#1 zz NVDA: Fraud, Revenue Misrepresentation And Insider Sell
发表于 ： 2024年 9月 20日 16:57
zz
https://seekingalpha.com/instablog/5066 ... er-selling
Sep. 06, 2023
"Thesis Summary
NVIDIA, Inc (NVDA) reported a Q2 earnings beat, which I recently addressed in this article. However, I feel compelled to write another piece in light of all the information (and speculation) that has come to light in recent days.
The last Q2 results show that part of NVIDIA’s Q2 revenues come from contracts that have not yet been paid. Furthermore, the 10-Q filing also mentions specifically as a risk factor that a lot of the Q2 revenues are attributable to 1-2 clients.
One of these large clients could be CoreWeave, a start-up, partly funded by NVIDIA, which recently received a $2.3 billion line of credit using NVIDIA’s H100 as collateral. CoreWeave is mostly funded by Magnetar, a hedge fund best known for aiding in the proliferation of CDOs during the Great Financial Crisis, while also actively betting against the housing market.
To top things off, NVIDIA’s CEO and CFO have recently sold shares, and insiders at CoreWeave are also looking for a payday.
We have evidence to support the idea that NVIDIA’s Q2 revenues were overstated, at least to the extent that some of these services have yet to be delivered, and that there is significant risk from demand being quite concentrated.
Beyond that, one could argue that NVIDIA is complicit in a plan to create the illusion that demand is higher than it is. (I am not) The fact that H100’s are being used as collateral to fund their purchase shows that, at least to some degree, this AI chip demand is being driven by speculation."
https://seekingalpha.com/instablog/5066 ... er-selling
Sep. 06, 2023
"Thesis Summary
NVIDIA, Inc (NVDA) reported a Q2 earnings beat, which I recently addressed in this article. However, I feel compelled to write another piece in light of all the information (and speculation) that has come to light in recent days.
The last Q2 results show that part of NVIDIA’s Q2 revenues come from contracts that have not yet been paid. Furthermore, the 10-Q filing also mentions specifically as a risk factor that a lot of the Q2 revenues are attributable to 1-2 clients.
One of these large clients could be CoreWeave, a start-up, partly funded by NVIDIA, which recently received a $2.3 billion line of credit using NVIDIA’s H100 as collateral. CoreWeave is mostly funded by Magnetar, a hedge fund best known for aiding in the proliferation of CDOs during the Great Financial Crisis, while also actively betting against the housing market.
To top things off, NVIDIA’s CEO and CFO have recently sold shares, and insiders at CoreWeave are also looking for a payday.
We have evidence to support the idea that NVIDIA’s Q2 revenues were overstated, at least to the extent that some of these services have yet to be delivered, and that there is significant risk from demand being quite concentrated.
Beyond that, one could argue that NVIDIA is complicit in a plan to create the illusion that demand is higher than it is. (I am not) The fact that H100’s are being used as collateral to fund their purchase shows that, at least to some degree, this AI chip demand is being driven by speculation."
