Breaking Down Michael Burry’s Big Nvidia Short Thesis and Open AI’s Massive Loss Projections | Jack & Max

Monetary Matters with Jack Farley

Nov 28, 2025•34 min

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Episode description

This Monetary Matters episode is brought to you by Fiscal AI. Save 30% off any paid tier at for Black Friday: http://fiscal.ai/mm

Jack Farley & Max Wiethe breakdown Michael Burry’s big Nvidia short thesis and the recent projections from HSBC that Open AI will lose nearly half a trillion dollars between now and 2030. They also discuss the recent repricing of Fed rate cuts in December and debate which companies are the biggest losers if AI turns out to be a bubble.

Follow Jack Farley on Twitter https://x.com/JackFarley96

Follow Max on Twitter: https://x.com/maxwiethe

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Timestamps:

00:00 Intro

00:16 The Biggest Event in Macro

00:55 Breaking Down Michael Burry's Short Thesis for Nvidia

04:47 Semiconductors Are Historically Cyclical

07:08 Is Nvidia a Good Short?