“大空头”炮轰科技巨头诈欺：人为低估折旧抬高利润，甲骨文盈利或被夸大26.9%、Meta夸大20.8%_老虎社区_美港股上老虎

“大空头”炮轰科技巨头诈欺：人为低估折旧抬高利润，甲骨文盈利或被夸大26.9%、Meta夸大20.8%

格隆汇2025-11-11

11月11日，电影《大空头》(The Big Short)男主角原型、传奇对冲基金经理Michael Burry在披露大手沽空科技巨头后，再在社交平台发文称，科技巨头透过“人为”延长资产“有效使用寿命”来低估折旧，从而抬高利润，这是“现代最常见的诈欺(common frauds)之一”。Burry指出，科技企业大规模增加资本开支，采购英伟达芯片和服务器以扩充算力，这些产品周期通常只有2至3年，但...

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小韭菜321
·2025-11-11
信了他，你的筹码就丢了
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height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n“大空头”炮轰科技巨头诈欺：人为低估折旧抬高利润，甲骨文盈利或被夸大26.9%、Meta夸大20.8%\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-11-11 14:51 北京时间&nbsp;&nbsp;&nbsp;<a href=https://usstock.jrj.com.cn/2025/11/11145154125924.shtml><strong>格隆汇</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>11月11日，电影《大空头》(The Big Short)男主角原型、传奇对冲基金经理Michael Burry在披露大手沽空科技巨头后，再在社交平台发文称，科技巨头透过“人为”延长资产“有效使用寿命”来低估折旧，从而抬高利润，这是“现代最常见的诈欺(common frauds)之一”。Burry指出，科技企业大规模增加资本开支，采购英伟达芯片和服务器以扩充算力，这些产品周期通常只有2至3年，但...</p>\n\n<a href=\"https://usstock.jrj.com.cn/2025/11/11145154125924.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"FB":"ProShares S&P 500 Dynamic Buffer ETF","LU0203201768.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"AX\" (USD) INC","LU2272731782.SGD":"Allianz Global Intelligent Cities AM Dis H2-SGD","LU0528227936.USD":"富达环球人口趋势基金A-ACC","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","LU1868836914.USD":"CT (LUX) I AMERICAN \"3\" (USD) ACC","LU1674673428.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AC\" (USD) ACC","LU0787776722.HKD":"AB SELECT US EQUITY PORTFOLIO \"A\" (HKD) ACC","LU1267930730.SGD":"富兰克林美国机遇基金AS Acc SGD (CPF)","LU0310799852.SGD":"FTIF - Templeton Global Equity Income A MDIS SGD","BK4524":"宅经济概念","BK4097":"系统软件","SGXZ99366536.SGD":"United Global Innovation A Acc SGD-H","XMAG":"Defiance Large Cap ex-Mag 7 ETF","LU1791710400.SGD":"Fidelity Global Demographics A-ACC-SGD","BK4077":"互动媒体与服务","LU1934455863.HKD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (HKD) ACC","LU0154236417.USD":"BGF US FLEXIBLE EQUITY \"A2\" ACC","LU0208291251.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) INC","GB00B4QBRK32.GBP":"FUNDSMITH EQUITY \"R\" (GBP) INC","SG9999014906.USD":"大华全球优质成长基金Acc USD","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","LU2462157665.USD":"ALLIANZ GLOBAL INCOME \"A\" (USD) INC","LU2381873111.SGD":"BGF SYSTEMATIC GLOBAL EQUITY HIGH INCOME \"A6\" (SGDHDG) INC","LU1992135399.USD":"Allianz Global Intelligent Cities AT Acc USD","LU2860962120.EUR":"CPR INVEST - ARTIFICIAL INTELLIGENCE \"A2\" (EUR) ACC A","LU1261432733.SGD":"Fidelity World A-ACC-SGD","LU2458330169.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A\" (SGD) ACC","LU2247934214.USD":"FIDELITY FUNDS SUSTAINABLE FUTURE CONNECTIVITY \"A\" (USD) ACC","LU2168563687.JPY":"AZ ALLOCATION - TREND \"AAZ\" (JPYHDG) ACC","LU0957808578.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"ZU\" (USD) ACC","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","LU0109392836.USD":"富兰克林科技股A","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU2168564149.EUR":"AZ ALLOCATION - TREND \"BAZ\" (EUR) ACC","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","LU2108987350.USD":"UBS (LUX) EQUITY SICAV GLOBAL OPPORTUNITY SUSTAINABLE (USD) \"P\" (USD) ACC","IE00B5949003.HKD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A\" (HKD) ACC","ORCL":"甲骨文","LU0203345920.USD":"SCHRODER ISF QEP GLB ACT. VL \"A\" (USD) ACC","LU0082616367.USD":"摩根大通美国科技A（dist）","LU0006306889.USD":"SCHRODER ISF US LARGE CAP \"A\" (USD) INC AV","META":"Meta Platforms, Inc.","LU0724617625.USD":"BGF GLOBAL ALLOCATION \"A4\" (USD) INC"},"source_url":"https://usstock.jrj.com.cn/2025/11/11145154125924.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2582330244","content_text":"11月11日，电影《大空头》(The Big Short)男主角原型、传奇对冲基金经理Michael Burry在披露大手沽空科技巨头后，再在社交平台发文称，科技巨头透过“人为”延长资产“有效使用寿命”来低估折旧，从而抬高利润，这是“现代最常见的诈欺(common frauds)之一”。Burry指出，科技企业大规模增加资本开支，采购英伟达芯片和服务器以扩充算力，这些产品周期通常只有2至3年，但部分公司将折旧周期延长至6年，折旧年限不应被延长。不过，正是超大规模科技企业如Meta及甲骨文都在这样做，据他估计，企业在2026年至2028年间将低估折旧1760亿美元。Burry估计，到2028年，甲骨文盈利或被夸大26.9%、Meta则夸大20.8%，情况可能更差。然而，布瑞未有说明详细原因，只表示更多详情将于11月25日发布。此前，美国银行分析师Justin Post于9月曾发表报告指，谷歌母公司Alphabet、Meta和亚马逊资本支出在2024年和2025年大幅增长，其折旧费用必然会在2026年后加速。推算到2027年，仅这3家公司折旧费用，市场普遍预测就可能比实际情况低了近164亿美元，这意味着它们未来实际盈利能力或远低于当前的市场共识。\n\n美股频道更多独家策划、专家专栏，免费查阅>>\n\r\n            责任编辑：钟离","news_type":1,"symbols_score_info":{"FB":1.5,"META":1.5,"ORCL":1.5,"XMAG":1.5}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":0,"commentSize":1,"repostSize":1,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}