S. LARGE CAP GROWTH \"I\" (USD) ACC","LU0965509010.AUD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (AUDHDG) INC","LU0823434740.USD":"BNP PARIBAS US GROWTH \"C\" (USD) INC","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU1564329032.USD":"BGF DYNAMIC HIGH INCOME \"A2\" (USD) ACC","LU0354030438.USD":"富国美国大盘成长基金Cl A Acc","BK4554":"元宇宙及AR概念","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","BK4553":"喜马拉雅资本持仓","BK4077":"互动媒体与服务","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","LU0444971666.USD":"天利全球科技基金","LU0787776722.HKD":"AB SELECT US EQUITY PORTFOLIO \"A\" (HKD) ACC","SGXZ99366536.SGD":"United Global Innovation A Acc SGD-H","LU1506573853.SGD":"MANULIFE GF GLOBAL EQUITY \"AA\" (SGD) INC","LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","LU0965509101.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (SGDHDG) ACC","SG9999018857.SGD":"United Global Quality Growth Fd Cl Acc SGD-H","BK4550":"红杉资本持仓","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","LU1935042991.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (SGDHDG) INC","BK4551":"寇图资本持仓","LU0203202063.USD":"AB SICAV I - 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On November 11, Burry posted on social media that these companies are artificially inflating earnings by underestimating depreciation through extending the \"useful life\" of assets. He estimates that from 2026 to 2028, major tech firms could overstate profits by $176 billion due to this practice.\nBurry promised to reveal more details on November 25. He specifically highlighted that by 2028, Oracle's profits might be overstated by 26.9%, while Meta's could be exaggerated by 20.8%. Notably, Burry previously disclosed holding put options on NVIDIA and Palantir, reigniting market attention on his bearish stance toward the AI sector.\nWall Street institutions like Morgan Stanley and Bank of America have also warned that the market severely underestimates the true scale of current AI investments and is unprepared for the impact of future depreciation expenses. This could lead to tech giants' actual profitability falling far below market expectations.\n**Accounting \"Tricks\": Extending Hardware Lifespans to Smooth Costs**  \nBurry argues that tech giants are employing accounting \"gimmicks.\" In his post, he noted that extending the \"useful life\" of assets to understate depreciation is \"one of the most common modern frauds.\" He emphasized that computing equipment, such as NVIDIA chips and servers—typically with 2-3 year lifecycles—should not have prolonged depreciation periods. However, \"hyperscalers\" like Meta, Alphabet, Microsoft, Oracle, and Amazon are doing just that, with some even stretching depreciation cycles to six years.\nAmazon, however, shortened the estimated useful life of some servers and networking equipment from six to five years in Q1 2025, citing accelerated AI advancements. If this trend reverses and expands, it could lead to accelerated depreciation recognition, impacting short-term earnings.\n**Depreciation \"Time Bomb\": Market Unprepared for Future Profit Shock**  \nBank of America has also warned that Wall Street is \"underestimating\" the growth of future depreciation expenses. Analyst Justin Post noted that as Google, Meta, and Amazon's capital expenditures surge in 2024 and 2025, their depreciation costs will inevitably accelerate post-2026. By 2027, the market's consensus for these three companies alone could understate actual depreciation expenses by nearly $16.4 billion, suggesting their true profitability may lag far behind current expectations.\nThe \"short lifespan\" of AI assets exacerbates this risk. Hardware like GPUs, used for AI computing, faces rapid technological obsolescence and high workloads, with effective lifespans of just 3-5 years—contrary to tech giants' extended depreciation practices.\n**Wall Street's Warning: Underestimated Capex and \"Off-Balance-Sheet\" Expansion**  \nMorgan Stanley's research highlights that tech giants' AI capital expenditure intensity is nearing peak levels seen during the dot-com bubble, yet public data doesn't fully reflect the investment picture. Two key factors contribute to this underestimation:\n1. **Rise of Financing Leases**: Companies like Microsoft and Oracle are increasingly using these \"off-balance-sheet\" tools to build data centers, with initial investments excluded from traditional capex. Including financing leases, Morgan Stanley estimates Microsoft's 2026 capex-to-sales ratio would jump from 28% to 38%.  \n2. **Delayed Impact of \"Construction in Progress (CIP)\"**: Significant capital remains on balance sheets without depreciation, meaning the profit impact has only just begun.\nBank of America warns that the AI infrastructure market could repeat historical patterns of overcapacity and price wars due to aggressive investment. If supply continues outpacing demand, aggressive pricing strategies may emerge by 2027, forcing hyperscalers to cut prices to maintain data center utilization—eroding profitability. This further supports Burry's argument about overstated tech earnings.","news_type":1,"symbols_score_info":{"META":1,"GOOG":1,"XMAG":1,"AMZN":1,"NVDA":1,"TSLA":1,"MSFT":1,"AAPL":1,"FB":1,"ORCL":1}},"isVote":1,"tweetType":1,"viewCount":2354,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122093131,"gmtCreate":1624586973123,"gmtModify":1703841055738,"author":{"id":"3579604962735173","authorId":"3579604962735173","name":"Rahulfb","avatar":"https://static.tigerbbs.com/5e06ddcb50d16bf716a09fc4b38401bc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579604962735173","idStr":"3579604962735173"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/122093131","repostId":"2146029313","repostType":4,"isVote":1,"tweetType":1,"viewCount":2838,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}