{ "generatedAt": "2026-10-22T01:47:05Z", "disclaimer": "Analysis and opinion, not investment advice.", "kind": "company", "slug": "nvidia", "name": "Nvidia", "ticker": "NVDA", "url": "https://deepstack.ltd/companies/nvidia/", "api": "https://deepstack.ltd/api/v1/entities/companies/nvidia.json", "summary": "Nvidia is named in 11 Parts of The Buildout, most recently Part 17: The Guarantee Has No Date.", "parts": [ { "part": 1, "headline": "Nvidia’s Demand Is Real. Its Financing Is Fragile.", "url": "https://deepstack.ltd/stories/nvidias-demand-insatiable-or-manufactured/" }, { "part": 2, "headline": "SpaceX Is Funding an AI Bet Before the Proof", "url": "https://deepstack.ltd/stories/spacex-after-the-ipo-exit-liquidity/" }, { "part": 3, "headline": "The Machines Will Work. The Debt Might Not.", "url": "https://deepstack.ltd/stories/the-debt-behind-the-machines/" }, { "part": 4, "headline": "AI Spending Has Met Its First Real Bill", "url": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/" }, { "part": 6, "headline": "Power Doesn’t Depreciate. Its Premium Moves.", "url": "https://deepstack.ltd/stories/power-doesnt-depreciate/" }, { "part": 8, "headline": "AI Lenders Are Financing the End of Scarcity", "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/" }, { "part": 10, "headline": "The Bubble Is in the Denominator", "url": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/" }, { "part": 11, "headline": "The Backlog Is Not the Quarter", "url": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/" }, { "part": 12, "headline": "The Model Is Not the Price", "url": "https://deepstack.ltd/stories/the-model-is-not-the-price/" }, { "part": 16, "headline": "The Seller Holds the Paper", "url": "https://deepstack.ltd/stories/the-seller-holds-the-paper/" }, { "part": 17, "headline": "The Guarantee Has No Date", "url": "https://deepstack.ltd/stories/the-guarantee-has-no-date/" } ], "numbers": [ { "value": "$250B", "label": "Nvidia Ohio-campus guarantee", "context": "Vitaliy Katsenelson, August 6, 2026", "part": 3, "url": "https://deepstack.ltd/stories/the-debt-behind-the-machines/" }, { "value": "1 year", "label": "Nvidia's terms for its best-rated customers", "context": "From 90 days; Steve Eisman with Ed Zitron, Sep 9, 2026", "part": 11, "url": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/" }, { "value": "59.6 days", "label": "Days of sales Nvidia was owed at July 26, 2026, from 45.4 at April 26", "context": "NVIDIA Forms 10-Q filed May 20 and Aug 26, 2026; DeepStack calculation: receivables over the quarter's revenue, times 91", "part": 16, "url": "https://deepstack.ltd/stories/the-seller-holds-the-paper/" }, { "value": "$15.1B", "label": "Receivables above Nvidia's April collection pace, July 26, 2026: 15.7% of the quarter's revenue", "context": "NVIDIA Forms 10-Q, read Oct 12, 2026; DeepStack calculation; $9.1B, or 9.4%, against the four-quarter average", "part": 16, "url": "https://deepstack.ltd/stories/the-seller-holds-the-paper/" }, { "value": "$108.5B", "label": "Nvidia's maximum exposure on guarantees in its July 26, 2026 table, from $3.5B at April 26", "context": "NVIDIA Form 10-Q filed Aug 26, 2026; up to $105B for SB Energy, phased in from fiscal 2029", "part": 16, "url": "https://deepstack.ltd/stories/the-seller-holds-the-paper/" }, { "value": "70%", "label": "Share of Nvidia's receivables owed by five direct customers, July 26, 2026", "context": "NVIDIA Forms 10-Q filed Aug 26 and May 20, 2026; three customers held 64% at April 26, 2026", "part": 16, "url": "https://deepstack.ltd/stories/the-seller-holds-the-paper/" } ], "mentions": [ { "part": 1, "section": "Lede", "excerpt": "In late May, Apollo was raising $38 billion of debt to put Google’s TPUs, not Nvidia’s GPUs, behind Anthropic.", "url": "https://deepstack.ltd/stories/nvidias-demand-insatiable-or-manufactured/" }, { "part": 1, "section": "Lede", "excerpt": "Demand for Nvidia hardware is real where chips meet paying customers today, but the financing