‘This is Not Business as Usual. This is Risk’: Michael Burry Warns Nvidia Looks Strikingly Similar to Cisco Just Prior to Dot Com Bubble Crash

Michael Burry, the investor immortalized in The Big Short for predicting the subprime mortgage collapse, is raising fresh alarms about Nvidia (NVDA), the semiconductor giant at the heart of the artificial intelligence (AI) boom.

In a recent Substack post published Thursday, Burry argued that Nvidia’s latest financial disclosures reveal a buildup of supply commitments that resembles patterns seen at Cisco Systems (CSCO) during the final stages of the dot-com bubble. His warning centers on a dramatic rise in purchase obligations, a balance-sheet detail that he believes signals mounting internal risk rather than temporary external pressures.