Really? What you speculated was your opinion on what is happening. He has his. You didn't name a company or bring any facts, just speculation ("from what I hear").
IMO, both your speculation and his are equally viable, and his happens to be more believable.
When you slam someone with a different point of view it makes your position weaker. Instead of accusing him of "not having viable grounds to make such a statement," maybe you should say something like, "that is possible but I believe it is unlikely for the following reasons."
Just my .02