The Joseph Carlson Show Michael Burry Says We're In Another Bubble
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Feb 9, 2026 Discussion centers on Michael Burry’s claim that big tech is in a new bubble driven by massive capex. The show contrasts Google’s 100-year bond with other firms’ financing motives. Listeners hear deep dives into capex vs. cash flow charts and AI-driven revenue acceleration. Commentary covers valuation oddities at Meta, Amazon’s reinvestment strategy, Microsoft’s rare cheapness, and skepticism of a flashy AI ad.
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Modern Big Tech Has Annuity Cash Streams
- Carlson contrasts modern big tech with cyclical hardware firms from 2000, highlighting annuity‑like revenues and massive user bases.
- He stresses these companies produce unprecedented, consistent cash flows unlike dot‑com era firms.
CapEx Jumped With The AI Cycle
- CapEx jumped sharply since 2019 and then tripled again with the AI cycle to roughly $380B trailing.
- Companies project over $600B this year, making the scale almost incomprehensible but not necessarily wasteful.
Profits Keep Pace With CapEx
- Net income for the four companies has risen dramatically even as CapEx grows.
- Carlson shows they remain extremely profitable and can largely self‑fund the spend.