Rahulfb personal page - To The Moon

Rahulfb

Rahulfb

No personal profile

0Follow

1Followers

0Topic

0Badge

2025-11-11

How is meta put option

"Big Short" Michael Burry Shifts to "Battle Mode": Tech Giants' Profit Overstatements Due to Underestimated Depreciation—Oracle by 26.9%, Meta by 20.8% by 2028

2021-06-25

Nice

Sorry, the original content has been removed

2021-06-25

Nice

Sorry, the original content has been removed

Go to Tiger App to see more news

{"i18n":{"language":"en_US"},"userPageInfo":{"id":"3579604962735173","uuid":"3579604962735173","gmtCreate":1616510938838,"gmtModify":1624591903211,"name":"Rahulfb","pinyin":"rahulfb","introduction":"","introductionEn":"","signature":"","avatar":"https://static.tigerbbs.com/5e06ddcb50d16bf716a09fc4b38401bc","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":1,"headSize":0,"tweetSize":3,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":0,"name":"","nameTw":"","represent":"","factor":"","iconColor":"","bgColor":""},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":"success","userBadges":[{"badgeId":"1026c425416b44e0aac28c11a0848493-3","templateUuid":"1026c425416b44e0aac28c11a0848493","name":" Tiger Idol","description":"Join the tiger community for 1500 days","bigImgUrl":"https://static.tigerbbs.com/8b40ae7da5bf081a1c84df14bf9e6367","smallImgUrl":"https://static.tigerbbs.com/f160eceddd7c284a8e1136557615cfad","grayImgUrl":"https://static.tigerbbs.com/11792805c468334a9b31c39f95a41c6a","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2025.05.02","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"7a9f168ff73447fe856ed6c938b61789-1","templateUuid":"7a9f168ff73447fe856ed6c938b61789","name":"Knowledgeable Investor","description":"Traded more than 10 stocks","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.03.08","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"44212b71d0be4ec88898348dbe882e03-3","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"President Tiger","description":"The transaction amount of the securities account reaches $1,000,000","bigImgUrl":"https://static.tigerbbs.com/fbeac6bb240db7da8b972e5183d050ba","smallImgUrl":"https://static.tigerbbs.com/436cdf80292b99f0a992e78750ac4e3a","grayImgUrl":"https://static.tigerbbs.com/506a259a7b456f037592c3b23c779599","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.28","exceedPercentage":"93.34%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1101,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"972123088c9646f7b6091ae0662215be-3","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Legendary Trader","description":"Total number of securities or futures transactions reached 300","bigImgUrl":"https://static.tigerbbs.com/656db16598a0b8f21429e10d6c1cb033","smallImgUrl":"https://static.tigerbbs.com/03f10910d4dd9234f9b5702a3342193a","grayImgUrl":"https://static.tigerbbs.com/0c767e35268feb729d50d3fa9a386c5a","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":"93.98%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0}],"userBadgeCount":5,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":11,"crmLevelSwitch":0,"location":null,"starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"id":498912642998872,"gmtCreate":1762829919778,"gmtModify":1762831301518,"author":{"id":"3579604962735173","authorId":"3579604962735173","name":"Rahulfb","avatar":"https://static.tigerbbs.com/5e06ddcb50d16bf716a09fc4b38401bc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579604962735173","idStr":"3579604962735173"},"themes":[],"title":"","htmlText":"How is meta put option&nbsp;","listText":"How is meta put option&nbsp;","text":"How is meta put option","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/498912642998872","repostId":"1187050152","repostType":2,"repost":{"id":"1187050152","kind":"news","weMediaInfo":{"introduction":"Global Stock Market Deep Analysis","home_visible":1,"media_name":"Deep News","id":"1039043262","head_image":"https://community-static.tradeup.com/news/8296859682db4b478146245e72de1922"},"pubTimestamp":1762828466,"share":"https://ttm.financial/m/news/1187050152?lang=en_US&edition=fundamental","pubTime":"2025-11-11 10:34","market":"sh","language":"en","title":"\"Big Short\" Michael Burry Shifts to \"Battle Mode\": Tech Giants' Profit Overstatements Due to Underestimated Depreciation—Oracle by 26.9%, Meta by 20.8% by 2028","url":"https://stock-news.laohu8.com/highlight/detail?id=1187050152","media":"Deep News","summary":"Michael Burry, famed for predicting the 2008 financial crisis, has once again targeted tech giants. On November 11, Burry posted on social media that these companies are artificially inflating...","content":"<p>Michael Burry, famed for predicting the 2008 financial crisis, has once again targeted tech giants. On November 11, Burry posted on social media that these companies are artificially inflating earnings by underestimating depreciation through extending the \"useful life\" of assets. He estimates that from 2026 to 2028, major tech firms could overstate profits by $176 billion due to this practice.</p>\n<p>Burry promised to reveal more details on November 25. He specifically highlighted that by 2028, Oracle's profits might be overstated by 26.9%, while Meta's could be exaggerated by 20.8%. Notably, Burry previously disclosed holding put options on NVIDIA and Palantir, reigniting market attention on his bearish stance toward the AI sector.</p>\n<p>Wall Street institutions like Morgan Stanley and Bank of America have also warned that the market severely underestimates the true scale of current AI investments and is unprepared for the impact of future depreciation expenses. This could lead to tech giants' actual profitability falling far below market expectations.</p>\n<p>**Accounting \"Tricks\": Extending Hardware Lifespans to Smooth Costs**  \nBurry argues that tech giants are employing accounting \"gimmicks.\" In his post, he noted that extending the \"useful life\" of assets to understate depreciation is \"one of the most common modern frauds.\" He emphasized that computing equipment, such as NVIDIA chips and servers—typically with 2-3 year lifecycles—should not have prolonged depreciation periods. However, \"hyperscalers\" like Meta, Alphabet, Microsoft, Oracle, and Amazon are doing just that, with some even stretching depreciation cycles to six years.</p>\n<p>Amazon, however, shortened the estimated useful life of some servers and networking equipment from six to five years in Q1 2025, citing accelerated AI advancements. If this trend reverses and expands, it could lead to accelerated depreciation recognition, impacting short-term earnings.</p>\n<p>**Depreciation \"Time Bomb\": Market Unprepared for Future Profit Shock**  \nBank of America has also warned that Wall Street is \"underestimating\" the growth of future depreciation expenses. Analyst Justin Post noted that as Google, Meta, and Amazon's capital expenditures surge in 2024 and 2025, their depreciation costs will inevitably accelerate post-2026. By 2027, the market's consensus for these three companies alone could understate actual depreciation expenses by nearly $16.4 billion, suggesting their true profitability may lag far behind current expectations.</p>\n<p>The \"short lifespan\" of AI assets exacerbates this risk. Hardware like GPUs, used for AI computing, faces rapid technological obsolescence and high workloads, with effective lifespans of just 3-5 years—contrary to tech giants' extended depreciation practices.</p>\n<p>**Wall Street's Warning: Underestimated Capex and \"Off-Balance-Sheet\" Expansion**  \nMorgan Stanley's research highlights that tech giants' AI capital expenditure intensity is nearing peak levels seen during the dot-com bubble, yet public data doesn't fully reflect the investment picture. Two key factors contribute to this underestimation:</p>\n<p>1. **Rise of Financing Leases**: Companies like Microsoft and Oracle are increasingly using these \"off-balance-sheet\" tools to build data centers, with initial investments excluded from traditional capex. Including financing leases, Morgan Stanley estimates Microsoft's 2026 capex-to-sales ratio would jump from 28% to 38%.  \n2. **Delayed Impact of \"Construction in Progress (CIP)\"**: Significant capital remains on balance sheets without depreciation, meaning the profit impact has only just begun.</p>\n<p>Bank of America warns that the AI infrastructure market could repeat historical patterns of overcapacity and price wars due to aggressive investment. If supply continues outpacing demand, aggressive pricing strategies may emerge by 2027, forcing hyperscalers to cut prices to maintain data center utilization—eroding profitability. This further supports Burry's argument about overstated tech earnings.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>\"Big Short\" Michael Burry Shifts to \"Battle Mode\": Tech Giants' Profit Overstatements Due to Underestimated Depreciation—Oracle by 26.9%, Meta by 20.8% by 2028</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n\"Big Short\" Michael Burry Shifts to \"Battle Mode\": Tech Giants' Profit Overstatements Due to Underestimated Depreciation—Oracle by 26.9%, Meta by 20.8% by 2028\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1039043262\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/8296859682db4b478146245e72de1922);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Deep News </p>\n<p class=\"h-time\">2025-11-11 10:34</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Michael Burry, famed for predicting the 2008 financial crisis, has once again targeted tech giants. On November 11, Burry posted on social media that these companies are artificially inflating earnings by underestimating depreciation through extending the \"useful life\" of assets. He estimates that from 2026 to 2028, major tech firms could overstate profits by $176 billion due to this practice.