Michael Burry Doubles Down on Nebius Short After Stock Surges 34% on Monster Earnings
TLDR
- Nebius Group stock jumped 34% after reporting Q2 revenue of $582.3 million, up 454% year-over-year
- Michael Burry added to his short position the same day, calling Nebius “what the top of a boom looks like”
- Burry first disclosed his short on August 6 at around $212 per share; the stock closed near $259, putting him underwater
- Burry’s core argument is about depreciation accounting, not demand, claiming AI companies overstate profits by stretching chip lifespans
- Nebius ended Q2 with $8 billion in cash and $2.2 billion in operating cash flow, but spent $5.7 billion on capital expenditures
Nebius Group stock surged 34% on August 12 after the company posted its second-quarter results. Revenue hit $582.3 million, up 454% year-over-year and above analyst estimates of $572.75 million.
The blowout quarter did not change Michael Burry’s mind. The Scion Asset Management founder, known for predicting the 2008 housing collapse, added to his short position on the same day results dropped.
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