Carmen Reinecke

Yeah, so I think most basically his argument is that the amount of stock-based compensation is diluting, you know, owner's power.

That if you hold the stock, it's being diluted by the stock-based compensation.

And so it really is just another thing and sort of a myriad of things that he has called out with Nvidia in recent weeks.

And yeah, we saw the company, you know, push back.

There was a memo that they sent to some Wall Street analysts.

This is according to a Barron's report.

that said, you know, we think his math is wrong, kind of explained the situation a little bit better, and also very blatantly stated, you know, we're not Enron, we're not, you know, there's no fraud here.

But Burry really said, you know, I stand by my analysis that, you know, about the stock-based compensation dilution share buybacks.

And he also said, you know, I'm not comparing NVIDIA to Enron, I'm comparing it to Cisco.

which I thought was really interesting, thinking about Cisco in the dot-com era.

It had this huge run-up, but it was really associated with the overbuild in fiber optic cable.

So he's comparing that to what's happening now, I guess, with NVIDIA, with data centers.

And these are really some of the biggest concerns or pain points that we're seeing in this debate over if AI is a bubble.

And NVIDIA shares are down.

I think they were down as much as 6% today.

We're seeing more than $200 billion in market value just

wiped off.

And we're also watching the sort of 20% level.

NVIDIA's nearing 20% drawdown from its high at the end of October, which is a significant level for the shares.

Technical bear market.