Michael Burry fired off a flurry of social media posts over the weekend, taking aim at his critics and the stock market's most beloved tech trade.
"The Big Short" investor, who recently launched a Substack, also had some fresh thoughts about the AI boom, reiterating that he sees trouble brewing for the stock market's favorite trade and taking aim at the top player in the space.
"OpenAI is the next Netscape, doomed and hemorrhaging cash," Burry wrote late Friday in response to a separate X post from Salesforce CEO Marc Benioff about large language models.
Netscape, once the world's most widely used web browser, was among the world's most valuable internet companies in the mid-1990s before it ultimately became a poster-child of dot-com era boom and bust.
"Microsoft is trying to keep it afloat while keeping it off balance sheet and sucking out the IP. So why do they keep getting funded? The whole industry NEEDS a 500 billion IPO," Burry said, later adding in a separate post on Saturday that OpenAI raising $60 billion would "not be near enough" to meet the company's cash needs.
Burry's posts follow his recent critiques of another major AI player. He unveiled a short position and slammed Nvidia last month, prompting a memo from the company to analysts defending itself from Burry's claims.
"Calling for pics and proof of Nvidia GPUs being warehoused in mass quantities In the US but also overseas. Some have reached out to me already. And it is getting interesting. But I need more," Burry wrote on Sunday afternoon.
Burry was also keen to hit back at his own critics, using his barrage of posts as an opportunity to defend his bearish market calls over the years.
In his posts on Sunday, he linked to news articles about how he believed meme stocks were crashing and how he warned his followers to "prepare for #inflation" in 2021, the year before the market endured a major correction and price growth peaked around 9% in the US.
Burry also posted a screenshot of a previous X post he wrote in March 2023, where he speculated that the regional banking crisis could "resolve very quickly." Burry called out specific reporters who have scrutinized his claims, arguing that history has proven him to be correct.
"To look back at those calls 5, 10 years later - any short call - is ridiculous. You really think any short seller holds those positions for 5, 10 years?" he added.
Burry recently returned to the public eye after a yearslong disappearance from social media. He de-registered his hedge fund and launched a Substack, where he unpacks his bearish views on the market.
