Hedgie拆解了Nvidia的财务操作：自己借钱给客户买自家芯片，需求可能虚胖。如果你是投资者，得看懂这个隐患。
Nvidia通过循环融资模式涉及超过7500亿美元AI交易，包括与SK集团5000亿美元协议。Nvidia为OpenAI提供最多2500亿美元债务担保，并资助其3500亿美元芯片采购。分析师指出，这种安排导致部分收入是自有资金循环，夸大真实需求。Nvidia与仍在亏损的OpenAI深度绑定，若OpenAI出现问题Nvidia将双重受损。CEO黄仁勋称“循环”说法荒谬，但作者认为这是问题信号。
源：https://t.co/yISJYlJlq8
源： x.com/HedgieMarkets/… Hedgie @HedgieMarkets 🦔Nvidia is stacking up more than $750 billion in AI deals at once, and Bloomberg says the way they're wired is spooking even people who own the stock. There's a $500 billion deal with SK Group in Korea. There's the OpenAI package, where Nvidia backstops up to $250 billion of OpenAI's debt and funds another $350 billion of its chip buys. They mostly run the same loop. Nvidia hands a company money, the company hands it back for chips. Jensen Huang says calling that circular is "ridiculous." I don't think it is. My Take Circular is a fancy word for a simple problem. Nvidia is paying part of the bill for the chips it sells, so some of its blockbuster revenue is just its own cash going out one door and coming back the other. That makes demand look bigger than it is. It also welds Nvidia to OpenAI, a customer that still loses money on everything it does. While OpenAI keeps growing, none of this matters. If it wobbles, Nvidia eats it twice, once on the debt it guaranteed and once on the chip orders that stop. So I don't buy Huang's "ridiculous." A company that has to lend its customers the money to buy its own product is telling you those customers can't pay on their own yet. That's not the top falling out tomorrow, and Nvidia does sell to plenty of real buyers with real cash. But this is exactly the kind of thing that looks genius on the way up and obvious on the way down. I'd rather flag it now while the stock is still near records than explain it to you after a bad quarter. Hedgie🤗 🔗 View Quoted Tweet 💬 0 🔄 0 ❤️ 0 👀 370 ⚡