'Big Short' investorMichael Burryis sounding the alarm onNvidia Corp.(NASDAQ:NVDA), claiming the AI giant's strategic financial "overreaching" has escalated its "circular spending" to "biblical proportions," which he argues is driving a massive spike in the company's credit default swap risks.
「大空頭」投資者Michael Burry正在對輝達公司（納斯達克：NVDA）發出警告，稱這家AI巨頭在戰略財務上的「過度擴張」已將其「循環支出」推高至「聖經級規模」，他認為這正導致該公司信用違約互換風險急劇飆升。
Default Swaps 'Going Parabolic'
違約互換「呈拋物線式上漲」
Taking to X, Burry pointed to a sharp rise in the cost of insuring Nvidia's debt as a glaring warning sign. "There is a reason $NVDA's 5 year credit default swaps are going parabolic," Burry posted, sharing a terminal chart showing the swaps up nearly 90% year-to-date.
Burry在X平台上指出，為輝達債務提供保險的成本急劇上升，這是一個明顯的警示信號。「$NVDA五年期信用違約互換呈拋物線式上漲是有原因的，」Burry發帖稱，並附上一張終端圖表，顯示該互換今年以來已上漲近90%。
He attributed this sudden surge directly to "All this overreaching by #nvda to push the circular spending to biblical proportions."
他將這一突然激增直接歸因於「#nvda所有這些過度擴張行為，正將循環支出推向聖經級規模。」
This criticism coincides with reports that Nvidia signed data center leases worth up to $50 billion in Texas to support its "neocloud" partners—a financial maneuver that skeptics argue keeps high costs off Nvidia's balance sheet while artificially driving demand for its own GPUs.
這一批評恰逢有報導稱，輝達在德克薩斯州簽署了價值高達$500億的數據中心租賃協議，以支援其「新雲」（neocloud）合作夥伴——批評人士認為，這種財務操作將高額成本排除在輝達資產負債表之外，同時人為推高對其自家GPU的需求。
There is a reason $NVDA's 5 year credit default swaps are going parabolic. All this overreaching by #nvda to push the circular spending to biblical proportions . pic.twitter.com/QH1PyLRNex— Cassandra Unchained (@michaeljburry) July 29, 2026
$NVDA五年期信用違約互換呈拋物線式上漲是有原因的。#nvda所有這些過度擴張行為正將循環支出推向聖經級規模。 pic.twitter.com/QH1PyLRNex— Cassandra Unchained (@michaeljburry) 2026年7月29日
Read Also:Nvidia Deepens South Korea AI Push With $1 Billion NAVER Investment
延伸閱讀：輝達加大對韓國AI佈局，投資$10億於NAVER
The Circular Financing Controversy
循環融資爭議
Burry's stark warning strikes at the heart of Wall Street's growing unease with "circular financing" in the AI sector—a practice where a tech giant funds a startup or customer, who then uses that capital to purchase the supplier's hardware.
Burry發出的嚴厲警告直指華爾街日益擔憂的AI領域「循環融資」問題——即科技巨頭向初創企業或客戶注資，後者再用這筆資金購買供應商自家硬體的做法。
The financial architecture has drawn harsh rebukes.Hammerstone Marketsrecently cautioned that these circular deals, "like their cousin the Ponzi scheme, require constant activity in the way of new funds, continuous hype, and the stoking of FOMO."
該金融架構已招致嚴厲批評。Hammerstone Markets最近警告稱，這類循環交易「與其表親龐氏騙局類似，需要源源不斷的新資金、持續的炒作以及對FOMO（錯失恐懼症）的不斷煽動。」
Ta-da! pic.twitter.com/gIJq83PQkr— Cassandra Unchained (@michaeljburry) July 27, 2026
瞧！ pic.twitter.com/gIJq83PQkr— Cassandra Unchained (@michaeljburry) 2026年7月27日
Following reports of massive Nvidia investments in entities likeSK Hynix Inc. ADR(NASDAQ:SKHY) and OpenAI, Applied Economics ProfessorSteve Hankeechoed the bearish sentiment, definitively declaring: "WELCOME TO THE AI BUBBLE."