behind the buildout is less durable than a backlog makes it appear.", "url": "https://deepstack.ltd/stories/nvidias-demand-insatiable-or-manufactured/" }, { "part": 1, "section": "Private credit, public appetite", "excerpt": "Nvidia’s revenue growth, in his telling, is only mostly real.", "url": "https://deepstack.ltd/stories/nvidias-demand-insatiable-or-manufactured/" }, { "part": 2, "section": "The meter versus the map", "excerpt": "At a conservative market rental rate, he estimates that selling frontier-model inference on current Nvidia hardware generates over $100 billion per gigawatt-year of revenue against roughly $12 billion of cost.", "url": "https://deepstack.ltd/stories/spacex-after-the-ipo-exit-liquidity/" }, { "part": 2, "section": "The meter versus the map", "excerpt": "He asked what sits inside construction-in-progress, how the AI segment’s revenue is counted and where all the Nvidia GPUs said to be in short supply actually are.", "url": "https://deepstack.ltd/stories/spacex-after-the-ipo-exit-liquidity/" }, { "part": 2, "section": "The customer test", "excerpt": "The financial question reaches back into Nvidia.", "url": "https://deepstack.ltd/stories/spacex-after-the-ipo-exit-liquidity/" }, { "part": 3, "section": "Lede", "excerpt": "Nvidia gained 3 percent, taking its market value to $5.4 trillion.", "url": "https://deepstack.ltd/stories/the-debt-behind-the-machines/" }, { "part": 3, "section": "Lede", "excerpt": "Headlines put a roughly $500 billion facility, arranged with Wall Street banks, behind purchases of Nvidia chips.", "url": "https://deepstack.ltd/stories/the-debt-behind-the-machines/" }, { "part": 3, "section": "Debt is the product", "excerpt": "His sharpest exhibit is that Nvidia was in talks to guarantee roughly $250 billion of lease and debt financing for an OpenAI data-center campus in Ohio, plus up to $350 billion for OpenAI’s chip purchases.", "url": "https://deepstack.ltd/stories/the-debt-behind-the-machines/" }, { "part": 4, "section": "Lede", "excerpt": "Nvidia sat within 3 percent of a record at $5.6 trillion, while Micron traded above $1,000 a share.", "url": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/" }, { "part": 4, "section": "Defense has a case", "excerpt": "Quanta 72 compares Cisco, EMC, Oracle and Sun with Nvidia, Microsoft, Alphabet and Amazon and points to the difference: the dot-com suppliers depended on customers who could stop buying, while today’s spenders fund the buildout from advertising, cloud, software and e-commerce.", "url": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/" }, { "part": 4, "section": "Defense has a case", "excerpt": "That is the market’s split in one glance: Nvidia and Micron have been paid for scarcity; Alphabet, Meta and Oracle have been charged for financing.", "url": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/" } ], "sides": [ { "part": 1, "question": null, "side": "manufactured", "sideLabel": "Manufactured", "claim": "NVIDIA's revenue growth is only mostly real because circular financing sustains marginal AI compute demand above market-rate levels, and resolution of the power bottleneck will reduce revenue recurrence and compress the scarcity premium in margins…", "date": "2026-07-09", "url": "https://michaeljburry.substack.com/p/short-thoughts-july-8-2026-nvda-neos", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/nvidias-demand-insatiable-or-manufactured/", "sidesUrl": "https://deepstack.ltd/sides/nvidias-demand-insatiable-or-manufactured/" }, { "part": 1, "question": null, "side": "insatiable", "sideLabel": "Insatiable", "claim": "The Google SpaceX GPU rental is bullish for Nvidia because there are still not enough GPUs to quench demand; Nvidia ramps production continuously but cannot follow demand.", "date": "2026-06-08", "url": "https://www.potentialmultibaggers.com/p/when-good-news-is-bad-news", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/nvidias-demand-insatiable-or-manufactured/", "sidesUrl": "https://deepstack.ltd/sides/nvidias-demand-insatiable-or-manufactured/" }, { "part": 