</p>\n<p>Burry promised to reveal more details on November 25. He specifically highlighted that by 2028, Oracle's profits might be overstated by 26.9%, while Meta's could be exaggerated by 20.8%. Notably, Burry previously disclosed holding put options on NVIDIA and Palantir, reigniting market attention on his bearish stance toward the AI sector.</p>\n<p>Wall Street institutions like Morgan Stanley and Bank of America have also warned that the market severely underestimates the true scale of current AI investments and is unprepared for the impact of future depreciation expenses. This could lead to tech giants' actual profitability falling far below market expectations.</p>\n<p>**Accounting \"Tricks\": Extending Hardware Lifespans to Smooth Costs**  \nBurry argues that tech giants are employing accounting \"gimmicks.\" In his post, he noted that extending the \"useful life\" of assets to understate depreciation is \"one of the most common modern frauds.\" He emphasized that computing equipment, such as NVIDIA chips and servers—typically with 2-3 year lifecycles—should not have prolonged depreciation periods. However, \"hyperscalers\" like Meta, Alphabet, Microsoft, Oracle, and Amazon are doing just that, with some even stretching depreciation cycles to six years.</p>\n<p>Amazon, however, shortened the estimated useful life of some servers and networking equipment from six to five years in Q1 2025, citing accelerated AI advancements. If this trend reverses and expands, it could lead to accelerated depreciation recognition, impacting short-term earnings.</p>\n<p>**Depreciation \"Time Bomb\": Market Unprepared for Future Profit Shock**  \nBank of America has also warned that Wall Street is \"underestimating\" the growth of future depreciation expenses. Analyst Justin Post noted that as Google, Meta, and Amazon's capital expenditures surge in 2024 and 2025, their depreciation costs will inevitably accelerate post-2026. By 2027, the market's consensus for these three companies alone could understate actual depreciation expenses by nearly $16.4 billion, suggesting their true profitability may lag far behind current expectations.</p>\n<p>The \"short lifespan\" of AI assets exacerbates this risk. Hardware like GPUs, used for AI computing, faces rapid technological obsolescence and high workloads, with effective lifespans of just 3-5 years—contrary to tech giants' extended depreciation practices.</p>\n<p>**Wall Street's Warning: Underestimated Capex and \"Off-Balance-Sheet\" Expansion**  \nMorgan Stanley's research highlights that tech giants' AI capital expenditure intensity is nearing peak levels seen during the dot-com bubble, yet public data doesn't fully reflect the investment picture. Two key factors contribute to this underestimation:</p>\n<p>1. **Rise of Financing Leases**: Companies like Microsoft and Oracle are increasingly using these \"off-balance-sheet\" tools to build data centers, with initial investments excluded from traditional capex. Including financing leases, Morgan Stanley estimates Microsoft's 2026 capex-to-sales ratio would jump from 28% to 38%.  \n2. **Delayed Impact of \"Construction in Progress (CIP)\"**: Significant capital remains on balance sheets without depreciation, meaning the profit impact has only just begun.</p>\n<p>Bank of America warns that the AI infrastructure market could repeat historical patterns of overcapacity and price wars due to aggressive investment. If supply continues outpacing demand, aggressive pricing strategies may emerge by 2027, forcing hyperscalers to cut prices to maintain data center utilization—eroding profitability. This further supports Burry's argument about overstated tech earnings.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0081259029.USD":"UBS (LUX) EQUITY FUND - TECH OPPORTUNITY \"P\" (USD) ACC","LU1119994496.HKD":"FIDELITY WORLD \"A\" (HKD) ACC","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","LU0256863902.USD":"ALLIANZ US EQUITY \"AT\" (USD) ACC","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU2054465674.USD":"UBS (LUX) KEY SELEC SICAV DIGITAL TRANSFORMATION T \"P\" (USD) ACC","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","SG9999001424.SGD":"United E-Commerce Fund SGD","LU2403377893.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AM\" (USD) INC","LU0267386448.USD":"FIDELITY FIRST ALL COUNTRY WORLD \"A\" (USD) INC","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","IE0005OL40V9.USD":"JANUS HENDERSON BALANCED \"A6M\" (USD) INC","LU1992135472.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES \"AT\" (HKD) ACC","MSFT":"微软","LU2097829019.USD":"AZ EQUITY - BORLETTI GLOBAL LIFESTYLE \"AI\" (USD) ACC","LU0211331839.USD":"FRANKLIN MUTUAL GLB DISCOVERY \"A\" (USD) ACC","LU1232071149.USD":"AZ FUND 1 GLOBAL GROWTH SELECTOR \"AAZ\" (USDHDG) ACC","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","LU0724617625.USD":"BGF GLOBAL ALLOCATION \"A4\" (USD) INC","LU1674673691.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (USD) INC","LU0210533765.USD":"JPM GLOBAL GROWTH \"A\" (USD) ACC","LU0788109477.HKD":"BGF GLOBAL ALLOCATION \"A2\" (HKDHGD) ACC","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","LU1674673428.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AC\" (USD) ACC","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","LU2456880835.USD":"ALLIANZ GLOBAL INCOME \"AT\" (USD) ACC","LU0708995401.HKD":"FRANKLIN U.S. OPPORTUNITIES \"A\" (HKD) ACC","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","BK4543":"AI","LU0726765562.USD":"JPM GLOBAL INCOME \"A\" (USD HEDGED) INC","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU1235294995.USD":"FIDELITY GLOBAL TECHNOLOGY \"A\" (USDHDG) ACC","LU0154236417.USD":"BGF US FLEXIBLE EQUITY \"A2\" ACC","LU2347655073.USD":"JPM GLOBAL INCOME \"A\" (USDHDG) INC A","LU2381873111.SGD":"BGF SYSTEMATIC GLOBAL EQUITY HIGH INCOME \"A6\" (SGDHDG) INC","IE00B7KXQ091.USD":"Janus Henderson Balanced A Inc USD","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","LU0345769128.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) ACC","SG9999011175.SGD":"Nikko AM Global Dividend Equity Dis SGD-H","LU0070217475.USD":"JPM GLOBAL SELECT EQUITY \"A\" ACC","LU0957808578.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"ZU\" (USD) ACC","BK4516":"特朗普概念","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","LU1069344957.HKD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (HKD) INC","LU2764263039.SGD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (SGDHDG) ACC","LU1861558580.USD":"日兴方舟颠覆性创新基金B","SG9999001077.SGD":"United International Growth Fund SGD","LU2764263203.CNY":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (CNYHDG) ACC","LU1868837300.USD":"CT (LUX) I AMERICAN FUND \"9\" (USD) ACC","BK4548":"巴美列捷福持仓","LU1814569148.SGD":"WELLINGTON GLOBAL QUALITY GROWTH \"D\" (SGDHDG) ACC","IE00BLSP4239.USD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis USD Plus","LU0061474960.USD":"天利环球焦点基金AU Acc","LU0965509283.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (SGDHDG) INC","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","LU1691799644.USD":"Amundi Funds Polen Capital Global Growth A2 (C) USD","LU1868836914.USD":"CT (LUX) I AMERICAN \"3\" (USD) ACC","LU1868837136.USD":"CT (LUX) I AMERICAN \"8\" (USD) ACC","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","LU2317271919.USD":"BGF FUTURE CONSUMER \"A2\" (USD) ACC","BK4554":"元宇宙及AR概念","LU1868836591.USD":"CT (LUX) I AMERICAN \"1U\"(USD) ACC","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","LU2264538146.SGD":"Fullerton Lux Funds - Global Absolute Alpha A Acc SGD","BK4553":"喜马拉雅资本持仓","BK4077":"互动媒体与服务","LU1868836757.USD":"CT (LUX) I AMERICAN FUND \"2\" (USD) ACC","IE00BN8TJ469.HKD":"FTGF CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A\" (HKD) INC","SG9999014906.USD":"大华全球优质成长基金Acc USD","LU0957791311.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"ZU\" (USD) ACC","BK4585":"ETF&股票定投概念","IE00B4JS1V06.HKD":"JANUS HENDERSON BALANCED \"A2\" (HKD) ACC","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","IE00BBT3K403.USD":"LEGG MASON CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A(USD) ACC","SG9999003800.SGD":"Nikko AM Global Dividend Equity Acc SGD-H","BK4587":"ChatGPT概念","LU2430703095.HKD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (HKD) INC","LU2746668461.USD":"MANULIFE DYNAMIC LEADERS \"AA\" (USD) ACC","LU2430703178.SGD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (SGDHDG) INC","IE00B5949003.HKD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A\" (HKD) ACC","LU0211327993.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (USD) ACC","LU0314106906.USD":"MANULIFE GF GLOBAL EQUITY \"AA\" (USD) INC","LU0320765489.SGD":"FTIF - Franklin Mutual US Value A Acc SGD","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","LU2430703251.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (USD) INC","BK4588":"碎股","BK4550":"红杉资本持仓","LU1803068979.SGD":"FTIF - Franklin Technology A (acc) SGD-H1","LU1035775433.USD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (USD) INC","SG9999017495.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"B\" (SGD) ACC","IE00BLSP4452.SGD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis SGD-H Plus","LU2746668974.SGD":"MANULIFE DYNAMIC LEADERS \"AA\" (SGDHDG) ACC","BK4551":"寇图资本持仓","LU1003077747.HKD":"BGF GLOBAL EQUITY INCOME \"A6\" (HKDHDG) INC","SG9999014914.USD":"UNITED GLOBAL QUALITY GROWTH (USDHDG) INC","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","LU0265550946.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A5\" (USD) INC","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","LU0079474960.USD":"联博美国增长基金A","LU2360032135.SGD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (SGDHDG) INC","IE00BK4W5L77.USD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (USD) ACC","LU2361044949.HKD":"WELLINGTON US QUALITY GROWTH \"A\" (HKD) ACC","LU1127390331.HKD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A\" (HKD) ACC","LU2462157665.USD":"ALLIANZ GLOBAL INCOME \"A\" (USD) INC","SG9999014880.SGD":"大华全球优质成长基金Acc SGD","LU2361044865.SGD":"WELLINGTON US QUALITY GROWTH \"A\" (SGDHDG) ACC","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","AMZN":"亚马逊","LU2361045086.USD":"WELLINGTON US QUALITY GROWTH \"A\" (USD) ACC","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","LU2417539215.USD":"ALLIANZ GLOBAL INCOME \"AMF\" (USD) INC","BK4528":"SaaS概念","IE00B775H168.HKD":"JANUS HENDERSON BALANCED \"A5M\" (HKD) INC","LU2125154935.USD":"ALLSPRING (LUX) WF GLOBAL EQUITY ENHANCED INCOME \"I\" (USD) INC","LU2272731865.