在傳出輝達對SK Hynix Inc. ADR（納斯達克：SKHY）和OpenAI等實體進行大規模投資的消息後，應用經濟學教授Steve Hanke呼應了看跌情緒，並明確宣稱：「歡迎來到AI泡沫。」
Nvidia announced a $500 billion investment in SK Hynix and a $250 billion investment in OpenAI.
These investments are the latest installment in a series of circular financing deals within the AI industry.
WELCOME TO THE AI BUBBLE. pic.twitter.com/fOUd9WUTPm— Steve Hanke (@steve_hanke) July 27, 2026
輝達宣佈對SK Hynix Inc. ADR投資$5,000億，並對OpenAI投資$2,500億。
這些投資是人工智慧行業內一系列循環融資交易的最新一例。
歡迎來到AI泡沫。pic.twitter.com/fOUd9WUTPm——史蒂夫·漢克（@steve_hanke），2026年7月27日
A 'Signal, Not a Verdict'
「一個信號，而非判決」
Despite mounting skepticism, tech executives and some market strategists maintain that these interconnected deals solve genuine capital bottlenecks rather than manufacture fake demand.
儘管質疑聲不斷加劇，科技公司高管和一些市場策略師仍堅持認為，這些相互關聯的交易旨在解決真實的資本瓶頸，而非人為製造虛假需求。
Anthropic CEODario Amodeihas previously defended the capital structure at the New York Times Dealbook Summit, stating that funding buyers who lack $50 billion upfront is not "inappropriate" in principle.
Anthropic首席執行長Dario Amodei此前曾在《紐約時報》Dealbook峰會上為該資本結構辯護，稱資助那些缺乏$500億預付款的買家，在原則上並非「不當」行為。
Likewise,James E. Thorne, Chief Market Strategist at Wellington Altus, pushed back against the bubble narrative. Dismissing comparisons to the 1990s dot-com crash as "lazy research," Thorne argued that "Circular financing is a signal, not a verdict," driven by very real and persistent global shortages in computing power.
同樣，Wellington Altus首席市場策略師James E. Thorne也反駁了「泡沫論」。Thorne駁斥將當前情況與1990年代互聯網泡沫破裂相提並論的做法是「懶惰的研究」，並指出「循環融資是一種信號，而非判決」，其背後是全球計算能力真實且持續的短缺。
Food for thought.
AI's "circular financing" fears miss the deeper risk
The world remains short of compute, memory and power. These
constraints are real and persistent. What has changed is the shape of the equity charts.
Many AI-linked stocks have gone parabolic; valuations...— James E. Thorne (@DrJStrategy) July 28, 2026
值得深思。
對AI「循環融資」的擔憂忽視了更深層的風險
全球在算力、內存和電力方面仍然供不應求。這些
約束是真實且持久的。發生變化的是股票走勢圖的形態。
許多與人工智慧相關的股票已呈拋物線式上漲；估值……—— James E. Thorne (@DrJStrategy) 2026年7月28日
How Has Tech Sector Performed?
科技類股表現如何？
While the Nasdaq Composite Index has slipped 1.66% over the past month, it was up just 7.03% year-to-date and down 3.72% over the last five sessions. The ETF tracking the index,Invesco QQQ Trust(NASDAQ:QQQ), closed 0.97% lower at $675.49 on Tuesday.
儘管納斯達克綜合指數在過去一個月下跌了1.66%，但年初至今僅上漲7.03%，並在過去五個交易日下跌了3.72%。跟蹤該指數的ETF——納指100ETF-Invesco QQQ Trust（納斯達克：QQQ）周二收跌0.97%，報$675.49。
Meanwhile, the Nasdaq 100 index neared the correction zone as it fell 9.75% to 27,763.14points from its previous record of 30,762.20 points.
與此同時，納斯達克100指數接近回調區間，從此前創下的30,762.20點紀錄高位下跌9.75%，至27,763.14點。
When compared with the U.S.-based semiconductor and memory ETFs,iShares Semiconductor ETF(NASDAQ:SOXX) was up 61.18% year-to-date, lower by 16.69% over the month and 99.98% higher over the year.
與美國本土的半導體和記憶體類ETF相比，iShares Semiconductor ETF（納斯達克：SOXX）年初至今上漲61.18%，但本月下跌16.69%，過去一年則上漲99.98%。(Benzinga)