Nvidia sent a memo to analysts pushing back on Michael Burry’s reasons for shorting the stock. Nvidia criticized Burry for conflating employee getting rich from stock based compensation with the performance of their stock buybacks given SBC is an industry norm.

Nvidia also pushed back on claims of circular financing and claims of overstating how long GPUs last.

Burry responded “I stand by my analysis. I am not claiming Nvidia is Enron. It is clearly Cisco”

https://www.cnbc.com/2025/11/25/nvidia-pushes-back-on-charges-that-ai-investment-is-a-bubble.html