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AM\" (HKD) INC","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU0965508806.USD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","BK4525":"远程办公概念","LU0310799852.SGD":"FTIF - Templeton Global Equity Income A MDIS SGD","SGXZ23171101.USD":"NIKKO AM SHENTON GLOBAL OPPORTUNITIES (USD) ACC","LU1267930730.SGD":"富兰克林美国机遇基金AS Acc SGD (CPF)","BK4524":"宅经济概念","BK4527":"明星科技股","LU2461242641.AUD":"WELLINGTON US QUALITY GROWTH \"A\" (AUDHDG) ACC","LU0545039389.USD":"BGF GLOBAL EQUITY INCOME \"A2\" ACC","LU0011850046.USD":"贝莱德全球长线股票 A2 USD","LU0097036916.USD":"贝莱德美国增长A2 USD","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","LU2860962120.EUR":"CPR INVEST - ARTIFICIAL INTELLIGENCE \"A2\" (EUR) ACC A","LU2592432038.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"A\" (USD) ACC","SG9999004303.SGD":"Nikko AM Shenton Global Opportunities SGD","LU0203347892.USD":"SCHRODER ISF QEP GLOBAL ACTIVE VALLUE \"A\" (USD)  INC AV","LU1697837992.HKD":"BGF DYNAMIC HIGH INCOME \"A6\" (HKDHDG) INC","LU1988902786.USD":"FULLERTON LUX FUNDS GLOBAL ABSOLUTE ALPHA \"I\" (USD) ACC","LU0444973449.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"DU\" (USD) ACC","LU1642822529.SGD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"A\" (SGD) ACC","BK4579":"人工智能","XMAG":"Defiance Large Cap ex-Mag 7 ETF","LU2473716301.USD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMF\" (USD) INC","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","SGXZ81514606.USD":"大华环球创新基金A Acc USD","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","LU2463028550.USD":"AB SICAV I AMERICAN MULTI-ASSET PORTFOLIO \"A\" (USD) ACC","LU2023250843.SGD":"Allianz Thematica Cl AT Acc H2-SGD","LU1823568750.SGD":"Fidelity Global Technology A-ACC SGD","LU2505996681.GBP":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (GBPHDG) INC","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU2505996509.AUD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (AUDHDG) INC","LU2420271590.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AT\" (USD) ACC","BK4573":"虚拟现实","LU2543165471.USD":"E FUND (HK) GLOBAL QUALITY GROWTH \"A\" (USD) ACC","LU2552382215.SGD":"WELLINGTON US BRAND POWER \"A\" (SGDHDG) ACC","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU0096362180.USD":"CT (LUX) I GLOBAL FOCUS \"DU\" (USD)","LU0353189763.USD":"ALLSPRING  US ALL CAP GROWTH FUND \"I\" (USD) ACC","BK4581":"高盛持仓","LU2552382058.USD":"WELLINGTON US BRAND POWER \"A\" (USD) ACC","LU0208291251.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) INC","LU0823421333.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) ACC","LU2552382132.HKD":"WELLINGTON US BRAND POWER \"A\" (HKD) ACC","BK4534":"瑞士信贷持仓","IE00B19Z8X17.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH  \"AG\" (USD) ACC","LU1992135399.USD":"Allianz Global Intelligent Cities AT Acc USD","LU0823421416.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) INC","BK4533":"AQR资本管理(全球第二大对冲基金)","LU2458330169.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A\" (SGD) ACC","LU0861579265.USD":"联博低波幅策略股票基金A","LU0096364046.USD":"CT (LUX) I AMERICAN \"DU\" (USD) ACC","LU1935042215.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC A","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","LU2247934214.USD":"FIDELITY FUNDS SUSTAINABLE FUTURE CONNECTIVITY \"A\" (USD) ACC","LU0823434583.USD":"BNP PARIBAS US GROWTH \"C\" (USD) ACC","LU0210536198.USD":"JPM US GROWTH \"A\" ACC","LU2458330243.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A-H1\" (SGDHDG) ACC","LU0109392836.USD":"富兰克林科技股A","LU0823434740.USD":"BNP PARIBAS US GROWTH \"C\" (USD) INC","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU1564329032.USD":"BGF DYNAMIC HIGH INCOME \"A2\" (USD) ACC","LU0354030511.USD":"ALLSPRING  U.S. LARGE CAP GROWTH \"I\" (USD) ACC","BK4538":"云计算","LU2896262040.SGD":"JPM US GROWTH FUND \"A\" (SGD) ACC","LU0354030438.USD":"富国美国大盘成长基金Cl A Acc","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","LU2487616109.SGD":"JPM AMERICA EQUITY \"A\" (SGD) ACC","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","SG9999018865.SGD":"United Global Quality Growth Fd Cl Dist SGD-H","LU0444971666.USD":"天利全球科技基金","LU0210528500.USD":"JPM AMERICA EQUITY \"A\" ACC","BK4097":"系统软件","LU1670627923.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) ACC","SGXZ99366536.SGD":"United Global Innovation A Acc SGD-H","LU2168564495.EUR":"AZ ALLOCATION - TREND \"AI\" (EUR) ACC","LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","LU2065169927.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) ACC","LU2168564222.USD":"AZ ALLOCATION - TREND \"AAZ\" (USDHDG) ACC","LU1670711040.USD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (USD) ACC","LU2168564065.EUR":"AZ ALLOCATION - TREND \"AAZ\" (EUR) ACC","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","SG9999018857.SGD":"United Global Quality Growth Fd Cl Acc SGD-H","SGXZ51526630.SGD":"大华环球创新基金A Acc SGD","LU1935042488.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","LU2168563687.JPY":"AZ ALLOCATION - TREND \"AAZ\" (JPYHDG) ACC","LU2168564149.EUR":"AZ ALLOCATION - TREND \"BAZ\" (EUR) ACC","LU0203202063.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A2X\" (USD) ACC","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","BK4507":"流媒体概念","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","LU0203201768.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"AX\" (USD) INC","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU1069347547.HKD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (HKD) INC","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU1699723380.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"AP\" (USD) ACC","LU0553294199.USD":"BGF GLOBAL EQUITY INCOME \"A5G\" (USD) INC","BK4508":"社交媒体","LU0149725797.USD":"汇丰美国股市经济规模基金","LU0882574139.USD":"富达环球消费行业基金A ACC","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD)   INC","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","SG9999015978.USD":"利安颠覆性创新基金A","BK4503":"景林资产持仓","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU0784385170.HKD":"BGF GLOBAL MULTI ASSET INCOME \"A6\" (HKDHGD) INC","BK4566":"资本集团","LU0276348264.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN\"AUP\" (USD) INC","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","LU1037948897.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (HKD) INC","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","LU0265550359.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A2\" (USD) ACC","LU1815336760.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"AUP\" (USD) INC","LU1934455277.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"AD\" (USD) INC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU0323591593.USD":"SCHRODER ISF QEP GLOBAL QUALITY \"A\" (USD) ACC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU1037948541.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (HKD) ACC","LU1989764748.USD":"东方汇理环球颠覆性机遇A2 Acc","LU1116320737.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (USD) INC","LU1934455194.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (USD) ACC","LU1791710582.SGD":"Fidelity Global Demographics A-ACC-SGD (SGD/USD hedged)","LU1791710400.SGD":"Fidelity Global Demographics A-ACC-SGD","IE00B19Z8W00.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"A\" INC","LU0056508442.USD":"贝莱德世界科技基金A2","AAPL":"苹果","GB00B4QBRK32.GBP":"FUNDSMITH EQUITY \"R\" (GBP) INC","LU0215105999.USD":"SCHRODER ISF GLOBAL EQUITY \"A\" ACC","GB00B4LPDJ14.GBP":"FUNDSMITH EQUITY \"R\" (GBP) ACC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","META":"Meta Platforms, Inc.","LU1116320901.HKD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (HKD) INC","IE00BKDWB100.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5H\" (SGDHDG) ACC","LU0225283273.USD":"SCHRODER ISF GLOBAL EQUITY ALPHA \"A\" (USD) ACC","LU1261432733.SGD":"Fidelity World A-ACC-SGD","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","LU1035773651.USD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (USD) INC","LU0203345920.USD":"SCHRODER ISF QEP GLB ACT. VL \"A\" (USD) ACC","GOOG":"谷歌","LU1153585028.USD":"BGF GLOBAL LONG-HORIZON EQUITY  \"A4\" (USD) INC","LU1496350502.SGD":"FRANKLIN DIVERSIFIED DYNAMIC \"A\" (SGDHDG) ACC","LU1564329628.SGD":"Blackrock Dynamic High Income A2 SGD-H","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU1301847155.USD":"BGF GLOBAL MULTI-ASSET INCOME FUND \"A4G\" (USD) INC","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","LU1718418525.SGD":"JPMorgan Investment Funds - Global Select Equity A (acc) SGD","LU2133065610.SGD":"JPMorgan Investment Funds - Global Dividend A (mth) SGD","LU2125154778.USD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (USD) INC","LU0080751232.USD":"富达环球多元动力基金A","LU2404859741.USD":"FUNDSMITH EQUITY FUND \"R\" (USD) INC","LU0234572021.USD":"高盛美国核心股票组合Acc","LU2404859667.USD":"FUNDSMITH EQUITY FUND \"R\" (USD) ACC","IE00BMPRXQ63.HKD":"NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUND \"A\" (HKDHDG) ACC","LU0690374961.EUR":"FUNDSMITH EQUITY \"R\" (EUR) INC","BK4592":"伊斯兰概念","LU0690374615.EUR":"FUNDSMITH EQUITY \"R\" (EUR) ACC","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU0006306889.USD":"SCHRODER ISF US LARGE CAP \"A\" (USD) INC AV","LU2087625088.SGD":"ALLSPRING  US ALL CAP GROWTH \"A\" (SGDHDG) ACC","LU0683600562.USD":"AB SELECT US EQUITY \"A\" (USD) ACC","LU0672654240.SGD":"FTIF - Franklin US Opportunities A Acc SGD-H1","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","LU1548497426.USD":"安联环球人工智能AT Acc","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","LU2347655156.SGD":"JPMorgan Investment Funds - Global Income A (icdiv) SGD-H","LU1815333072.