Burry’s main argument is depreciation is being understated and the capex vintages will not be paid off before they are essentially useless. This can happen whether or not aux is reused.

And why does he think depreciation is understated? It is because he thinks newer Nvidia GPUs will make older ones obsolete faster. Hence, my entire post.

The rest of your argument centers around whether AI growth will meet the cap ex expenses. I don't see anything new in it.

  HBF next year has the potential to single handedly pop the DRAM spot bubble.

I'll believe it when I see it. Jevons paradox will apply here again in my opinion. HBF does not replace HBM.