Days Sales Outstanding (DSO) Analysis - The report challenges the claim that Nvidia's increased DSO from an average of 46 days (FY2020-2024) to 53 days (Q3 FY26) indicates financial irregularities or fraud [1] - The analysis points out that the concentration of Nvidia's accounts receivable has significantly increased from an average of 238% (FY2020-2024) to 65% (Q3 FY26) [1] - The increase in DSO is attributed to the increased customer concentration, reflecting the bargaining power of large customers, particularly major Cloud Service Providers (CSPs) with longer payment terms [1] - The report argues that comparing Nvidia's DSO to companies with non-CSP clients is inappropriate, as companies with CSP clients like Arista, Celestica, and Vertiv typically have DSOs of 60-70 days or more [1] Inventory Analysis - The report refutes the assertion that Nvidia's 32% QoQ increase in inventory in Q3 FY26 is a "inventory paradox," citing an incorrect claim about Q2 FY23 inventory [2][3] - The analysis corrects the claim, stating that Q2 FY23 inventory actually grew by approximately 23% QoQ to $3889 billion, not decreased [3] - The 32% increase in Q3 FY26 inventory aligns with TSMC's CoWoS average monthly capacity growth of 25-30% QoQ to approximately 60kwpm in 3Q25 [3] - The significant growth of approximately 98% QoQ to $8735 billion in Work-In-Process (WIP), which constitutes 442% of Q3 FY26 inventory, reflects the ramp-up and mass production of the new Blackwell B300 chips starting in 3Q25, indicating preparation for strong demand [3]

在Nvidia公布Q3 FY26財報後，有觀點質疑該財報中的應收帳款週轉天數（Days Sales Outstanding；DSO）與庫存（Inventory）異常且疑似詐欺。但我認為，該財報結果反而符合財報常識與產業現況。1. 應收帳款週轉天數：(1) 質疑者認為Nvidia的DSO由FY2020－2024的平均46天增加到Q3 FY26的53天，此惡化是金融異常與詐欺。(2) 然而，上述並沒有考慮到應收帳款的客戶集中度變化，從FY2020－2024的平均23.8%，顯著提升到Q3 FY26的65%。(3) DSO隨應收帳款的客戶集中度顯著提升而增加很合理，這反映了大客戶的議價力，特別Nvidia目前面對的是付款條件向來較久的各大CSP。(4) 質疑者的另一錯誤是將Nvidia與其他主要客戶非CSP的廠商之DSO來比較。事實上，其他主要客戶為各大CSP的廠商，如Arista、Celestica與Vertiv等，其DSO普遍在60－70天以上，這是另一個驗證Nvidia DSO為53天的合理證明。2. 庫存：(1) 質疑者將Nvidia的庫存金額在Q3 FY26增加32% QoQ解釋為庫存悖論，並舉出Q2 F ...