Burry thinks some AI revenue is being padded, what do you all think

I saw Burry’s take on AI earnings and he thinks some of the big names are making the numbers look better than they really are. Not by lying, but by moving normal revenue into the AI bucket and pushing a lot of the costs somewhere else. The part that stood out to me is how much of the early AI demand is coming from internal credits and vendor incentives. That never lasts forever and it usually makes the early margins look stronger than they really are. It reminded me a lot of the early cloud stories where companies talked up growth, but the real costs showed up a few quarters later. I’m trying to figure out how much of the current AI excitement is real demand and how much is just accounting.