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"AUP\" (USD) INC","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","LU1935043023.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (USD) INC A","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","LU1489326972.SGD":"First Eagle Amundi International AHS-MD SGD-H","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","LU0795875169.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD-H","LU0082616367.USD":"摩根大通美国科技A（dist）","LU1989764664.SGD":"CPR Invest - Global Disruptive Opportunities A2 Acc SGD-H","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","LU0949170772.SGD":"Blackrock Global Equity Income A6 SGD-H","LU2272731782.SGD":"Allianz Global Intelligent Cities AM Dis H2-SGD","SG9999002232.USD":"Allianz Global High Payout USD","LU2272731600.USD":"Allianz Global Intelligent Cities AM Dis USD","SG9999002224.SGD":"Allianz Global High Payout SGD","NVDA":"英伟达","LU0738911758.USD":"Blackrock Global Equity Income A6 USD","LU1934455863.HKD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (HKD) ACC","LU0949170426.SGD":"Blackrock Global Multi-Asset Income A6 SGD-H","LU0061474705.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN \"AU\" (USD) ACC","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","LU0784384876.USD":"Blackrock Global Multi-Asset Income A6 USD","LU0289960550.SGD":"AB FCP I - GLOBAL EQUITY BLEND PORTFOLIO 'A' (SGD) ACC","LU1046421795.USD":"富达环球科技A-ACC","SGXZ31699556.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"C\" (SGDHDG) ACC","IE00BN29S564.USD":"JANUS HENDERSON BALANCED \"A3\" (USD) INC","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","IE00BFSS8Q28.SGD":"Janus Henderson Balanced A Inc SGD-H","LU1670628061.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) INC","LU1366333091.USD":"FIDELITY GLOBAL FOCUS \"A\" (USD) ACC","LU1670710588.SGD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (SGD) ACC","LU1670710661.SGD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (SGD) INC","LU0528227936.USD":"富达环球人口趋势基金A-ACC","LU2065170008.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) INC","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU0109391861.USD":"富兰克林美国机遇基金A Acc","LU1670711123.USD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (USD) INC","LU2322448791.USD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMG\" (USD) INC","LU0985320562.USD":"NORDEA 1 GLOBAL STARS EQUITY \"BP\" (USD) ACC","FB":"ProShares S&P 500 Dynamic Buffer ETF","LU0661504455.SGD":"Blackrock Global Equity Income A5 SGD-H","LU0072462426.USD":"贝莱德全球配置 A2","LU1366192091.USD":"ALLIANZ US EQUITY PLUS \"AM\" (USD) INC","LU2322448957.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMG\" (HKD) INC","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","LU0308772762.SGD":"Blackrock Global Allocation A2 SGD-H","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","LU0985489474.SGD":"First Eagle Amundi International AHS-C SGD-H","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","LU0878866978.SGD":"First Eagle Amundi International AHS-QD SGD-H","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","LU0433182093.SGD":"First Eagle Amundi International AS-C SGD","LU2065171311.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) ACC","LU0157215616.USD":"FIDELITY GLOBAL FOCUS \"A\" INC","LU1564329115.USD":"Blackrock Dynamic High Income A6 USD","LU0068578508.USD":"First Eagle Amundi International Cl AU-C USD","LU2237957902.USD":"NIKKO AM GLOBAL EQUITY \"F\" (USD) ACC","LU2065171402.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) INC","LU1564329461.SGD":"Blackrock Dynamic High Income A6 SGD-H","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","IE00B7SZLL34.SGD":"Legg Mason ClearBridge - Value A Acc SGD-H","LU2237957811.SGD":"NIKKO AM GLOBAL EQUITY \"F\" (SGD) ACC","LU0795875086.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","LU2720916845.USD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (USD) ACC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU0965509010.AUD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (AUDHDG) INC","LU1732800096.USD":"摩根大通环球收益基金A (irc)","LU0175139822.USD":"AB FCP I Global Equity Blend A USD","LU1084165304.USD":"FIDELITY WORLD \"A\" (USD) ACC","SG9999014898.SGD":"United Global Quality Growth Fund Dis SGD","LU0787776722.HKD":"AB SELECT US EQUITY PORTFOLIO \"A\" (HKD) ACC","LU1506573853.SGD":"MANULIFE GF GLOBAL EQUITY \"AA\" (SGD) INC","LU1267930490.SGD":"TEMPLETON GLOBAL EQUITY INCOME \"AS\" (SGD) INC A","LU0912757837.SGD":"JPMorgan Investment Funds - Global Income A (mth) SGD-H","LU0965509101.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (SGDHDG) ACC","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","LU1935042991.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (SGDHDG) INC","ORCL":"甲骨文","LU1778281490.HKD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (HKD) INC","LU0077335932.USD":"FIDELITY AMERICAN GROWTH \"A\" INC","LU1732799900.SGD":"JPMorgan Investment Funds - Global Income A (irc) SGD-H","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","LU0476273544.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"BU\" (USD) ACC","LU1917777945.USD":"安联专题基金Cl AT Acc","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","LU2242650005.HKD":"FIDELITY FUNDS GLOBAL MULTI ASSET DYNAMIC \"A\" (HKD) ACC","LU0070302665.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) ACC","IE00BQXX3D17.EUR":"GUINNESS GLOBAL INNOVATORS \"C\" (EUR) ACC","IE00BQXX3C00.GBP":"GUINNESS GLOBAL INNOVATORS \"C\" (GBP) ACC","TSLA":"特斯拉","LU0784385840.USD":"Blackrock Global Multi-Asset Income A2 USD","IE00BQXX3F31.USD":"GUINNESS GLOBAL INNOVATORS \"C\" (USD) ACC","LU2063271972.USD":"富兰克林创新领域基金","LU2108987350.USD":"UBS (LUX) EQUITY SICAV GLOBAL OPPORTUNITY SUSTAINABLE (USD) \"P\" (USD) ACC","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU1935043536.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (SGDHDG) INC A","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU0784383803.USD":"BGF GLOBAL MULTI-ASSET INCOME FUND \"A\" (USD) INC A","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","LU2764262908.HKD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (HKD) ACC"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187050152","content_text":"Michael Burry, famed for predicting the 2008 financial crisis, has once again targeted tech giants. On November 11, Burry posted on social media that these companies are artificially inflating earnings by underestimating depreciation through extending the \"useful life\" of assets. He estimates that from 2026 to 2028, major tech firms could overstate profits by $176 billion due to this practice.\nBurry promised to reveal more details on November 25. He specifically highlighted that by 2028, Oracle's profits might be overstated by 26.9%, while Meta's could be exaggerated by 20.8%. Notably, Burry previously disclosed holding put options on NVIDIA and Palantir, reigniting market attention on his bearish stance toward the AI sector.\nWall Street institutions like Morgan Stanley and Bank of America have also warned that the market severely underestimates the true scale of current AI investments and is unprepared for the impact of future depreciation expenses. This could lead to tech giants' actual profitability falling far below market expectations.\n**Accounting \"Tricks\": Extending Hardware Lifespans to Smooth Costs**  \nBurry argues that tech giants are employing accounting \"gimmicks.\" In his post, he noted that extending the \"useful life\" of assets to understate depreciation is \"one of the most common modern frauds.\" He emphasized that computing equipment, such as NVIDIA chips and servers—typically with 2-3 year lifecycles—should not have prolonged depreciation periods. However, \"hyperscalers\" like Meta, Alphabet, Microsoft, Oracle, and Amazon are doing just that, with some even stretching depreciation cycles to six years.\nAmazon, however, shortened the estimated useful life of some servers and networking equipment from six to five years in Q1 2025, citing accelerated AI advancements. If this trend reverses and expands, it could lead to accelerated depreciation recognition, impacting short-term earnings.\n**Depreciation \"Time Bomb\": Market Unprepared for Future Profit Shock**  \nBank of America has also warned that Wall Street is \"underestimating\" the growth of future depreciation expenses. Analyst Justin Post noted that as Google, Meta, and Amazon's capital expenditures surge in 2024 and 2025, their depreciation costs will inevitably accelerate post-2026. By 2027, the market's consensus for these three companies alone could understate actual depreciation expenses by nearly $16.4 billion, suggesting their true profitability may lag far behind current expectations.\nThe \"short lifespan\" of AI assets exacerbates this risk. Hardware like GPUs, used for AI computing, faces rapid technological obsolescence and high workloads, with effective lifespans of just 3-5 years—contrary to tech giants' extended depreciation practices.\n**Wall Street's Warning: Underestimated Capex and \"Off-Balance-Sheet\" Expansion**  \nMorgan Stanley's research highlights that tech giants' AI capital expenditure intensity is nearing peak levels seen during the dot-com bubble, yet public data doesn't fully reflect the investment picture. Two key factors contribute to this underestimation:\n1. **Rise of Financing Leases**: Companies like Microsoft and Oracle are increasingly using these \"off-balance-sheet\" tools to build data centers, with initial investments excluded from traditional capex. Including financing leases, Morgan Stanley estimates Microsoft's 2026 capex-to-sales ratio would jump from 28% to 38%.  \n2. **Delayed Impact of \"Construction in Progress (CIP)\"**: Significant capital remains on balance sheets without depreciation, meaning the profit impact has only just begun.