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Nobody said you were Enron, jackass. You were being compared to Cisco. Specifically, Cisco circa the 2000 dot com bubble.
Nvidia says it’s not Enron. Michael Burry draws a different dot-com-era parallel.
spoiler
Nvidia and Michael Burry, the famed investor who was chronicled in “The Big Short” for spotting the subprime bubble, appear to be in a war of words.According to Barron’s, Nvidia’s investor-relations team sent a memo to Wall Street analysts seeking to refute key points of Burry’s recent arguments against the graphics-chip maker, on topics ranging from the use of stock-based compensation to accounting. But it’s clearly the latter topic that has Nvidia on edge, alongside a perception that it’s engaged in vendor financing to make demand appear strong.
“NVIDIA does not resemble historical accounting frauds because NVIDIA’s underlying business is economically sound, our reporting is complete and transparent, and we care about our reputation for integrity,” the memo said, according to Barron’s. “Unlike Enron, NVIDIA does not use Special Purpose Entities to hide debt and inflate revenue.”
Burry, who has disclosed bets against Nvidia and Palantir via put contracts, isn’t backing down.
Don’t miss: They bet everything on Palantir and became millionaires. Inside the market’s ultimate cult stock.
“Nvidia emailed a memo to Wall Street sell side analysts to push back on my arguments on SBC and Depreciation. I stand by my analysis,” Burry said on his new — and wildly popular — Substack publication, Cassandra Unchained. “As well, I am not claiming Nvidia is Enron. It is clearly Cisco.”
Cisco
CSCO
-0.33% was not accused of accounting fraud, but it was briefly the world’s most valuable company during the dot-com bubble, a crown Nvidia wears today. Today Cisco, which like Nvidia provided the backbone of then-burgeoning new technology, still exists but as the 28th largest company in the S&P 500.
Nvidia’s stock
NVDA
+1.37% rose on Monday, but shares are down about 14% from their late October peak.