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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":"sh","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":{"LU1084165304.USD":"FIDELITY WORLD \"A\" (USD) ACC","LU0444971666.USD":"天利全球科技基金","LU1670627923.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) 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","LU2168564495.EUR":"AZ ALLOCATION - TREND \"AI\" (EUR) ACC","LU2065169927.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) ACC","LU0965509101.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (SGDHDG) ACC","LU2168564222.USD":"AZ ALLOCATION - TREND \"AAZ\" (USDHDG) ACC","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","SG9999018857.SGD":"United Global Quality Growth Fd Cl Acc SGD-H","LU2168564065.EUR":"AZ ALLOCATION - TREND \"AAZ\" (EUR) ACC","LU1670711040.USD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (USD) ACC","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","LU1935042991.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (SGDHDG) INC","LU1935042488.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC","LU2168563687.JPY":"AZ ALLOCATION - TREND \"AAZ\" (JPYHDG) ACC","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","LU2168564149.EUR":"AZ ALLOCATION - TREND \"BAZ\" (EUR) ACC","LU0203202063.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A2X\" (USD) ACC","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","LU1732799900.SGD":"JPMorgan Investment Funds - Global Income A (irc) SGD-H","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","LU1069347547.HKD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (HKD) INC","LU0203201768.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"AX\" (USD) INC","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","BK4579":"人工智能","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","LU0553294199.USD":"BGF GLOBAL EQUITY INCOME \"A5G\" (USD) INC","LU1699723380.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"AP\" (USD) ACC","LU0149725797.USD":"汇丰美国股市经济规模基金","BK4573":"虚拟现实","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD)   INC","SG9999015978.USD":"利安颠覆性创新基金A","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","BK4581":"高盛持仓","LU0784385170.HKD":"BGF GLOBAL MULTI ASSET INCOME \"A6\" (HKDHGD) INC","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","FB":"ProShares S&P 500 Dynamic Buffer ETF","LU0276348264.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN\"AUP\" (USD) INC","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU1935043536.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (SGDHDG) INC A","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","LU1037948897.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (HKD) INC","LU0265550359.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A2\" (USD) ACC","LU1815336760.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"AUP\" (USD) INC","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","LU1037948541.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (HKD) ACC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU0081259029.USD":"UBS (LUX) EQUITY FUND - TECH OPPORTUNITY \"P\" (USD) ACC","LU2054465674.USD":"UBS (LUX) KEY SELEC SICAV DIGITAL TRANSFORMATION T \"P\" (USD) ACC","GB00B4QBRK32.GBP":"FUNDSMITH EQUITY \"R\" (GBP) INC","GB00B4LPDJ14.GBP":"FUNDSMITH EQUITY \"R\" (GBP) ACC","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU2403377893.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AM\" (USD) INC","LU0215105999.USD":"SCHRODER ISF GLOBAL EQUITY \"A\" ACC","IE00BKDWB100.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5H\" (SGDHDG) ACC","LU0267386448.USD":"FIDELITY FIRST ALL COUNTRY WORLD \"A\" (USD) INC","LU0225283273.USD":"SCHRODER ISF GLOBAL EQUITY ALPHA \"A\" (USD) ACC","LU1261432733.SGD":"Fidelity World A-ACC-SGD","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","LU1992135472.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES \"AT\" (HKD) ACC","LU1035773651.USD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (USD) INC","LU2097829019.USD":"AZ EQUITY - BORLETTI GLOBAL LIFESTYLE \"AI\" (USD) ACC","LU0203345920.USD":"SCHRODER ISF QEP GLB ACT. 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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":{"AAPL":1,"AMZN":1,"NVDA":1,"META":1,"MSFT":1,"TSLA":1,"ORCL":1,"XMAG":1,"GOOG":1,"FB":1}},"isVote":1,"tweetType":1,"viewCount":1200,"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":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579604962735173","idStr":"3579604962735173"},"themes":[],"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":1669,"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":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579604962735173","idStr":"3579604962735173"},"themes":[],"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":1506,"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":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579604962735173","idStr":"3579604962735173"},"themes":[],"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":1506,"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":1,"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":"sh","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":{"LU1084165304.USD":"FIDELITY WORLD \"A\" (USD) ACC","LU0444971666.USD":"天利全球科技基金","LU1670627923.