\nBank of America warns that the AI infrastructure market could repeat historical patterns of overcapacity and price wars due to aggressive investment. If supply continues outpacing demand, aggressive pricing strategies may emerge by 2027, forcing hyperscalers to cut prices to maintain data center utilization—eroding profitability. This further supports Burry's argument about overstated tech earnings.","news_type":1,"symbols_score_info":{"META":1,"FB":1,"GOOG":1,"ORCL":1,"XMAG":1,"AMZN":1,"NVDA":1,"AAPL":1,"TSLA":1,"MSFT":1}},"isVote":1,"tweetType":1,"viewCount":2091,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122093131,"gmtCreate":1624586973123,"gmtModify":1703841055738,"author":{"id":"3579604962735173","authorId":"3579604962735173","name":"Rahulfb","avatar":"https://static.tigerbbs.com/5e06ddcb50d16bf716a09fc4b38401bc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579604962735173","idStr":"3579604962735173"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/122093131","repostId":"2146029313","repostType":4,"isVote":1,"tweetType":1,"viewCount":2651,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122007749,"gmtCreate":1624586899081,"gmtModify":1703841057039,"author":{"id":"3579604962735173","authorId":"3579604962735173","name":"Rahulfb","avatar":"https://static.tigerbbs.com/5e06ddcb50d16bf716a09fc4b38401bc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579604962735173","idStr":"3579604962735173"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/122007749","repostId":"2146029313","repostType":4,"isVote":1,"tweetType":1,"viewCount":3176,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":122007749,"gmtCreate":1624586899081,"gmtModify":1703841057039,"author":{"id":"3579604962735173","authorId":"3579604962735173","name":"Rahulfb","avatar":"https://static.tigerbbs.com/5e06ddcb50d16bf716a09fc4b38401bc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579604962735173","idStr":"3579604962735173"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/122007749","repostId":"2146029313","repostType":4,"isVote":1,"tweetType":1,"viewCount":3176,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":498912642998872,"gmtCreate":1762829919778,"gmtModify":1762831301518,"author":{"id":"3579604962735173","authorId":"3579604962735173","name":"Rahulfb","avatar":"https://static.tigerbbs.com/5e06ddcb50d16bf716a09fc4b38401bc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579604962735173","idStr":"3579604962735173"},"themes":[],"title":"","htmlText":"How is meta put option&nbsp;","listText":"How is meta put option&nbsp;","text":"How is meta put option","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/498912642998872","repostId":"1187050152","repostType":2,"repost":{"id":"1187050152","kind":"news","weMediaInfo":{"introduction":"Global Stock Market Deep Analysis","home_visible":1,"media_name":"Deep News","id":"1039043262","head_image":"https://community-static.tradeup.com/news/8296859682db4b478146245e72de1922"},"pubTimestamp":1762828466,"share":"https://ttm.financial/m/news/1187050152?lang=en_US&edition=fundamental","pubTime":"2025-11-11 10:34","market":"sh","language":"en","title":"\"Big Short\" Michael Burry Shifts to \"Battle Mode\": Tech Giants' Profit Overstatements Due to Underestimated Depreciation—Oracle by 26.9%, Meta by 20.8% by 2028","url":"https://stock-news.laohu8.com/highlight/detail?id=1187050152","media":"Deep News","summary":"Michael Burry, famed for predicting the 2008 financial crisis, has once again targeted tech giants. On November 11, Burry posted on social media that these companies are artificially inflating...","content":"<p>Michael Burry, famed for predicting the 2008 financial crisis, has once again targeted tech giants. On November 11, Burry posted on social media that these companies are artificially inflating earnings by underestimating depreciation through extending the \"useful life\" of assets. He estimates that from 2026 to 2028, major tech firms could overstate profits by $176 billion due to this practice.</p>\n<p>Burry promised to reveal more details on November 25. He specifically highlighted that by 2028, Oracle's profits might be overstated by 26.9%, while Meta's could be exaggerated by 20.8%. Notably, Burry previously disclosed holding put options on NVIDIA and Palantir, reigniting market attention on his bearish stance toward the AI sector.</p>\n<p>Wall Street institutions like Morgan Stanley and Bank of America have also warned that the market severely underestimates the true scale of current AI investments and is unprepared for the impact of future depreciation expenses. This could lead to tech giants' actual profitability falling far below market expectations.</p>\n<p>**Accounting \"Tricks\": Extending Hardware Lifespans to Smooth Costs**  \nBurry argues that tech giants are employing accounting \"gimmicks.\" In his post, he noted that extending the \"useful life\" of assets to understate depreciation is \"one of the most common modern frauds.\" He emphasized that computing equipment, such as NVIDIA chips and servers—typically with 2-3 year lifecycles—should not have prolonged depreciation periods. However, \"hyperscalers\" like Meta, Alphabet, Microsoft, Oracle, and Amazon are doing just that, with some even stretching depreciation cycles to six years.</p>\n<p>Amazon, however, shortened the estimated useful life of some servers and networking equipment from six to five years in Q1 2025, citing accelerated AI advancements. If this trend reverses and expands, it could lead to accelerated depreciation recognition, impacting short-term earnings.</p>\n<p>**Depreciation \"Time Bomb\": Market Unprepared for Future Profit Shock**  \nBank of America has also warned that Wall Street is \"underestimating\" the growth of future depreciation expenses. Analyst Justin Post noted that as Google, Meta, and Amazon's capital expenditures surge in 2024 and 2025, their depreciation costs will inevitably accelerate post-2026. By 2027, the market's consensus for these three companies alone could understate actual depreciation expenses by nearly $16.4 billion, suggesting their true profitability may lag far behind current expectations.</p>\n<p>The \"short lifespan\" of AI assets exacerbates this risk. Hardware like GPUs, used for AI computing, faces rapid technological obsolescence and high workloads, with effective lifespans of just 3-5 years—contrary to tech giants' extended depreciation practices.</p>\n<p>**Wall Street's Warning: Underestimated Capex and \"Off-Balance-Sheet\" Expansion**  \nMorgan Stanley's research highlights that tech giants' AI capital expenditure intensity is nearing peak levels seen during the dot-com bubble, yet public data doesn't fully reflect the investment picture. Two key factors contribute to this underestimation:</p>\n<p>1. **Rise of Financing Leases**: Companies like Microsoft and Oracle are increasingly using these \"off-balance-sheet\" tools to build data centers, with initial investments excluded from traditional capex. Including financing leases, Morgan Stanley estimates Microsoft's 2026 capex-to-sales ratio would jump from 28% to 38%.  \n2. **Delayed Impact of \"Construction in Progress (CIP)\"**: Significant capital remains on balance sheets without depreciation, meaning the profit impact has only just begun.</p>\n<p>Bank of America warns that the AI infrastructure market could repeat historical patterns of overcapacity and price wars due to aggressive investment. If supply continues outpacing demand, aggressive pricing strategies may emerge by 2027, forcing hyperscalers to cut prices to maintain data center utilization—eroding profitability. This further supports Burry's argument about overstated tech earnings.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>\"Big Short\" Michael Burry Shifts to \"Battle Mode\": Tech Giants' Profit Overstatements Due to Underestimated Depreciation—Oracle by 26.9%, Meta by 20.8% by 2028</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n\"Big Short\" Michael Burry Shifts to \"Battle Mode\": Tech Giants' Profit Overstatements Due to Underestimated Depreciation—Oracle by 26.9%, Meta by 20.8% by 2028\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1039043262\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/8296859682db4b478146245e72de1922);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Deep News </p>\n<p class=\"h-time\">2025-11-11 10:34</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Michael Burry, famed for predicting the 2008 financial crisis, has once again targeted tech giants. On November 11, Burry posted on social media that these companies are artificially inflating earnings by underestimating depreciation through extending the \"useful life\" of assets. He estimates that from 2026 to 2028, major tech firms could overstate profits by $176 billion due to this practice.</p>\n<p>Burry promised to reveal more details on November 25. He specifically highlighted that by 2028, Oracle's profits might be overstated by 26.9%, while Meta's could be exaggerated by 20.8%. Notably, Burry previously disclosed holding put options on NVIDIA and Palantir, reigniting market attention on his bearish stance toward the AI sector.</p>\n<p>Wall Street institutions like Morgan Stanley and Bank of America have also warned that the market severely underestimates the true scale of current AI investments and is unprepared for the impact of future depreciation expenses. This could lead to tech giants' actual profitability falling far below market expectations.</p>\n<p>**Accounting \"Tricks\": Extending Hardware Lifespans to Smooth Costs**  \nBurry argues that tech giants are employing accounting \"gimmicks.\" In his post, he noted that extending the \"useful life\" of assets to understate depreciation is \"one of the most common modern frauds.\" He emphasized that computing equipment, such as NVIDIA chips and servers—typically with 2-3 year lifecycles—should not have prolonged depreciation periods. However, \"hyperscalers\" like Meta, Alphabet, Microsoft, Oracle, and Amazon are doing just that, with some even stretching depreciation cycles to six years.