Michael Burry warned Friday that the AI data center boom resembles the structural excesses that preceded 2008, citing circular financing, off-balance-sheet vehicles and captive insurers as mechanisms that may obscure leverage. In a Substack post, the investor behind the Big Short trade reportedly wrote, "The shenanigans are apparent today for those that care to look." Burry argued that much of NVIDIA’s future revenue is majority financed through circular arrangements rather than organic end-user demand. Oracle disclosed $638 billion in remaining performance obligations, including $75 billion linked to bring-your-own-hardware or prepaid customer arrangements, and plans to raise $40 billion in fiscal 2027 to support a $70 billion capex program. Nebius Group’s capital stack includes NVIDIA pre-funded warrants, convertible debt and uncommenced lease obligations. Burry also cited data from Torsten Slok, Apollo’s chief economist, showing data-center construction accelerating after the Federal Reserve began raising rates in 2022, even as private non-residential construction excluding data centers fell 7.9% year over year in June. NVIDIA reported Q1 FY27 revenue of $82 billion, while total supply commitments and prepaids reached $145 billion. The warning comes as AI-related valuations and infrastructure spending remain elevated, with investors focused on whether future demand can support the financing structures behind the buildout.