2, "question": null, "side": "exit-liquidity", "sideLabel": "Exit liquidity", "claim": "The Google SpaceX GPU rental is bullish for Nvidia because there are still not enough GPUs to quench demand; Nvidia ramps production continuously but cannot follow demand.", "date": "2026-06-08", "url": "https://www.potentialmultibaggers.com/p/when-good-news-is-bad-news", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/spacex-after-the-ipo-exit-liquidity/", "sidesUrl": "https://deepstack.ltd/sides/spacex-after-the-ipo-exit-liquidity/" }, { "part": 2, "question": null, "side": "exit-liquidity", "sideLabel": "Exit liquidity", "claim": "SpaceX's AI segment reveals the industry's bad accounting habits: how AI revenue is counted, what is hidden in construction-in-progress, and where the Nvidia GPUs everyone calls short-supplied actually are.", "date": "2026-08-06", "url": "https://kakashiii111.substack.com/p/spacex-ai-revenue-cip-nvidia-gpus", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/spacex-after-the-ipo-exit-liquidity/", "sidesUrl": "https://deepstack.ltd/sides/spacex-after-the-ipo-exit-liquidity/" }, { "part": 8, "question": null, "side": "spending-pays", "sideLabel": "The spending pays", "claim": "AWS has had more demand than supply, with customers wanting more AWS capacity for AI than could be served despite large Nvidia orders and Amazon's own Trainium chips, and Kris considers this kind of capacity-constrained spending among the best…", "date": "2026-09-16", "url": "https://www.potentialmultibaggers.com/p/best-buys-now-september-2026", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/", "sidesUrl": "https://deepstack.ltd/sides/the-scarcity-is-the-collateral/" }, { "part": 8, "question": "cash-or-loop", "side": "closed-loop", "sideLabel": "A closed loop", "claim": "Nvidia now gives a year to pay.", "date": null, "url": null, "linkVerified": false, "storyUrl": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/", "sidesUrl": "https://deepstack.ltd/sides/the-scarcity-is-the-collateral/" }, { "part": 8, "question": "cash-or-loop", "side": "real-cash", "sideLabel": "Real cash, real use", "claim": "Moving beyond the hyperscalers, financing becomes messier: neoclouds are borrowing enormous amounts of money, AI labs need compute without necessarily having the cash flow to fund it, NVIDIA is investing throughout the ecosystem, infrastructure…", "date": "2026-09-07", "url": "https://gaetanoresearch.substack.com/p/fiber-optics-boom-bust-how-similar", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/", "sidesUrl": "https://deepstack.ltd/sides/the-scarcity-is-the-collateral/" }, { "part": 8, "question": "what-lenders-hold", "side": "guarantees-not-faith", "sideLabel": "Guarantees, not faith", "claim": "George Noble's bear case for AI rests on the question of actual return on investment; he argues that Nvidia announcing massive funding packages just to keep customers like OpenAI able to keep buying chips shows the money underneath the boom is not…", "date": "2026-09-21", "url": "https://realeismanplaybook.substack.com/p/stock-picking-in-difficult-times", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/", "sidesUrl": "https://deepstack.ltd/sides/the-scarcity-is-the-collateral/" }, { "part": 10, "question": null, "side": "a-model-not-a-price", "sideLabel": "A model, not a price", "claim": "CoreWeave and Nvidia's efforts to show stamina in the pricing of their chips are simply at odds with the depreciation realities lenders actually face.", "date": "2026-09-28", "url": "https://michaeljburry.substack.com/p/short-thoughts-a-wall-street-titan", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/", "sidesUrl": "https://deepstack.ltd/sides/the-bubble-is-in-the-denominator/" }, { "part": 10, "question": null, "side": "a-model-not-a-price", "sideLabel": "A model, not a price", "claim": "Manufacturers such as Nvidia and hyperscalers such as Oracle and Google