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- Larry.KingLarry.King
  ·11-25
  But if Nvidia didn't that also means what Burry says is not entirely baseless
  Nvidia Says It's Not Enron in Private Memo Refuting Accounting Questions
  A series of prominent stock sales and allegations of accounting irregularities have put $Nvidia(NVDA)$ in the middle of a debate about the value of artificial intelligence and its related stocks.Now...
  Nvidia Says It's Not Enron in Private Memo Refuting Accounting Questions
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- Larry.KingLarry.King
  ·2024-03-05
  Honestly, if it is just the results , looks good. But the explanation by management during Q&A seemed very forceful , and did not offer alot of substantiated information on how they intend to sustain the growth amidst a quarter where TikTok is not active.
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if Nvidia didn't that also means what Burry says is not entirely baseless","listText":"But if Nvidia didn't that also means what Burry says is not entirely baseless","text":"But if Nvidia didn't that also means what Burry says is not entirely baseless","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/503917231534472","repostId":"2586049248","repostType":2,"repost":{"id":"2586049248","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1764041092,"share":"https://ttm.financial/m/news/2586049248?lang=en_US&edition=fundamental","pubTime":"2025-11-25 11:24","market":"sh","language":"en","title":"Nvidia Says It's Not Enron in Private Memo Refuting 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Employee equity grants should not be conflated with the performance of the repurchase program,&#34; Nvidia said in the memo. &#34;Employees benefiting from a rising share price does not indicate the original equity grants were excessive at the time of issuance.&#34;</p><p>Barron&#39;s reviewed the memo, which initially appeared in social media posts over the weekend, and confirmed its authenticity with multiple Wall Street sources.</p><p>Burry told Barron&#39;s he disagrees with Nvidia&#39;s response and stands by his analysis. 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Burry has said he believes the useful lives of the chips are shorter than six years, meaning Nvidia&#39;s customers are inflating profits by spreading out depreciation costs over a long period.</p><p>&#34;NVIDIA&#39;s customers depreciate GPUs over 4-6 years based on real-world longevity and utilization patterns,&#34; the company said in the memo. &#34;Older GPUs such as A100s (released in 2020) continue to run at high utilization and generate strong contribution margins, retaining meaningful economic value well beyond the 2-3 years claimed by some commentators.&#34;</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Nvidia Says It's Not Enron in Private Memo Refuting Accounting Questions</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNvidia Says It's Not Enron in Private Memo Refuting Accounting Questions\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2025-11-25 11:24</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>A series of prominent stock sales and allegations of accounting irregularities have put <a href=\"https://laohu8.com/S/NVDA\">Nvidia</a> in the middle of a debate about the value of artificial intelligence and its related stocks.</p><p>Now Nvidia is pushing back. In a private seven-page memo sent by Nvidia&#39;s investor relations team to Wall Street analysts over the weekend, the chip maker directly addressed a dozen claims made by skeptical investors.</p><p>Nvidia&#39;s memo, which includes fonts in the company&#39;s trademark green color, begins by addressing a social media post from Michael Burry last week, which criticized the company for stock-based compensation dilution and stock buybacks. Burry&#39;s prescient bet against subprime mortgages before the 2008-2009 financial crisis was depicted in the movie The Big Short.</p><p>&#34;NVIDIA repurchased $91B shares since 2018, not $112.5B; Mr. Burry appears to have incorrectly included RSU [restricted stock unit] taxes. Employee equity grants should not be conflated with the performance of the repurchase program,&#34; Nvidia said in the memo. &#34;Employees benefiting from a rising share price does not indicate the original equity grants were excessive at the time of issuance.&#34;</p><p>Barron&#39;s reviewed the memo, which initially appeared in social media posts over the weekend, and confirmed its authenticity with multiple Wall Street sources.</p><p>Burry told Barron&#39;s he disagrees with Nvidia&#39;s response and stands by his analysis. He said he would discuss the topic of the company&#39;s stock-based compensation in more detail in a future report.</p><p>Nvidia didn&#39;t immediately respond to a request for comment.</p><p>Nvidia also responds to claims that the &#34;current situation is analogous to historical accounting frauds (Enron, WorldCom, Lucent) that featured vendor financing and SPVs [special purpose vehicles.)&#34;</p><p>&#34;NVIDIA does not resemble historical accounting frauds because NVIDIA&#39;s underlying business is economically sound, our reporting is complete and transparent, and we care about our reputation for integrity,&#34; the memo said. &#34;Unlike Enron, NVIDIA does not use Special Purpose Entities to hide debt and inflate revenue.&#34;</p><p>Nvidia also addressed allegations that its customers -- large technology companies -- aren&#39;t properly accounting for the economic value of Nvidia hardware.</p><p>Some of the companies use a six-year depreciation schedule for graphics processing units. Burry has said he believes the useful lives of the chips are shorter than six years, meaning Nvidia&#39;s customers are inflating profits by spreading out depreciation costs over a long period.</p><p>&#34;NVIDIA&#39;s customers depreciate GPUs over 4-6 years based on real-world longevity and utilization patterns,&#34; the company said in the memo. &#34;Older GPUs such as A100s (released in 2020) continue to run at high utilization and generate strong contribution margins, retaining meaningful economic value well beyond the 2-3 years claimed by some commentators.&#34;</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU2746668974.SGD":"MANULIFE DYNAMIC LEADERS \"AA\" (SGDHDG) ACC","SGXZ81514606.USD":"大华环球创新基金A Acc USD","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU2089283258.USD":"安联环球可持续基金Cl AM Dis","LU2360032135.SGD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (SGDHDG) INC","LU1037948897.