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First, NVIDIA: on the surface things looked good, but obligations to suppliers like TSMC have nearly tripled from $30.8bn to $95.2bn, inventories are over $21 billion, and 36% ($77.7bn) of its FY2026 revenue came from two customers. Any capex cut is existential. www.wheresyoured.at/on-nvidia-an...

NVIDIA added that it "...estimated that one AI R&D company contributed to a meaningful amount of our revenue purchasing cloud services from our customers in fiscal year 2026," referring to OpenAI. NVIDIA is investing $30bn to keep it alive. www.wheresyoured.at/on-nvidia-an...

26/2/26, 5:06 pm3 reposts23 likes

Mike Potter

@wthr-mike.bsky.social

I'm not great at this, but looking at funding vs valuations in the disclosed funding rounds, they've sold off like 55% of the company by now? Obviously that assumes the investments happen.

Which brings me onto the main event: Analyslop, a new annoying brand of speculative fiction that moves markets because the media and investors don't understand anything, the latest example being Citrini Research's lie-filled "global intelligence crisis." www.wheresyoured.at/on-nvidia-an...

Citrini Research's piece has no factual basis and is pumped full of outright lies. It's a scary story (science fiction, to quote @punkey.org) - that says all the right buzzwords, and ingests and regurgitates every AI booster half-truth and falsehood ad verbatim. www.wheresyoured.at/on-nvidia-an...

It's both deeply embarrassing and a failure of the media and markets' critical thinking that the Citrini Memo was taken seriously. No, Citrini's memo is not "provocative" or "brilliant" - it's slop! It doesn't hinge on any technological or financial evidence! www.wheresyoured.at/on-nvidia-an...