Cloud are offering residual value guarantees for chips not because they want to but because lenders require them, given that chip depreciation is a very real problem following…", "date": "2026-09-28", "url": "https://michaeljburry.substack.com/p/short-thoughts-a-wall-street-titan", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/", "sidesUrl": "https://deepstack.ltd/sides/the-bubble-is-in-the-denominator/" }, { "part": 10, "question": null, "side": "a-model-not-a-price", "sideLabel": "A model, not a price", "claim": "Architectures change faster than factories can retool, and with NVIDIA targeting up to 30% lower total cost of ownership with 800 VDC, a shift that large rewards whoever redesigns fastest, so today's winning box may not win in five years, which…", "date": "2026-09-28", "url": "https://renstocks.substack.com/p/power-supply-supply-chain", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/", "sidesUrl": "https://deepstack.ltd/sides/the-bubble-is-in-the-denominator/" }, { "part": 10, "question": null, "side": "a-model-not-a-price", "sideLabel": "A model, not a price", "claim": "Kakashii calculates that Nvidia's plan to ship over 10 million chips of Blackwell and Rubin by the end of 2026 implies a total required power of roughly 17 to 23 GW, averaging around 20 GW, and questions whether enough data centers are under…", "date": "2026-10-05", "url": "https://kakashiii111.substack.com/p/nvidia-series-part-1-jensens-math", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/", "sidesUrl": "https://deepstack.ltd/sides/the-bubble-is-in-the-denominator/" }, { "part": 10, "question": null, "side": "renting-at-january-prices", "sideLabel": "Still renting at January prices", "claim": "Tae Kim believes that if OpenAI were public, its stock would have gapped up 30% or more on hitting $70 billion in ARR, a blowout versus expectations on the level of Nvidia in May 2023, and that the figure proves his August report that OpenAI's ARR…", "date": "2026-10-02", "url": "https://taekim.substack.com/p/openais-undeniable-resurgence-and", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/", "sidesUrl": "https://deepstack.ltd/sides/the-bubble-is-in-the-denominator/" }, { "part": 10, "question": "who-writes-the-checks", "side": "not-the-customers-yet", "sideLabel": "Not the customers, yet", "claim": "Nvidia's top five customers accounted for seventy percent of accounts receivable for the quarter, and some of those customers including OpenAI are not in especially healthy financial condition.", "date": "2026-09-14", "url": null, "linkVerified": false, "storyUrl": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/", "sidesUrl": "https://deepstack.ltd/sides/the-bubble-is-in-the-denominator/" }, { "part": 10, "question": "who-writes-the-checks", "side": "everyone-soon", "sideLabel": "Everyone, soon", "claim": "AWS has had more demand than supply, with customers wanting more AWS capacity for AI than could be served despite large Nvidia orders and Amazon's own Trainium chips, and Kris considers this kind of capacity-constrained spending among the best…", "date": "2026-09-16", "url": "https://www.potentialmultibaggers.com/p/best-buys-now-september-2026", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/", "sidesUrl": "https://deepstack.ltd/sides/the-bubble-is-in-the-denominator/" }, { "part": 11, "question": null, "side": "funded-not-forecast", "sideLabel": "Funded, not forecast", "claim": "The binding constraint on NVIDIA is supply rather than demand: unconstrained revenue growth was described as potentially above 100% YoY while guidance was near 70% growth because of supply limits, and the CFO framed the FY2028 70% growth outlook as…", "date": "2026-09-11", "url": "https://read.aurelionresearch.com/p/in-conversation-nvidia", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/", "sidesUrl": "https://deepstack.ltd/sides/the-backlog-is-not-the-quarter/" }, { "part": 11, "question": null, "side": "funded-not-forecast", "sideLabel": "Funded, not