</p>\n<p>Amazon, however, shortened the estimated useful life of some servers and networking equipment from six to five years in Q1 2025, citing accelerated AI advancements. If this trend reverses and expands, it could lead to accelerated depreciation recognition, impacting short-term earnings.</p>\n<p>**Depreciation \"Time Bomb\": Market Unprepared for Future Profit Shock**  \nBank of America has also warned that Wall Street is \"underestimating\" the growth of future depreciation expenses. Analyst Justin Post noted that as Google, Meta, and Amazon's capital expenditures surge in 2024 and 2025, their depreciation costs will inevitably accelerate post-2026. By 2027, the market's consensus for these three companies alone could understate actual depreciation expenses by nearly $16.4 billion, suggesting their true profitability may lag far behind current expectations.</p>\n<p>The \"short lifespan\" of AI assets exacerbates this risk. Hardware like GPUs, used for AI computing, faces rapid technological obsolescence and high workloads, with effective lifespans of just 3-5 years—contrary to tech giants' extended depreciation practices.</p>\n<p>**Wall Street's Warning: Underestimated Capex and \"Off-Balance-Sheet\" Expansion**  \nMorgan Stanley's research highlights that tech giants' AI capital expenditure intensity is nearing peak levels seen during the dot-com bubble, yet public data doesn't fully reflect the investment picture. Two key factors contribute to this underestimation:</p>\n<p>1. **Rise of Financing Leases**: Companies like Microsoft and Oracle are increasingly using these \"off-balance-sheet\" tools to build data centers, with initial investments excluded from traditional capex. Including financing leases, Morgan Stanley estimates Microsoft's 2026 capex-to-sales ratio would jump from 28% to 38%.  \n2. **Delayed Impact of \"Construction in Progress (CIP)\"**: Significant capital remains on balance sheets without depreciation, meaning the profit impact has only just begun.</p>\n<p>Bank of America warns that the AI infrastructure market could repeat historical patterns of overcapacity and price wars due to aggressive investment. If supply continues outpacing demand, aggressive pricing strategies may emerge by 2027, forcing hyperscalers to cut prices to maintain data center utilization—eroding profitability. This further supports Burry's argument about overstated tech earnings.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0081259029.USD":"UBS (LUX) EQUITY FUND - TECH OPPORTUNITY \"P\" (USD) ACC","LU1119994496.HKD":"FIDELITY WORLD \"A\" (HKD) ACC","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","LU0256863902.USD":"ALLIANZ US EQUITY \"AT\" (USD) ACC","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU2054465674.USD":"UBS (LUX) KEY SELEC SICAV DIGITAL TRANSFORMATION T \"P\" (USD) ACC","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","SG9999001424.SGD":"United E-Commerce Fund SGD","LU2403377893.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AM\" (USD) INC","LU0267386448.USD":"FIDELITY FIRST ALL COUNTRY WORLD \"A\" (USD) INC","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","IE0005OL40V9.USD":"JANUS HENDERSON BALANCED \"A6M\" (USD) INC","LU1992135472.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES \"AT\" (HKD) ACC","MSFT":"微软","LU2097829019.USD":"AZ EQUITY - BORLETTI GLOBAL LIFESTYLE \"AI\" (USD) ACC","LU0211331839.USD":"FRANKLIN MUTUAL GLB DISCOVERY \"A\" (USD) ACC","LU1232071149.USD":"AZ FUND 1 GLOBAL GROWTH SELECTOR \"AAZ\" (USDHDG) ACC","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","LU0724617625.USD":"BGF GLOBAL ALLOCATION \"A4\" (USD) INC","LU1674673691.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (USD) INC","LU0210533765.USD":"JPM GLOBAL GROWTH \"A\" (USD) ACC","LU0788109477.HKD":"BGF GLOBAL ALLOCATION \"A2\" (HKDHGD) ACC","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","LU1674673428.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AC\" (USD) ACC","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","LU2456880835.USD":"ALLIANZ GLOBAL INCOME \"AT\" (USD) ACC","LU0708995401.HKD":"FRANKLIN U.S. OPPORTUNITIES \"A\" (HKD) ACC","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","BK4543":"AI","LU0726765562.USD":"JPM GLOBAL INCOME \"A\" (USD HEDGED) INC","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU1235294995.USD":"FIDELITY GLOBAL TECHNOLOGY \"A\" (USDHDG) ACC","LU0154236417.USD":"BGF US FLEXIBLE EQUITY \"A2\" ACC","LU2347655073.USD":"JPM GLOBAL INCOME \"A\" (USDHDG) INC A","LU2381873111.SGD":"BGF SYSTEMATIC GLOBAL EQUITY HIGH INCOME \"A6\" (SGDHDG) INC","IE00B7KXQ091.USD":"Janus Henderson Balanced A Inc USD","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","LU0345769128.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) ACC","SG9999011175.SGD":"Nikko AM Global Dividend Equity Dis SGD-H","LU0070217475.USD":"JPM GLOBAL SELECT EQUITY \"A\" ACC","LU0957808578.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"ZU\" (USD) ACC","BK4516":"特朗普概念","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","LU1069344957.HKD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (HKD) INC","LU2764263039.SGD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (SGDHDG) ACC","LU1861558580.USD":"日兴方舟颠覆性创新基金B","SG9999001077.SGD":"United International Growth Fund SGD","LU2764263203.CNY":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (CNYHDG) ACC","LU1868837300.USD":"CT (LUX) I AMERICAN FUND \"9\" (USD) ACC","BK4548":"巴美列捷福持仓","LU1814569148.SGD":"WELLINGTON GLOBAL QUALITY GROWTH \"D\" (SGDHDG) ACC","IE00BLSP4239.USD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis USD Plus","LU0061474960.USD":"天利环球焦点基金AU Acc","LU0965509283.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (SGDHDG) INC","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","LU1691799644.USD":"Amundi Funds Polen Capital Global Growth A2 (C) USD","LU1868836914.USD":"CT (LUX) I AMERICAN \"3\" (USD) ACC","LU1868837136.USD":"CT (LUX) I AMERICAN \"8\" (USD) ACC","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","LU2317271919.USD":"BGF FUTURE CONSUMER \"A2\" (USD) ACC","BK4554":"元宇宙及AR概念","LU1868836591.USD":"CT (LUX) I AMERICAN \"1U\"(USD) ACC","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","LU2264538146.SGD":"Fullerton Lux Funds - Global Absolute Alpha A Acc SGD","BK4553":"喜马拉雅资本持仓","BK4077":"互动媒体与服务","LU1868836757.USD":"CT (LUX) I AMERICAN FUND \"2\" (USD) ACC","IE00BN8TJ469.HKD":"FTGF CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A\" (HKD) INC","SG9999014906.USD":"大华全球优质成长基金Acc USD","LU0957791311.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"ZU\" (USD) ACC","BK4585":"ETF&股票定投概念","IE00B4JS1V06.HKD":"JANUS HENDERSON BALANCED \"A2\" (HKD) ACC","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","IE00BBT3K403.USD":"LEGG MASON CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A(USD) ACC","SG9999003800.SGD":"Nikko AM Global Dividend Equity Acc SGD-H","BK4587":"ChatGPT概念","LU2430703095.HKD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (HKD) INC","LU2746668461.USD":"MANULIFE DYNAMIC LEADERS \"AA\" (USD) ACC","LU2430703178.SGD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (SGDHDG) INC","IE00B5949003.HKD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A\" (HKD) ACC","LU0211327993.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (USD) ACC","LU0314106906.USD":"MANULIFE GF GLOBAL EQUITY \"AA\" (USD) INC","LU0320765489.SGD":"FTIF - Franklin Mutual US Value A Acc SGD","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","LU2430703251.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (USD) INC","BK4588":"碎股","BK4550":"红杉资本持仓","LU1803068979.SGD":"FTIF - Franklin Technology A (acc) SGD-H1","LU1035775433.USD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (USD) INC","SG9999017495.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"B\" (SGD) ACC","IE00BLSP4452.SGD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis SGD-H Plus","LU2746668974.SGD":"MANULIFE DYNAMIC LEADERS \"AA\" (SGDHDG) ACC","BK4551":"寇图资本持仓","LU1003077747.HKD":"BGF GLOBAL EQUITY INCOME \"A6\" (HKDHDG) INC","SG9999014914.USD":"UNITED GLOBAL QUALITY GROWTH (USDHDG) INC","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","LU0265550946.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A5\" (USD) INC","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","LU0079474960.USD":"联博美国增长基金A","LU2360032135.SGD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (SGDHDG) INC","IE00BK4W5L77.USD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (USD) ACC","LU2361044949.HKD":"WELLINGTON US QUALITY GROWTH \"A\" (HKD) ACC","LU1127390331.HKD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A\" (HKD) ACC","LU2462157665.USD":"ALLIANZ GLOBAL INCOME \"A\" (USD) INC","SG9999014880.SGD":"大华全球优质成长基金Acc SGD","LU2361044865.SGD":"WELLINGTON US QUALITY GROWTH \"A\" (SGDHDG) ACC","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","AMZN":"亚马逊","LU2361045086.USD":"WELLINGTON US QUALITY GROWTH \"A\" (USD) ACC","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","LU2417539215.USD":"ALLIANZ GLOBAL INCOME \"AMF\" (USD) INC","BK4528":"SaaS概念","IE00B775H168.HKD":"JANUS HENDERSON BALANCED \"A5M\" (HKD) INC","LU2125154935.USD":"ALLSPRING (LUX) WF GLOBAL EQUITY ENHANCED INCOME \"I\" (USD) INC","LU2272731865.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AM\" (HKD) INC","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU0965508806.USD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","BK4525":"远程办公概念","LU0310799852.SGD":"FTIF - Templeton Global Equity Income A MDIS SGD","SGXZ23171101.USD":"NIKKO AM SHENTON GLOBAL OPPORTUNITIES (USD) ACC","LU1267930730.SGD":"富兰克林美国机遇基金AS Acc SGD (CPF)","BK4524":"宅经济概念","BK4527":"明星科技股","LU2461242641.AUD":"WELLINGTON US QUALITY GROWTH \"A\" (AUDHDG) ACC","LU0545039389.USD":"BGF GLOBAL EQUITY INCOME \"A2\" ACC","LU0011850046.USD":"贝莱德全球长线股票 A2 USD","LU0097036916.USD":"贝莱德美国增长A2 USD","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","LU2860962120.EUR":"CPR INVEST - ARTIFICIAL INTELLIGENCE \"A2\" (EUR) ACC A","LU2592432038.