\nMichael Burry, investitorul f\u0103cut celebru de filmul \u201eThe Big Short\u201d, care a tulburat recent pie\u0163ele printr-un pariu \u00eempotriva sectorului tehnologic, acuz\u0103 unele dintre cele mai mari companii americane de tehnologie c\u0103 folosesc practici contabile discutabile pentru a-\u015fi umfla profiturile generate de boomul inteligen\u0163ei artificiale, noteaz\u0103 CNBC.<\/p>\n
\n\u00centr-o postare pe X publicat\u0103 luni, fondatorul Scion Asset Management a afirmat c\u0103 marii furnizori de infrastructur\u0103 cloud \u015fi AI subestimeaz\u0103 cheltuielile cu amortizarea, estim\u00e2nd un ciclu de via\u0163\u0103 al cipurilor mai lung dec\u00e2t cel realist.<\/p>\n
\n\u201eSubestimarea amortiz\u0103rii prin extinderea artificial\u0103 a duratei de via\u0163\u0103 utile a activelor cre\u015fte artificial profitul, una dintre cele mai comune fraude ale erei moderne\u201d, a scris Burry. \u201eCre\u015fterea masiv\u0103 a cheltuielilor de capital prin achizi\u0163ia de procesoare Nvidia, cu un ciclu de produs de 2-3 ani, nu ar trebui s\u0103 duc\u0103 la extinderea duratei de via\u0163\u0103 utile a echipamentelor de calcul. Totu\u015fi, exact asta au f\u0103cut to\u0163i hiperscalers\u201d.<\/p>\n
\nBurry estimeaz\u0103 c\u0103, \u00eentre 2026 \u015fi 2028, aceast\u0103 manevr\u0103 contabil\u0103 ar subestima amortizarea cu aproximativ 176 miliarde de dolari, umfl\u00e2nd profiturile raportate \u00een \u00eentregul sector. El i-a men\u0163ionat \u00een mod explicit pe Oracle \u015fi Meta Platforms, sus\u0163in\u00e2nd c\u0103 profiturile lor ar putea fi supraevaluate cu aproximativ 27%, respectiv 21%, p\u00e2n\u0103 \u00een 2028.<\/p>\n
\nAtunci c\u00e2nd o companie achizi\u0163ioneaz\u0103 un activ scump, precum procesoare sau servere, aceasta poate, potrivit principiilor contabile general acceptate (GAAP), s\u0103 \u00ee\u015fi repartizeze costul activului ca o cheltuial\u0103 anual\u0103, \u00een func\u0163ie de estimarea propriei companii privind rata de depreciere.<\/p>\n
\nDac\u0103 firmele estimeaz\u0103 o durat\u0103 de via\u0163\u0103 mai lung\u0103, atunci valoarea anual\u0103 a amortiz\u0103rii scade, ceea ce duce la profituri contabile mai mari.<\/p>\n
\nBurry, care a pariat \u00eempotriva creditelor ipotecare subprime \u00eenainte de criza financiar\u0103 din 2008, a avertizat anul acesta c\u0103 entuziasmul legat de AI seam\u0103n\u0103 cu bula tehnologic\u0103 de la sf\u00e2r\u015fitul anilor \u201990.<\/p>\n
\nS\u0103pt\u0103m\u00e2na trecut\u0103, Burry a dezv\u0103luit noi pozi\u0163ii short \u00eempotriva favori\u0163ilor AI Nvidia \u015fi Palantir Technologies. El a raportat de\u0163ineri de op\u0163iuni put cu o valoare no\u0163ional\u0103 de aproximativ 187 de milioane de dolari \u00eempotriva Nvidia \u015fi 912 milioane de dolari \u00eempotriva Palantir, la data de 30 septembrie, potrivit unei declara\u0163ii depuse la autorit\u0103\u0163ile de reglementare.<\/p>\n
\nDezv\u0103luirea a provocat o reac\u0163ie dur\u0103 din partea CEO-ului Palantir, Alex Karp, care a descris pariurile lui Burry drept \u201esuper ciudate\u201d \u015fi \u201enebune\u015fti\u201d.<\/p>\n
\nAc\u0163iunile Nvidia au crescut cu aproape 6% luni, dup\u0103 o sc\u0103dere de 7% s\u0103pt\u0103m\u00e2na trecut\u0103. Palantir a \u00eenregistrat o cre\u015ftere de aproape 9% luni, dup\u0103 o sc\u0103dere de 11% \u00een s\u0103pt\u0103m\u00e2na precedent\u0103. Nvidia a sc\u0103zut din nou mar\u0163i.<\/p>\n
\nBurry a spus \u00een postarea sa de pe X c\u0103 \u201evor urma mai multe detalii\u201d pe 25 noiembrie \u015fi le-a cerut cititorilor s\u0103 \u201er\u0103m\u00e2n\u0103 pe recep\u0163ie\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"
Michael Burry, investitorul f\u0103cut celebru de filmul \u201eThe Big Short\u201d, care a tulburat recent pie\u0163ele printr-un pariu \u00eempotriva sectorului tehnologic, acuz\u0103 unele dintre cele mai mari companii americane de tehnologie c\u0103 folosesc practici contabile discutabile pentru a-\u015fi umfla profiturile generate de boomul inteligen\u0163ei artificiale, noteaz\u0103 CNBC. \u00centr-o postare pe X publicat\u0103 luni, fondatorul Scion Asset […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[510],"tags":[7833,149,61857,4638,204],"class_list":["post-242126","post","type-post","status-publish","format-standard","hentry","category-actualitate","tag-criza-financiara","tag-investitii","tag-michael-burry","tag-profit","tag-tehnologie"],"_links":{"self":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/242126","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=242126"}],"version-history":[{"count":0,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/242126\/revisions"}],"wp:attachment":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=242126"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=242126"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=242126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}