forecast", "claim": "Tae Kim believes that if OpenAI were public, its stock would have gapped up 30% or more on hitting $70 billion in ARR, a blowout versus expectations on the level of Nvidia in May 2023, and that the figure proves his August report that OpenAI's ARR…", "date": "2026-10-02", "url": null, "linkVerified": false, "storyUrl": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/", "sidesUrl": "https://deepstack.ltd/sides/the-backlog-is-not-the-quarter/" }, { "part": 11, "question": null, "side": "a-backlog-is-a-promise", "sideLabel": "A backlog is a promise", "claim": "There is a chain where NVIDIA sells chips to hyperscalers, hyperscalers' capital spending depends on the future health of OpenAI and Anthropic, and both are currently losing substantial sums, with OpenAI's revenue growth having slowed relative to…", "date": "2026-09-09", "url": "https://realeismanplaybook.substack.com/p/inside-ais-fragile-ecosystem-with", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/", "sidesUrl": "https://deepstack.ltd/sides/the-backlog-is-not-the-quarter/" }, { "part": 11, "question": null, "side": "a-backlog-is-a-promise", "sideLabel": "A backlog is a promise", "claim": "George Noble's bear case for AI rests on the question of actual return on investment; he argues that Nvidia announcing massive funding packages just to keep customers like OpenAI able to keep buying chips shows the money underneath the boom is not…", "date": "2026-09-21", "url": "https://realeismanplaybook.substack.com/p/stock-picking-in-difficult-times", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/", "sidesUrl": "https://deepstack.ltd/sides/the-backlog-is-not-the-quarter/" }, { "part": 11, "question": null, "side": "shipping-is-not-earning", "sideLabel": "Shipping is not earning", "claim": "NVIDIA has extended payment terms for investment-grade customers from 90 days to a full year, lengthening days sales outstanding by 14 days.", "date": "2026-09-09", "url": "https://realeismanplaybook.substack.com/p/inside-ais-fragile-ecosystem-with", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/", "sidesUrl": "https://deepstack.ltd/sides/the-backlog-is-not-the-quarter/" }, { "part": 11, "question": null, "side": "shipping-is-not-earning", "sideLabel": "Shipping is not earning", "claim": "Nvidia's top five customers accounted for seventy percent of accounts receivable for the quarter, and some of those customers including OpenAI are not in especially healthy financial condition.", "date": "2026-09-14", "url": "https://realeismanplaybook.substack.com/p/the-big-short-partners-reunite-rates", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/", "sidesUrl": "https://deepstack.ltd/sides/the-backlog-is-not-the-quarter/" }, { "part": 11, "question": null, "side": "crossing", "sideLabel": "Voices that cross sides", "claim": "Off-balance-sheet AI financing is back because costs are exploding: Nvidia raised prices 15%, data centers are expensive and slow to build, and the big cloud companies that used to be capital-light cash machines will spend something like $700…", "date": "2026-09-25", "url": "https://realeismanplaybook.substack.com/p/the-enron-era-tricks-are-back-in", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/", "sidesUrl": "https://deepstack.ltd/sides/the-backlog-is-not-the-quarter/" }, { "part": 11, "question": null, "side": "crossing", "sideLabel": "Voices that cross sides", "claim": "Nvidia supply-bound; Fabrinet's roles still have to earn.", "date": null, "url": "https://read.aurelionresearch.com/p/in-conversation-nvidia", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/", "sidesUrl": "https://deepstack.ltd/sides/the-backlog-is-not-the-quarter/" }, { "part": 12, "question": null, "side": "the-filing-sets-the-price", "sideLabel": "The filing sets the price", "claim": "Circular financing distorts the picture: hyperscalers and NVIDIA have committed roughly $180 billion to OpenAI and Anthropic, which pledge about $1.1 trillion