Michael Burry said in early December 2025 that he was still working on "that story", which he described as "more like 2008" than he first thought, and hoped to post it in the next few weeks.

The deliverable is a published post or article by Michael Burry (on his Substack, X or another public channel) setting out his story or analysis of the depreciation issue in the AI era, for example depreciation schedules of AI chips and servers at hyperscalers. 'In the next few weeks' after 3 December 2025 is taken to mean by 31 January 2026. True: such a post was published on or before 31 January 2026. Mostly true: it was published in that window but as a first part of a series, or under a framing that clearly covers the topic. Mostly false: it was published after 31 January 2026, or only fragments (short social media posts) appeared by then. False: dated evidence shows no such post had been published by 31 January 2026, for example an archive of his Substack posts for that period or a later statement that it was still pending.

Set before the research began.

1. E1 Deep Quarry - The Useful Lives of GPUs— Key Considerations The National Law Review (Deep Quarry guest article) · 15 December 2025

   “Burry estimated that if major cloud providers shortened GPU lives from the four-to-six-year depreciation schedules currently used to something closer to the two-to-three-year hardware replacement cycle he believes reflects real-world economic life, the cumulative impact on reported earnings could exceed $176 billion for years 2026–2028.”

2. E2 Michael Burry Just Exposed How Big Tech Is Inflating AI Profits 24/7 Wall St. · 27 November 2025

   “In his new Substack, “Cassandra Unchained,” Burry calls it “one of the more common frauds of the modern era,” not outright Enron-level fabrication, but aggressive life extensions that inflate current profits at the expense of future writedowns.”

3. E3 Don’t Believe Your Lyin’ Eyes, GPU Depreciation & Useful Lives Michael Burry (Cassandra Unchained Substack) · 1 October 2026 Own record

   “Welcome to the second in the Hystory Rhymes series, where I use the past to illustrate the present and maybe even illuminate the future.”

E3, a Substack post on GPU depreciation dated 1 October 2026, calls itself the second in a series, but no evidence shows when the first instalment appeared or what it covered. E1 and E2 report Burry's views but are not posts by him in the window. The evidence therefore does not show whether a qualifying post appeared by 31 January 2026.