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"A\" (USD) ACC","SG9999004303.SGD":"Nikko AM Shenton Global Opportunities SGD","LU0203347892.USD":"SCHRODER ISF QEP GLOBAL ACTIVE VALLUE \"A\" (USD)  INC AV","LU1697837992.HKD":"BGF DYNAMIC HIGH INCOME \"A6\" (HKDHDG) INC","LU1988902786.USD":"FULLERTON LUX FUNDS GLOBAL ABSOLUTE ALPHA \"I\" (USD) ACC","LU0444973449.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"DU\" (USD) ACC","LU1642822529.SGD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"A\" (SGD) ACC","BK4579":"人工智能","XMAG":"Defiance Large Cap ex-Mag 7 ETF","LU2473716301.USD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMF\" (USD) INC","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","SGXZ81514606.USD":"大华环球创新基金A Acc USD","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","LU2463028550.USD":"AB SICAV I AMERICAN MULTI-ASSET PORTFOLIO \"A\" (USD) ACC","LU2023250843.SGD":"Allianz Thematica Cl AT Acc H2-SGD","LU1823568750.SGD":"Fidelity Global Technology A-ACC SGD","LU2505996681.GBP":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (GBPHDG) INC","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU2505996509.AUD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (AUDHDG) INC","LU2420271590.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AT\" (USD) ACC","BK4573":"虚拟现实","LU2543165471.USD":"E FUND (HK) GLOBAL QUALITY GROWTH \"A\" (USD) ACC","LU2552382215.SGD":"WELLINGTON US BRAND POWER \"A\" (SGDHDG) ACC","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU0096362180.USD":"CT (LUX) I GLOBAL FOCUS \"DU\" (USD)","LU0353189763.USD":"ALLSPRING  US ALL CAP GROWTH FUND \"I\" (USD) ACC","BK4581":"高盛持仓","LU2552382058.USD":"WELLINGTON US BRAND POWER \"A\" (USD) ACC","LU0208291251.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) INC","LU0823421333.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) ACC","LU2552382132.HKD":"WELLINGTON US BRAND POWER \"A\" (HKD) ACC","BK4534":"瑞士信贷持仓","IE00B19Z8X17.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH  \"AG\" (USD) ACC","LU1992135399.USD":"Allianz Global Intelligent Cities AT Acc USD","LU0823421416.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) INC","BK4533":"AQR资本管理(全球第二大对冲基金)","LU2458330169.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A\" (SGD) ACC","LU0861579265.USD":"联博低波幅策略股票基金A","LU0096364046.USD":"CT (LUX) I AMERICAN \"DU\" (USD) ACC","LU1935042215.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC A","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","LU2247934214.USD":"FIDELITY FUNDS SUSTAINABLE FUTURE CONNECTIVITY \"A\" (USD) ACC","LU0823434583.USD":"BNP PARIBAS US GROWTH \"C\" (USD) ACC","LU0210536198.USD":"JPM US GROWTH \"A\" ACC","LU2458330243.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A-H1\" (SGDHDG) ACC","LU0109392836.USD":"富兰克林科技股A","LU0823434740.USD":"BNP PARIBAS US GROWTH \"C\" (USD) INC","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU1564329032.USD":"BGF DYNAMIC HIGH INCOME \"A2\" (USD) ACC","LU0354030511.USD":"ALLSPRING  U.S. LARGE CAP GROWTH \"I\" (USD) ACC","BK4538":"云计算","LU2896262040.SGD":"JPM US GROWTH FUND \"A\" (SGD) ACC","LU0354030438.USD":"富国美国大盘成长基金Cl A Acc","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","LU2487616109.SGD":"JPM AMERICA EQUITY \"A\" (SGD) ACC","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","SG9999018865.SGD":"United Global Quality Growth Fd Cl Dist SGD-H","LU0444971666.USD":"天利全球科技基金","LU0210528500.USD":"JPM AMERICA EQUITY \"A\" ACC","BK4097":"系统软件","LU1670627923.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) ACC","SGXZ99366536.SGD":"United Global Innovation A Acc SGD-H","LU2168564495.EUR":"AZ ALLOCATION - TREND \"AI\" (EUR) ACC","LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","LU2065169927.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) ACC","LU2168564222.USD":"AZ ALLOCATION - TREND \"AAZ\" (USDHDG) ACC","LU1670711040.USD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (USD) ACC","LU2168564065.EUR":"AZ ALLOCATION - TREND \"AAZ\" (EUR) ACC","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","SG9999018857.SGD":"United Global Quality Growth Fd Cl Acc SGD-H","SGXZ51526630.SGD":"大华环球创新基金A Acc SGD","LU1935042488.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","LU2168563687.JPY":"AZ ALLOCATION - TREND \"AAZ\" (JPYHDG) ACC","LU2168564149.EUR":"AZ ALLOCATION - TREND \"BAZ\" (EUR) ACC","LU0203202063.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A2X\" (USD) ACC","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","BK4507":"流媒体概念","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","LU0203201768.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"AX\" (USD) INC","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU1069347547.HKD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (HKD) INC","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU1699723380.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"AP\" (USD) ACC","LU0553294199.USD":"BGF GLOBAL EQUITY INCOME \"A5G\" (USD) INC","BK4508":"社交媒体","LU0149725797.USD":"汇丰美国股市经济规模基金","LU0882574139.USD":"富达环球消费行业基金A ACC","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD)   INC","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","SG9999015978.USD":"利安颠覆性创新基金A","BK4503":"景林资产持仓","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU0784385170.HKD":"BGF GLOBAL MULTI ASSET INCOME \"A6\" (HKDHGD) INC","BK4566":"资本集团","LU0276348264.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN\"AUP\" (USD) INC","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","LU1037948897.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (HKD) INC","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","LU0265550359.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A2\" (USD) ACC","LU1815336760.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"AUP\" (USD) INC","LU1934455277.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"AD\" (USD) INC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU0323591593.USD":"SCHRODER ISF QEP GLOBAL QUALITY \"A\" (USD) ACC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU1037948541.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (HKD) ACC","LU1989764748.USD":"东方汇理环球颠覆性机遇A2 Acc","LU1116320737.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (USD) INC","LU1934455194.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (USD) ACC","LU1791710582.SGD":"Fidelity Global Demographics A-ACC-SGD (SGD/USD hedged)","LU1791710400.SGD":"Fidelity Global Demographics A-ACC-SGD","IE00B19Z8W00.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"A\" INC","LU0056508442.USD":"贝莱德世界科技基金A2","AAPL":"苹果","GB00B4QBRK32.GBP":"FUNDSMITH EQUITY \"R\" (GBP) INC","LU0215105999.USD":"SCHRODER ISF GLOBAL EQUITY \"A\" ACC","GB00B4LPDJ14.GBP":"FUNDSMITH EQUITY \"R\" (GBP) ACC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","META":"Meta Platforms, Inc.","LU1116320901.HKD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (HKD) INC","IE00BKDWB100.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5H\" (SGDHDG) ACC","LU0225283273.USD":"SCHRODER ISF GLOBAL EQUITY ALPHA \"A\" (USD) ACC","LU1261432733.SGD":"Fidelity World A-ACC-SGD","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","LU1035773651.USD":"AB SICAV I - GLOBAL VALUE PORTFOLIO \"AD\" (USD) INC","LU0203345920.USD":"SCHRODER ISF QEP GLB ACT. VL \"A\" (USD) ACC","GOOG":"谷歌","LU1153585028.USD":"BGF GLOBAL LONG-HORIZON EQUITY  \"A4\" (USD) INC","LU1496350502.SGD":"FRANKLIN DIVERSIFIED DYNAMIC \"A\" (SGDHDG) ACC","LU1564329628.SGD":"Blackrock Dynamic High Income A2 SGD-H","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU1301847155.USD":"BGF GLOBAL MULTI-ASSET INCOME FUND \"A4G\" (USD) INC","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","LU1718418525.SGD":"JPMorgan Investment Funds - Global Select Equity A (acc) SGD","LU2133065610.SGD":"JPMorgan Investment Funds - Global Dividend A (mth) SGD","LU2125154778.USD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (USD) INC","LU0080751232.USD":"富达环球多元动力基金A","LU2404859741.USD":"FUNDSMITH EQUITY FUND \"R\" (USD) INC","LU0234572021.USD":"高盛美国核心股票组合Acc","LU2404859667.USD":"FUNDSMITH EQUITY FUND \"R\" (USD) ACC","IE00BMPRXQ63.HKD":"NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUND \"A\" (HKDHDG) ACC","LU0690374961.EUR":"FUNDSMITH EQUITY \"R\" (EUR) INC","BK4592":"伊斯兰概念","LU0690374615.EUR":"FUNDSMITH EQUITY \"R\" (EUR) ACC","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU0006306889.USD":"SCHRODER ISF US LARGE CAP \"A\" (USD) INC AV","LU2087625088.SGD":"ALLSPRING  US ALL CAP GROWTH \"A\" (SGDHDG) ACC","LU0683600562.USD":"AB SELECT US EQUITY \"A\" (USD) ACC","LU0672654240.SGD":"FTIF - Franklin US Opportunities A Acc SGD-H1","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","LU1548497426.USD":"安联环球人工智能AT Acc","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","LU2347655156.SGD":"JPMorgan Investment Funds - Global Income A (icdiv) SGD-H","LU1815333072.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"AUP\" (USD) INC","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","LU1935043023.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (USD) INC A","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","LU1489326972.SGD":"First Eagle Amundi International AHS-MD SGD-H","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","LU0795875169.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD-H","LU0082616367.USD":"摩根大通美国科技A（dist）","LU1989764664.SGD":"CPR Invest - Global Disruptive Opportunities A2 Acc SGD-H","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","LU0949170772.SGD":"Blackrock Global Equity Income A6 SGD-H","LU2272731782.SGD":"Allianz Global Intelligent Cities AM Dis H2-SGD","SG9999002232.USD":"Allianz Global High Payout USD","LU2272731600.USD":"Allianz Global Intelligent Cities AM Dis USD","SG9999002224.SGD":"Allianz Global High Payout SGD","NVDA":"英伟达","LU0738911758.USD":"Blackrock Global Equity Income A6 USD","LU1934455863.HKD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (HKD) ACC","LU0949170426.SGD":"Blackrock Global Multi-Asset Income A6 SGD-H","LU0061474705.