of compute spending back to them against far smaller revenues, and $53 billion of…", "date": "2026-07-15", "url": "https://fiscal.ai/fund-letters/distillate-capital-partners-llc-q2-2026-fscl_document_3BZX2NEX647", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-model-is-not-the-price/", "sidesUrl": "https://deepstack.ltd/sides/the-model-is-not-the-price/" }, { "part": 16, "question": null, "side": "the-loan-is-a-bridge", "sideLabel": "The loan is a bridge", "claim": "On circularity fears: recent third-party capital from Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs, and KKR was independently underwritten apart from one another and replaces Nvidia's balance sheet rather than merely extending it, which…", "date": "2026-08-12", "url": "https://taekim.substack.com/p/nvidia-is-speedrunning-the-creation", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-seller-holds-the-paper/", "sidesUrl": "https://deepstack.ltd/sides/the-seller-holds-the-paper/" }, { "part": 16, "question": null, "side": "the-loan-is-a-bridge", "sideLabel": "The loan is a bridge", "claim": "They characterize Nvidia as acting like the central bank of AI, supplying support where the private lending system will not, because small buyers can pay for GPUs but cannot offer creditors a credit rating, and Nvidia does not want demand…", "date": "2026-07-06", "url": "https://newsletter.semianalysis.com/p/nvidia-gpu-debt-backstop-unleashes", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-seller-holds-the-paper/", "sidesUrl": "https://deepstack.ltd/sides/the-seller-holds-the-paper/" }, { "part": 16, "question": null, "side": "the-loan-is-a-bridge", "sideLabel": "The loan is a bridge", "claim": "NVIDIA's non-traditional hyperscaler customers (neoclouds, sovereign AI clouds, enterprises, and industrial customers) generated 59% of data center growth this quarter and are expected to drive Q3 growth primarily, because they rely more heavily on…", "date": "2026-08-28", "url": "https://gaetanoresearch.substack.com/p/nvda-earnings-discussion", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-seller-holds-the-paper/", "sidesUrl": "https://deepstack.ltd/sides/the-seller-holds-the-paper/" }, { "part": 16, "question": null, "side": "the-loan-is-a-bridge", "sideLabel": "The loan is a bridge", "claim": "NVIDIA has invested approximately 50 billion dollars in AI labs and is working with firms like Blackstone and BlackRock to establish financing platforms targeting over 500 billion dollars of third-party infrastructure capital, with roughly…", "date": "2026-08-28", "url": "https://gaetanoresearch.substack.com/p/nvda-earnings-discussion", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-seller-holds-the-paper/", "sidesUrl": "https://deepstack.ltd/sides/the-seller-holds-the-paper/" }, { "part": 16, "question": null, "side": "the-loan-is-a-bridge", "sideLabel": "The loan is a bridge", "claim": "Morgan Stanley's investor meetings with Nvidia leadership show accelerating growth rates even at 100 billion dollars revenue per quarter, strong demand for the Vera Rubin product cycle over the next 12 months, memory shortages lasting several…", "date": "2026-07-14", "url": null, "linkVerified": false, "storyUrl": "https://deepstack.ltd/stories/the-seller-holds-the-paper/", "sidesUrl": "https://deepstack.ltd/sides/the-seller-holds-the-paper/" }, { "part": 16, "question": null, "side": "the-loan-is-a-bridge", "sideLabel": "The loan is a bridge", "claim": "Two examples of prior-generation demand: an AI-native scientific discovery company on NVIDIA A100s with a renewal term extending into 2029 and a 3-year contract signed in line with typical 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"The seller funds its demand", "claim": "Michael Burry characterises Nvidia's November 2025 defence that its strategic investments in customers were a minimal portion of revenue as evasive, because it referred only to revenue already booked rather than to future