Michael Burry said that rentability is not his claim and never has been, adding that depreciation is not a bet on when a chip stops working.

This is a claim about what Burry said. True: a primary record dated on or about 2026-07-09 (his Substack post, an X post or an interview transcript) shows Burry stating that rentability is not his claim and never has been, and that depreciation is not a bet on when a chip stops working (wording may differ slightly if the meaning is the same). Mostly true: both statements are documented, with a small difference in wording or date. Mixed: only one of the two statements can be attributed to him. Mostly false: he made a related remark but in materially different terms, for example he qualified rather than disclaimed the rentability point. False: the record shows he did not say this, or the statement belongs to someone else.

Set before the research began.

1. E1 Michael Burry on Hyperscaler Depreciation and AI Earnings Luminix (useluminix.com), commercial research-report site · 16 October 2026

   “is not a bet on when a chip stops working. It is the recovery of capitalized sunk cost over a defined window of earnings at the frontier, set against the terminal value.”

2. E2 Michael Burry on Hyperscaler Depreciation and AI Earnings Luminix (useluminix.com), commercial research-report site · 16 October 2026

   “Depreciation is not a bet on when a chip stops working. It is the recovery of capitalized sunk cost over a defined window of earnings at the frontier, set against the terminal value.”

3. E3 Michael Burry on AI: Depreciation, Puts and the IPO Call Luminix (useluminix.com), commercial research-report site · 16 October 2026

   “In July 2026 Burry narrowed his claim: "A chip can rent and still depreciate very fast economically"”

4. E4 Michael Burry on Hyperscaler Depreciation and AI Earnings Luminix (useluminix.com), commercial research-report site · 16 October 2026

   “He has repeated the same dollar estimate since November 2025 and has spent 2026 clarifying what the claim is not: rentability.”

5. E5 Michael Burry on AI: Depreciation, Puts and the IPO Call Luminix (useluminix.com) · 16 October 2026

   “Depreciation is not a bet on when a chip stops working. It is the recovery of capitalized sunk cost over a defined window of earnings at the frontier, set against the terminal value.”

6. E6 Michael Burry on Hyperscaler Depreciation and AI Earnings Luminix (useluminix.com) · 16 October 2026

   “In a Substack “Short Thoughts” post and a matching X post he rejected the rentability rebuttal and put filings numbers on the discretion point:”

7. E7 Michael Burry on Hyperscaler Depreciation and AI Earnings Luminix (useluminix.com) · 16 October 2026

   “Burry’s July 2026 reply is that a booked rental contract does not measure economic depreciation of frontier cost.”

8. E8 Price Is Not Cost app.ashitaorbis.com (Understanding AI series) · 15 October 2025

   “A chip can rent and still depreciate very fast economically," he went on. "I never said the A100s would stop functioning.”

One commercial research site, Luminix, reproduces the sentence 'Depreciation is not a bet on when a chip stops working' in reports about Burry (E2, E5). It also says that in July 2026 he 'rejected the rentability rebuttal' and spent 2026 'clarifying what the claim is not: rentability' (E4, E6, E7). None of the evidence quotes the sentence 'Rentability is not my claim, never has been' or ties either statement to 2026-07-09. No primary record (his Substack post, X post or a transcript) was provided, and the support comes only from secondary sources, so the criteria cannot be settled.