#英伟达财报周 Wall Street “Big Short” investor increases short position in Nvidia!

Before Nvidia released its latest earnings report, Wall Street investor and “Big Short” investor Michael Burry, who became famous for successfully predicting the U.S. subprime mortgage crisis, increased his short position in Nvidia. Unlike before, however, he also bought Nvidia call options.
This indicates that although Burry remains bearish on Nvidia, he acknowledges the possibility that an earnings report exceeding expectations could send the stock price soaring.
Burry posted on Substack that he had bought Nvidia call options expiring in December, with strike prices in the mid-to-high $200 range, characterizing the position as a hedge against his massive short exposure. “I did not make this trade to make money,” Burry said, adding that he would not have made the trade if he did not already hold massive short and put-option positions. He said the hedging position accounts for 3.5%‑4% of his portfolio.
Burry said that on the surface, Nvidia stock appears to be severely undervalued because the company has a low P/E ratio and enjoys monopoly pricing power. However, he pointed out that this appearance is misleading, saying his theoretical valuation of Nvidia is “far below its current market capitalization.” Burry said his analysis indicates that Nvidia’s monopoly position will last for a limited time, meaning its profit margins will decline in the future.
He also said he believes Nvidia “will not distribute sufficient profits to shareholders,” and that the company’s focus may shift increasingly toward capital expenditures and investments to diversify its business and continue driving revenue growth. Burry said Nvidia’s continued investment “near and through the top of the bubble” could lead to an “astonishing decline” in its earnings “in the not-too-distant future.”
However, at least for now, there are still no signs that Burry’s bearish prediction has come true. As of the August 27 close, Nvidia’s stock price had surged more than 8%, and its current total market capitalization is $5.49 trillion.

Nvidia’s earnings report released after U.S. stock market trading on Wednesday showed that its second-quarter revenue was $96.2 billion, up 106% year over year, versus expectations of $92.38 billion; second-quarter adjusted earnings per share were $2.22, up 120% year over year; second-quarter data center revenue was $89 billion, versus expectations of $85.86 billion; second-quarter hyperscaler revenue was $48.71 billion, versus expectations of $43.55 billion; second-quarter AI cloud, industrial, and enterprise revenue was $40.31 billion, versus expectations of $41.96 billion; second-quarter computing and networking revenue was $88.30 billion, versus expectations of $84.69 billion; and second-quarter free cash flow was $21.34 billion.
Nvidia expects third-quarter revenue of $105.84 billion to $110.16 billion, versus market expectations of $105.15 billion; third-quarter adjusted operating expenses are expected to be approximately $9 billion, versus analysts’ expectations of $8.97 billion; third-quarter adjusted operating expenses are expected to be approximately $9.0 billion, versus expectations of $8.97 billion; and third-quarter adjusted gross margin is expected to be 73.5% to 74.5%.
In the earnings report, Nvidia founder and CEO Jensen Huang said: “AI has reached an inflection point. It is doing useful work, and tokens are becoming productive and profitable. Now, compute is revenue, and demand is accelerating. At this time last year, only one lab was driving infrastructure construction; today, we are in a golden age of flourishing AI labs and startups, with multiple frontier labs scaling in parallel, the open-model ecosystem thriving, and physical AI coming online one after another—showing strong momentum in the United States and around the world.

Huang pointed out that AI infrastructure construction is proceeding at full speed. Vera Rubin is now fully in production, and its construction is intended to meet the demands of this era. $NVDA