Premium: The Hater's Guide To NVIDIA (Part 2)

Ed Zitron argues that NVIDIA is best compared not to Enron but to GE Capital under Jack Welch. Rather than doing direct vendor financing, NVIDIA has engineered a circular system: it invests in neoclouds like CoreWeave, Nebius, and IREN, backstops their leases and IPOs, and then becomes one of their largest customers — all while those companies raise tens of billions in debt to buy NVIDIA GPUs. Jensen Huang has publicly acknowledged this model, stating that without NVIDIA's support these neoclouds would not exist. Zitron contends that NVIDIA is no longer primarily a technology company but an asset management and marketing firm that uses its AA- credit rating to backstop massive data center deals, including a reported $50 billion Texas lease and talks around a $250 billion Ohio compute facility. The piece warns that NVIDIA's extraordinary revenue growth requires perpetual acceleration, and that its customers are driven by FOMO rather than genuine demand, echoing the dynamics that eventually brought down GE Capital.

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