Tom McKenzie

A lot of that is down to the spend.

It's not just Warner Brothers, but it's also on these investments they see.

They are seeing attractive investment opportunities in film, in some of that intellectual property.

They're building out their gaming franchise.

They're building out their live events.

cost.

And of course, there is the Warner Brothers deal as well.

Yeah, absolutely.

Michael Burry putting on famously short positions, so shorting the stocks of Nvidia and Palantir before he wrapped up his fund.

His concern does focus on the depreciation of some of these assets.

By assets, I'm talking about specifically these AI chips, very expensive AI accelerators, 90%.

of the market share is dominated by Nvidia.

So across the sale of these chips, Nvidia has that significant market gain versus its rivals.

And the concern is that as you get newer versions of these chips, the older ones essentially become less valuable and Michael Burry

making the argument that companies, the hyperscalers, so the Microsofts and Alphabets and Metas of the world, are not properly accounting for how quickly these assets depreciate.

The other part of the concern, and it kind of ties into this, that you hear voice from the sceptics around the AI bubble, is that there are comparisons, they say, with what happened in the late 1990s.

1999, early 2000, the dot-com bubble, when it was the telecom equipment makers that, leading up

to all of the online expectations around how our digital economy was going to change, spent huge amounts of money on building the infrastructure to power the dot-com era, and ended up losing a lot of money because the gains didn't come as quickly.

The technology didn't evolve as rapidly as they had expected.

Of course, on the back of that, you did get...