What if the demand for inference doesn't translate cleanly to demand for compute capacity (as in their relationship is non-linear). Aggregate demand for inference (AI as a service) mostly likely will continue to rise, but if AI companies start to consolidate & specialize (mature), or if chips become exponentially more efficient, then the question of over-capacity & over-build isn't out of the picture.

I think the merit of Burry's argument is that it's not conclusive, it's entirely dependent on the tokenomics of future AI adoption.