Nvidia(US:NVDA) Xin Hua She·2025-12-19 12:39Core Viewpoint - Michael Burry, a well-known short-seller, is seeking evidence of Nvidia's GPUs being hoarded by customers, particularly photographs, in light of doubts raised about the company's reported sales figures and data center capacity [1][3]. Group 1: Nvidia's GPU Sales and Demand - Nvidia's CEO Jensen Huang claimed that the demand for Nvidia chips remains strong, stating that the company has shipped 6 million Blackwell chips over the past four quarters, with expectations of generating $500 billion in total sales from the Blackwell and upcoming Rubin series products [1]. - An analysis on social media questions whether the reported $111 billion in data center revenue aligns with the claimed shipment volume of Blackwell chips, suggesting a potential shortfall of hundreds of thousands to millions of GPUs [1][2]. Group 2: Energy Requirements and Capacity Concerns - The operation of 6 million Blackwell chips would require between 8.5 GW to 11 GW of power, approximately equivalent to Singapore's total electricity generation capacity, while the U.S. is only expected to add about 8.5 GW of power capacity for data centers between 2024 and 2025 [2]. - This power supply is barely sufficient to match Nvidia's claimed GPU shipment volume, raising concerns about the feasibility of such high deployment levels [2][3]. Group 3: Burry's Scrutiny and Market Concerns - Burry has intensified his scrutiny of Nvidia, focusing on issues such as "circular investments" among U.S. AI companies, revenue recognition methods, and how tech giants depreciate computing equipment [3]. - He has also raised alarms about the sustainability of Nvidia's AI infrastructure spending and has warned about a potential stock market bubble in AI, referencing historical patterns of market downturns following similar wealth distribution scenarios [3].