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) 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","LU2168564495.EUR":"AZ ALLOCATION - TREND \"AI\" (EUR) ACC","LU2065169927.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) ACC","LU0965509101.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (SGDHDG) ACC","LU2168564222.USD":"AZ ALLOCATION - TREND \"AAZ\" (USDHDG) ACC","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","SG9999018857.SGD":"United Global Quality Growth Fd Cl Acc SGD-H","LU2168564065.EUR":"AZ ALLOCATION - TREND \"AAZ\" (EUR) ACC","LU1670711040.USD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (USD) ACC","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","LU1935042991.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (SGDHDG) INC","LU1935042488.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC","LU2168563687.JPY":"AZ ALLOCATION - TREND \"AAZ\" (JPYHDG) ACC","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","LU2168564149.EUR":"AZ ALLOCATION - TREND \"BAZ\" (EUR) ACC","LU0203202063.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A2X\" (USD) ACC","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","LU1732799900.SGD":"JPMorgan Investment Funds - Global Income A (irc) SGD-H","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","LU1069347547.HKD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (HKD) INC","LU0203201768.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"AX\" (USD) INC","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","BK4579":"人工智能","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","LU0553294199.USD":"BGF GLOBAL EQUITY INCOME \"A5G\" (USD) INC","LU1699723380.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"AP\" (USD) ACC","LU0149725797.USD":"汇丰美国股市经济规模基金","BK4573":"虚拟现实","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD)   INC","SG9999015978.USD":"利安颠覆性创新基金A","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","BK4581":"高盛持仓","LU0784385170.HKD":"BGF GLOBAL MULTI ASSET INCOME \"A6\" (HKDHGD) INC","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","FB":"ProShares S&P 500 Dynamic Buffer ETF","LU0276348264.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN\"AUP\" (USD) INC","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU1935043536.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (SGDHDG) INC A","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","LU1037948897.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (HKD) INC","LU0265550359.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A2\" (USD) ACC","LU1815336760.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"AUP\" (USD) INC","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","LU1037948541.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (HKD) ACC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU0081259029.USD":"UBS (LUX) EQUITY FUND - TECH OPPORTUNITY \"P\" (USD) ACC","LU2054465674.USD":"UBS (LUX) KEY SELEC SICAV DIGITAL TRANSFORMATION T \"P\" (USD) ACC","GB00B4QBRK32.GBP":"FUNDSMITH EQUITY \"R\" (GBP) INC","GB00B4LPDJ14.GBP":"FUNDSMITH EQUITY \"R\" (GBP) ACC","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU2403377893.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AM\" (USD) INC","LU0215105999.USD":"SCHRODER ISF GLOBAL EQUITY \"A\" ACC","IE00BKDWB100.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5H\" (SGDHDG) ACC","LU0267386448.USD":"FIDELITY FIRST ALL COUNTRY WORLD \"A\" (USD) INC","LU0225283273.USD":"SCHRODER ISF GLOBAL EQUITY ALPHA \"A\" (USD) ACC","LU1261432733.SGD":"Fidelity World A-ACC-SGD","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","LU1992135472.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES \"AT\" (HKD) ACC","LU1035773651.USD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (USD) INC","LU2097829019.USD":"AZ EQUITY - BORLETTI GLOBAL LIFESTYLE \"AI\" (USD) ACC","LU0203345920.USD":"SCHRODER ISF QEP GLB ACT. 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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":{"AAPL":1,"AMZN":1,"NVDA":1,"META":1,"MSFT":1,"TSLA":1,"ORCL":1,"XMAG":1,"GOOG":1,"FB":1}},"isVote":1,"tweetType":1,"viewCount":1200,"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":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579604962735173","idStr":"3579604962735173"},"themes":[],"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":1669,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}