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You've probably heard recently that NVIDIA is claiming it's not Enron - and it's right! But it's very strange that at the end of November it decided to tell short sellers, in detail, that it isn't Enron, WorldCom or Lucent, in a massive four-page note. www.wheresyoured.at/nvidia-isnt-...

In the analyst note, NVIDIA got defensive, claiming it was nothing like WorldCom - and again, it's right, WorldCom was a massive fraud that overstated earnings by saying its operating expenses were capital expenditures, spreading immediate costs over years. www.wheresyoured.at/nvidia-isnt-...

8/12/25, 5:42 pm1 repost47 likes

NVIDIA also said it wasn't Lucent Technologies, which is, again, *correct* but not a comparison you want to defend yourself over. Lucent loaned money to customers to buy its stuff, when NVIDIA...invests in companies and helps them find financing to buy GPUs. www.wheresyoured.at/nvidia-isnt-...

So, is NVIDIA doing Enron stuff? Not really. Enron was fraudulent, top to bottom, using dodgy SPVs to move around debt and marking unpaid, non-existent deals as revenue. I advise you read this so that you understand how messed up Enron was. www.wheresyoured.at/nvidia-isnt-...

NVIDIA is a weird company, with 88%+ of its revenue coming from making GPUs for AI. It holds a virtual monopoly over this kind of GPU due to its own coding language/library CUDA, which allows you to run software on graphics processors. www.wheresyoured.at/nvidia-isnt-...

You may be wondering why *so many companies* are buying GPUs, given the lack of returns or reliability or ability to do much with LLMs. The answer is simple: FOMO, and the fact that big tech has run out of hypergrowth ideas like the smartphone or cloud computing. www.wheresyoured.at/nvidia-isnt-...

Niall

@niallp.bsky.social