That same night, Jensen Huang said "demand doubled," Burry said "bubble top"—who do you believe?
After the US stock market closed last night, two surreal events happened.
First, Nvidia released its financial report.
Quarterly revenue was $96.2 billion, doubling year-on-year. In after-hours trading, the stock price jumped from a 3% drop to a 5% rise. Jensen Huang stood on stage and said: We have never given guidance a year in advance, but we are confident that we will grow 70% in fiscal year 2028.
Then he added—"Real demand growth far exceeds 100%, and 70% is just the result of limited supply." ”
To translate: it's not that no one buys it, it's that I can't make it.
AWS has confirmed plans to deploy 2 million new GPUs in 2027-2028. Capital expenditures from the top five customers have jumped from 800 billion to 1.3 trillion.
On the demand side, things have really gone crazy.
Second, on the same day, "big short" Michael Burry disclosed his positions.
He bought Nvidia call options as a hedge while increasing his short position in Nvidia. He also increased his short positions on Oracle, Palantir, Nebius, and Caterpillar.
Burry's short position in stock has already exceeded 21% of the portfolio, not including those deeply out-of-the-money put options.
He said: Nvidia's "theoretical valuation is far below current market prices," and the shrinking AI profits could be "shocking."
So the question arises: on the same night, two of the smartest people gave completely opposite answers.
Jensen Huang said demand doubled—Burry said the bubble top.
Jensen Huang said the AI turning point has arrived—Burry said this is no different from the 2000 dot-com bubble.
Who is right?
My judgment is—both are right.
Jensen Huang is looking at demand explosions in 12-24 months. AWS orders are there, customer money has already arrived—this is not just empty promises.
Burry is looking at a 3-5 year return to profit margins. Nvidia's top five customers account for 70% of accounts receivable, so concentration risk is indeed rising. Monopoly rents cannot last forever.
One is saying, "How good is it now?" The other is reminding us that "there is always risk."
Isn't this the eternal debate in the BTC market?
"Institutions buying, ETFs are flowing in"—really.
"Miner selling pressure after the halving, macro uncertainty"—and that's true.
Both narratives can hold simultaneously, but the key lies in your holding timeframe.
Daily players watch Jensen Huang, monthly players listen to Burry.
Mature investors listen to both.
$BTC$XNVDA #财报观察员: Nvidia beats expectations, software revenue begins to pay off
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