Michael Burry, the investor who predicted the 2008 housing collapse and was portrayed by Christian Bale in "The Big Short," warned that Nvidia’s $500 billion AI financing arrangements carry "shades of Enron." In a Substack post, Burry said circular financing involving Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR could inflate chip demand, obscure leverage and make future revenue "majority financed in a circular arrangement" rather than driven by organic end-user demand. He cited special-purpose vehicles, off-balance-sheet financing and captive insurers as mechanisms that may conceal risk. Burry also highlighted Oracle’s $638 billion in remaining performance obligations, including $75 billion tied to bring-your-own-hardware or prepaid customer arrangements, alongside plans to raise $40 billion in fiscal 2027 to fund a $70 billion capital-expenditure program. Nebius Group’s capital stack includes Nvidia pre-funded warrants, convertible debt and uncommenced lease obligations. Citing Apollo chief economist Torsten Slok, Burry noted that private non-residential construction excluding data centers fell 7.9% year over year in June while data-center construction accelerated after the Federal Reserve began raising rates in 2022. Nvidia reported Q1 FY27 revenue of $82 billion, with total supply commitments and prepaids reaching $145 billion. Burry has positioned against Micron, Oracle, Nvidia-backed Nebius, Palantir and Tesla. Nvidia shares fell 0.9% to $214.87 in Friday midday trading, extending a sixth consecutive losing session, while Oracle and Palantir gained. Nvidia has not publicly responded to Burry’s specific allegations.