Part 2/12:
Michael Bur argues that companies engaged in AI and chip production are exaggerating their revenue figures by improperly accounting for depreciation of their hardware assets. His core premise is that these firms are intentionally understating expenses related to their equipment—like chips and aircraft—thus inflating their profits. Specifically, Bur claims that because the demand for these chips remains high, their value hasn't diminished as traditional depreciation models suggest, which could mean a significant misreporting of earnings.