Fundstrat’s Tom Lee has rejected Michael Burry’s comparison between the AI investment boom and Enron, arguing that $3 trillion in off-balance-sheet commitments does not by itself show the scale of the underlying risk. The Wall Street Journal identified $1.2 trillion in leases that have not started and $1.9 trillion in chip purchase agreements across nine technology giants, a total 50 times larger than Enron’s $60 billion bankruptcy in 2001. Burry, who doubled his bet against Nvidia, compared the company’s $500 billion financing push with the structures that helped conceal Enron’s debt. Nvidia CEO Jensen Huang says the arrangements bring independent, long-term capital to AI infrastructure and reflect genuine demand. Lee said such commitments can be reduced before construction begins and compared them with the much larger gross exposures created by options and swaps. Dryden Pence said AI spending could exceed U.S. defense spending by 2027, while the buildout already represents an estimated 2% to 2.5% of U.S. GDP. The investment case ultimately depends on whether AI productivity improves beyond the 30% of companies reporting gains so far; only 7% say their rollouts are complete.