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (HKD) INC","NVDL":"2倍做多NVDA ETF-GraniteShares","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","LU2505996681.GBP":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (GBPHDG) INC","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","LU0289960550.SGD":"AB FCP I - GLOBAL EQUITY BLEND PORTFOLIO 'A' (SGD) ACC","LU1983260115.SGD":"Janus Henderson Horizon Global Sustainable Equity A2 SGD-H","LU1244550494.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) ACC","LU2125909916.SGD":"Natixis Thematics Safety R/A SGD","NVDQ":"2倍做空NVDA ETF-T-Rex","LU1917777945.USD":"安联专题基金Cl AT Acc","LU1366333091.USD":"FIDELITY GLOBAL FOCUS \"A\" (USD) ACC","LU1323610961.USD":"UBS (LUX) EQUITY SICAV - LONG TERM THEMES (USD) \"P\" (USD) ACC","LU2125154778.USD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (USD) INC","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","NVDA":"英伟达","LU2471134879.HKD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (HKD) INC","LU1623119135.USD":"Natixis Mirova Global Sustainable Equity R-NPF/A USD","IE00BQXX3D17.EUR":"GUINNESS GLOBAL INNOVATORS \"C\" (EUR) ACC","LU0345768153.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) ACC","LU1935043023.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (USD) INC A","IE00BQXX3C00.GBP":"GUINNESS GLOBAL INNOVATORS \"C\" (GBP) ACC","LU1868836757.USD":"CT (LUX) I AMERICAN FUND \"2\" (USD) ACC","LU2092937148.SGD":"Blackrock ESG Multi-Asset A8 SGD-H","LU0444973449.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"DU\" (USD) ACC","LU0210536198.USD":"JPM US GROWTH \"A\" ACC","BK4579":"人工智能","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","BK4543":"AI","LU1261432733.SGD":"Fidelity World A-ACC-SGD","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","LU1721428933.USD":"法巴全球经典环境基金RH MD Dis","LU2361044949.HKD":"WELLINGTON US QUALITY GROWTH \"A\" (HKD) ACC"},"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2586049248","content_text":"A series of prominent stock sales and allegations of accounting irregularities have put Nvidia in the middle of a debate about the value of artificial intelligence and its related stocks.Now Nvidia is pushing back. In a private seven-page memo sent by Nvidia's investor relations team to Wall Street analysts over the weekend, the chip maker directly addressed a dozen claims made by skeptical investors.Nvidia's memo, which includes fonts in the company's trademark green color, begins by addressing a social media post from Michael Burry last week, which criticized the company for stock-based compensation dilution and stock buybacks. Burry's prescient bet against subprime mortgages before the 2008-2009 financial crisis was depicted in the movie The Big Short.\"NVIDIA repurchased $91B shares since 2018, not $112.5B; Mr. Burry appears to have incorrectly included RSU [restricted stock unit] taxes. Employee equity grants should not be conflated with the performance of the repurchase program,\" Nvidia said in the memo. \"Employees benefiting from a rising share price does not indicate the original equity grants were excessive at the time of issuance.\"Barron's reviewed the memo, which initially appeared in social media posts over the weekend, and confirmed its authenticity with multiple Wall Street sources.Burry told Barron's he disagrees with Nvidia's response and stands by his analysis. He said he would discuss the topic of the company's stock-based compensation in more detail in a future report.Nvidia didn't immediately respond to a request for comment.Nvidia also responds to claims that the \"current situation is analogous to historical accounting frauds (Enron, WorldCom, Lucent) that featured vendor financing and SPVs [special purpose vehicles.)\"\"NVIDIA does not resemble historical accounting frauds because NVIDIA's underlying business is economically sound, our reporting is complete and transparent, and we care about our reputation for integrity,\" the memo said. \"Unlike Enron, NVIDIA does not use Special Purpose Entities to hide debt and inflate revenue.\"Nvidia also addressed allegations that its customers -- large technology companies -- aren't properly accounting for the economic value of Nvidia hardware.Some of the companies use a six-year depreciation schedule for graphics processing units. Burry has said he believes the useful lives of the chips are shorter than six years, meaning Nvidia's customers are inflating profits by spreading out depreciation costs over a long period.\"NVIDIA's customers depreciate GPUs over 4-6 years based on real-world longevity and utilization patterns,\" the company said in the memo. \"Older GPUs such as A100s (released in 2020) continue to run at high utilization and generate strong contribution margins, retaining meaningful economic value well beyond the 2-3 years claimed by some commentators.\"","news_type":1,"symbols_score_info":{"NVDL":2,"NVDQ":2,"NVDA":2}},"isVote":1,"tweetType":1,"viewCount":213,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":280995709804816,"gmtCreate":1709627043135,"gmtModify":1709628956554,"author":{"id":"4094613861217650","authorId":"4094613861217650","name":"Larry.King","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4094613861217650","authorIdStr":"4094613861217650"},"themes":[],"htmlText":"Honestly, if it is just the results , looks good. But the explanation by management during Q&amp;A seemed very forceful , and did not offer alot of substantiated information on how they intend to sustain the growth amidst a quarter where TikTok is not active.","listText":"Honestly, if it is just the results , looks good. But the explanation by management during Q&amp;A seemed very forceful , and did not offer alot of substantiated information on how they intend to sustain the growth amidst a quarter where TikTok is not active.","text":"Honestly, if it is just the results , looks good. But the explanation by management during Q&A seemed very forceful , and did not offer alot of substantiated information on how they intend to sustain the growth amidst a quarter where TikTok is not active.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/280995709804816","repostId":"1136519905","repostType":2,"isVote":1,"tweetType":1,"viewCount":895,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}