Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis.

Good afternoon, today is Thursday, November 13th, and I'm your host, Kim Khan.

Our top story so far, from Big Short to Big Mystery.

Michael Burry has wound up his hedge fund, Cyan Asset Management, just days after making

waves by betting against the AI trade. Cyan terminated its registration with the SEC effective November

10th. In a letter to investors dated October 27th and confirmed by the Financial Times,

Burry wrote, with a heavy heart, I will liquidate the fund and return capital, minus a

small audit and tax holdback by year's end. My estimation of value in securities is not now,

and has not been for some time in sync with the markets. He added that investors could reach out

to associate portfolio manager Phil Clifton about Clifton's next move. But on X, Bury teased

much better things November 25th. Last week, Cyan disclosed bearish positions in

NVIDIA and Palantir. The man who famously predicted the 2008 housing crisis has recently

been warning about inflated AI valuations and creative accounting at hyperscalers.

He argues that cloud and AI infrastructure firms are boosting earnings by extending the useful

life of their assets, what he calls one of the most common modern accounting tricks.

Bury estimates the practice could understate depreciation by $176 billion between 2026 and

28, overstating profits at Oracle and meta by more than 20%.

You can check out a full timeline of Burry's Wall Street arc on Seeking Alpha, where, by the

way, we're having a Black Friday sale with 20% off all products. The link will be at the top of

show notes. In today's trading, investors are echoing Burry's pessimism about tech, for this session

at least.

The NASDAQ is the weakest among the major averages, down more than 2% in afternoon trading,

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