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN \"AU\" (USD) ACC","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","LU0784384876.USD":"Blackrock Global Multi-Asset Income A6 USD","LU0289960550.SGD":"AB FCP I - GLOBAL EQUITY BLEND PORTFOLIO 'A' (SGD) ACC","LU1046421795.USD":"富达环球科技A-ACC","SGXZ31699556.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"C\" (SGDHDG) ACC","IE00BN29S564.USD":"JANUS HENDERSON BALANCED \"A3\" (USD) INC","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","IE00BFSS8Q28.SGD":"Janus Henderson Balanced A Inc SGD-H","LU1670628061.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) INC","LU1366333091.USD":"FIDELITY GLOBAL FOCUS \"A\" (USD) ACC","LU1670710588.SGD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (SGD) ACC","LU1670710661.SGD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (SGD) INC","LU0528227936.USD":"富达环球人口趋势基金A-ACC","LU2065170008.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) INC","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU0109391861.USD":"富兰克林美国机遇基金A Acc","LU1670711123.USD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (USD) INC","LU2322448791.USD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMG\" (USD) INC","LU0985320562.USD":"NORDEA 1 GLOBAL STARS EQUITY \"BP\" (USD) ACC","FB":"ProShares S&P 500 Dynamic Buffer ETF","LU0661504455.SGD":"Blackrock Global Equity Income A5 SGD-H","LU0072462426.USD":"贝莱德全球配置 A2","LU1366192091.USD":"ALLIANZ US EQUITY PLUS \"AM\" (USD) INC","LU2322448957.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMG\" (HKD) INC","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","LU0308772762.SGD":"Blackrock Global Allocation A2 SGD-H","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","LU0985489474.SGD":"First Eagle Amundi International AHS-C SGD-H","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","LU0878866978.SGD":"First Eagle Amundi International AHS-QD SGD-H","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","LU0433182093.SGD":"First Eagle Amundi International AS-C SGD","LU2065171311.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) ACC","LU0157215616.USD":"FIDELITY GLOBAL FOCUS \"A\" INC","LU1564329115.USD":"Blackrock Dynamic High Income A6 USD","LU0068578508.USD":"First Eagle Amundi International Cl AU-C USD","LU2237957902.USD":"NIKKO AM GLOBAL EQUITY \"F\" (USD) ACC","LU2065171402.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) INC","LU1564329461.SGD":"Blackrock Dynamic High Income A6 SGD-H","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","IE00B7SZLL34.SGD":"Legg Mason ClearBridge - Value A Acc SGD-H","LU2237957811.SGD":"NIKKO AM GLOBAL EQUITY \"F\" (SGD) ACC","LU0795875086.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","LU2720916845.USD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (USD) ACC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU0965509010.AUD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (AUDHDG) INC","LU1732800096.USD":"摩根大通环球收益基金A (irc)","LU0175139822.USD":"AB FCP I Global Equity Blend A USD","LU1084165304.USD":"FIDELITY WORLD \"A\" (USD) ACC","SG9999014898.SGD":"United Global Quality Growth Fund Dis SGD","LU0787776722.HKD":"AB SELECT US EQUITY PORTFOLIO \"A\" (HKD) ACC","LU1506573853.SGD":"MANULIFE GF GLOBAL EQUITY \"AA\" (SGD) INC","LU1267930490.SGD":"TEMPLETON GLOBAL EQUITY INCOME \"AS\" (SGD) INC A","LU0912757837.SGD":"JPMorgan Investment Funds - Global Income A (mth) SGD-H","LU0965509101.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (SGDHDG) ACC","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","LU1935042991.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (SGDHDG) INC","ORCL":"甲骨文","LU1778281490.HKD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (HKD) INC","LU0077335932.USD":"FIDELITY AMERICAN GROWTH \"A\" INC","LU1732799900.SGD":"JPMorgan Investment Funds - Global Income A (irc) SGD-H","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","LU0476273544.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"BU\" (USD) ACC","LU1917777945.USD":"安联专题基金Cl AT Acc","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","LU2242650005.HKD":"FIDELITY FUNDS GLOBAL MULTI ASSET DYNAMIC \"A\" (HKD) ACC","LU0070302665.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) ACC","IE00BQXX3D17.EUR":"GUINNESS GLOBAL INNOVATORS \"C\" (EUR) ACC","IE00BQXX3C00.GBP":"GUINNESS GLOBAL INNOVATORS \"C\" (GBP) ACC","TSLA":"特斯拉","LU0784385840.USD":"Blackrock Global Multi-Asset Income A2 USD","IE00BQXX3F31.USD":"GUINNESS GLOBAL INNOVATORS \"C\" (USD) ACC","LU2063271972.USD":"富兰克林创新领域基金","LU2108987350.USD":"UBS (LUX) EQUITY SICAV GLOBAL OPPORTUNITY SUSTAINABLE (USD) \"P\" (USD) ACC","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU1935043536.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (SGDHDG) INC A","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU0784383803.USD":"BGF GLOBAL MULTI-ASSET INCOME FUND \"A\" (USD) INC A","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","LU2764262908.HKD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (HKD) ACC"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187050152","content_text":"Michael Burry, famed for predicting the 2008 financial crisis, has once again targeted tech giants. On November 11, Burry posted on social media that these companies are artificially inflating earnings by underestimating depreciation through extending the \"useful life\" of assets. He estimates that from 2026 to 2028, major tech firms could overstate profits by $176 billion due to this practice.\nBurry promised to reveal more details on November 25. He specifically highlighted that by 2028, Oracle's profits might be overstated by 26.9%, while Meta's could be exaggerated by 20.8%. Notably, Burry previously disclosed holding put options on NVIDIA and Palantir, reigniting market attention on his bearish stance toward the AI sector.\nWall Street institutions like Morgan Stanley and Bank of America have also warned that the market severely underestimates the true scale of current AI investments and is unprepared for the impact of future depreciation expenses. This could lead to tech giants' actual profitability falling far below market expectations.\n**Accounting \"Tricks\": Extending Hardware Lifespans to Smooth Costs**  \nBurry argues that tech giants are employing accounting \"gimmicks.\" In his post, he noted that extending the \"useful life\" of assets to understate depreciation is \"one of the most common modern frauds.\" He emphasized that computing equipment, such as NVIDIA chips and servers—typically with 2-3 year lifecycles—should not have prolonged depreciation periods. However, \"hyperscalers\" like Meta, Alphabet, Microsoft, Oracle, and Amazon are doing just that, with some even stretching depreciation cycles to six years.\nAmazon, however, shortened the estimated useful life of some servers and networking equipment from six to five years in Q1 2025, citing accelerated AI advancements. If this trend reverses and expands, it could lead to accelerated depreciation recognition, impacting short-term earnings.\n**Depreciation \"Time Bomb\": Market Unprepared for Future Profit Shock**  \nBank of America has also warned that Wall Street is \"underestimating\" the growth of future depreciation expenses. Analyst Justin Post noted that as Google, Meta, and Amazon's capital expenditures surge in 2024 and 2025, their depreciation costs will inevitably accelerate post-2026. By 2027, the market's consensus for these three companies alone could understate actual depreciation expenses by nearly $16.4 billion, suggesting their true profitability may lag far behind current expectations.\nThe \"short lifespan\" of AI assets exacerbates this risk. Hardware like GPUs, used for AI computing, faces rapid technological obsolescence and high workloads, with effective lifespans of just 3-5 years—contrary to tech giants' extended depreciation practices.\n**Wall Street's Warning: Underestimated Capex and \"Off-Balance-Sheet\" Expansion**  \nMorgan Stanley's research highlights that tech giants' AI capital expenditure intensity is nearing peak levels seen during the dot-com bubble, yet public data doesn't fully reflect the investment picture. Two key factors contribute to this underestimation:\n1. **Rise of Financing Leases**: Companies like Microsoft and Oracle are increasingly using these \"off-balance-sheet\" tools to build data centers, with initial investments excluded from traditional capex. Including financing leases, Morgan Stanley estimates Microsoft's 2026 capex-to-sales ratio would jump from 28% to 38%.  \n2. **Delayed Impact of \"Construction in Progress (CIP)\"**: Significant capital remains on balance sheets without depreciation, meaning the profit impact has only just begun.\nBank of America warns that the AI infrastructure market could repeat historical patterns of overcapacity and price wars due to aggressive investment. If supply continues outpacing demand, aggressive pricing strategies may emerge by 2027, forcing hyperscalers to cut prices to maintain data center utilization—eroding profitability. This further supports Burry's argument about overstated tech earnings.","news_type":1,"symbols_score_info":{"META":1,"FB":1,"GOOG":1,"ORCL":1,"XMAG":1,"AMZN":1,"NVDA":1,"AAPL":1,"TSLA":1,"MSFT":1}},"isVote":1,"tweetType":1,"viewCount":2091,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122093131,"gmtCreate":1624586973123,"gmtModify":1703841055738,"author":{"id":"3579604962735173","authorId":"3579604962735173","name":"Rahulfb","avatar":"https://static.tigerbbs.com/5e06ddcb50d16bf716a09fc4b38401bc","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579604962735173","idStr":"3579604962735173"},"themes":[],"title":"","htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/122093131","repostId":"2146029313","repostType":4,"isVote":1,"tweetType":1,"viewCount":2651,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}