英伟达出击回应空头质疑，郭明錤力挺财报合规

Core Viewpoint - Nvidia has become a focal point in discussions regarding the value of AI and related stocks due to a series of stock sell-offs and accounting fraud allegations, prompting the company to respond to market skepticism with a detailed memo addressing twelve key concerns raised by investors [1][2]. Group 1: Nvidia's Response to Investor Concerns - Nvidia's investor relations team sent a seven-page memo to Wall Street analysts addressing various doubts, including a response to Michael Burry's criticism regarding stock-based compensation dilution and stock buybacks, clarifying that the total amount spent on share repurchases since 2018 is $91 billion, not the $112.5 billion claimed by Burry [2]. - The memo also refuted allegations comparing Nvidia's situation to historical accounting fraud cases, asserting that the company's core business fundamentals are strong and its financial reporting is transparent, emphasizing that it does not use special purpose entities to hide debt or inflate profits [2]. - Nvidia addressed concerns about the economic value of its hardware, stating that customers set GPU depreciation periods based on actual usage, with older models like the A100 still generating significant profits, contrary to claims that their economic lifespan is only 2 to 3 years [2]. Group 2: Analyst Insights on Financial Metrics - Analyst Ming-Chi Kuo stated that Nvidia's financial results align with industry norms, countering claims of anomalies in accounts receivable turnover days (Days Sales Outstanding, DSO) and inventory levels [3]. - Kuo explained that the increase in DSO from an average of 46 days (2020-2024) to 53 days in Q3 2026 is reasonable due to a significant rise in customer concentration from 23.8% to 65%, reflecting the bargaining power of major customers [4]. - Regarding inventory, Kuo clarified that the reported 32% increase in inventory for Q3 2026 is consistent with industry trends and that the majority of the inventory consists of work-in-progress items, indicating preparations for strong demand for the new Blackwell B300 chip [6].