revenue.", "date": "2026-07-23", "url": "https://michaeljburry.substack.com/p/trading-post-july-23-2026-3-stock", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-seller-holds-the-paper/", "sidesUrl": "https://deepstack.ltd/sides/the-seller-holds-the-paper/" }, { "part": 16, "question": null, "side": "the-seller-funds-its-demand", "sideLabel": "The seller funds its demand", "claim": "CoreWeave exists primarily to generate demand for Nvidia's GPUs, as evidenced by the fact that Nvidia is the sole GPU supplier and also an investor, customer, strategic sponsor, and that cash equipment purchases alone equaled approximately 84…", "date": "2026-08-20", "url": 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"https://realeismanplaybook.substack.com/p/inside-ais-fragile-ecosystem-with", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-seller-holds-the-paper/", "sidesUrl": "https://deepstack.ltd/sides/the-seller-holds-the-paper/" }, { "part": 16, "question": null, "side": "two-labs-carry-the-chain", "sideLabel": "Two labs carry the chain", "claim": "The visible, Nvidia-funded circular financing in AI (Nvidia investing in or lending to companies that then buy Nvidia chips) is out in the open and funded from Nvidia's own cash flow, and is not what disturbs the speaker; what disturbs him is the…", "date": "2026-09-25", "url": "https://realeismanplaybook.substack.com/p/the-enron-era-tricks-are-back-in", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-seller-holds-the-paper/", "sidesUrl": "https://deepstack.ltd/sides/the-seller-holds-the-paper/" }, { "part": 16, "question": null, "side": "crossing", "sideLabel": "Voices that cross sides", "claim": "The 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"https://deepstack.ltd/stories/the-seller-holds-the-paper/", "sidesUrl": "https://deepstack.ltd/sides/the-seller-holds-the-paper/" }, { "part": 16, "question": null, "side": "crossing", "sideLabel": "Voices that cross sides", "claim": "An Anthropic IPO might be a safer bet than semiconductor or neo-cloud stocks in this climate, because the U.S. needs its frontier model maker and enterprise AI leader, so if Anthropic were ever in serious financial trouble, Nvidia, Amazon and…", "date": "2026-10-01", "url": "https://www.ai-supremacy.com/p/ai-frontier-google-gemini-4-argon", "linkVerified": true, "storyUrl": "https://deepstack.ltd/stories/the-seller-holds-the-paper/", "sidesUrl": "https://deepstack.ltd/sides/the-seller-holds-the-paper/" }, { "part": 16, "question": null, "side": "crossing", "sideLabel": "Voices that cross sides", "claim": "Nvidia's 70% growth guide is restricted by memory chip supply rather than demand, so Nvidia's revenue line is set to stop being a read on AI demand and instead become a signal for component availability.", "date": "2026-08-27", "url": null, "linkVerified": false, "storyUrl": "https://deepstack.ltd/stories/the-seller-holds-the-paper/", "sidesUrl": "https://deepstack.ltd/sides/the-seller-holds-the-paper/" }, { "part": 16, "question": null, "side": "crossing", "sideLabel": "Voices that cross sides", "claim": "Nvidia is financing neoclouds into existence because that is what the market wants and what benefits Nvidia the most.", "date": "2026-08-27", "url": null, "linkVerified": false, "storyUrl": "https://deepstack.ltd/stories/the-seller-holds-the-paper/", "sidesUrl": "https://deepstack.ltd/sides/the-seller-holds-the-paper/" }, { "part": 17, "question": null, "side": "the-weak-link-pays-first", "sideLabel": "The weak link pays first", "claim": "Oracle sent a force majeure notice on Project Jupiter, the New Mexico AI data center tied to the $400 billion Stargate project it started with OpenAI, SoftBank, Nvidia and other partners, and Kris 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"pe": 27.9208, "nextEarnings": "2026-11-18", "exchange": "NASDAQ", "currency": "USD", "asOf": "2026-10-21T20:00:00.000Z", "source": "Financial Modeling Prep", "sourceUrl": "https://financialmodelingprep.com", "note": "Delayed quotes." } }