Over the weekend, Michael Burry, the investor made famous by "The Big Short" for forecasting the 2008 housing collapse, asked for evidence of stockpiled Nvidia Corp (NASDAQ:NVDA) GPUs.
This development came after an analysis on X questioned whether Jensen Huang's statement about Blackwell shipments aligns with the company's reported revenue and U.S. data-center capacity.
Burry Joins Debate Over Nvidia's Blackwell Shipments
Burry's statement came after a detailed thread on X from a user known as Kakashii ignited fresh scrutiny around Nvidia's latest GPU generation.
The user, who introduced themselves as an attorney on social media, questioned Huang's statement that six million Blackwell GPUs have already shipped.
Huang said in October 2025 that demand for Nvidia's chips is still surging, noting that the company has shipped 6 million Blackwell GPUs over the past four quarters, reported CNBC.
At the time, he also stated that Nvidia expects a combined $500 billion in GPU sales across the Blackwell line and next year's Rubin generation.
According to the analysis shared by Kakashii on X, Nvidia's reported $111 billion in data-center revenue since Blackwell launched does not appear to support that shipment volume.
Even after factoring in the more than $10 billion Nvidia disclosed in the 2024 fourth-quarter Blackwell revenue, the thread argues the numbers only account for roughly 4 million units, leaving a potential gap of hundreds of thousands to millions of GPUs.
Power and Data-Center Capacity Add Another Layer Of Questions
The thread also pointed to the enormous energy requirements of running Blackwell chips.
If 6 million GPUs shipped and 65% to 70% were deployed in U.S. data centers, they would require 8.5 to 11 gigawatts of power — roughly equivalent to the electricity capacity of Singapore, the analyst said.
However, the U.S. only added an estimated 8.5 gigawatts of data-center-usable capacity between 2024 and 2025, the user noted. That assumes every new facility uses only Nvidia hardware and no Advanced Micro Devices, Inc. (NASDAQ:AMD) or Alphabet Inc.'s (NASDAQ:GOOG) (NASDAQ:GOOGL) Google chips.
Even then, the user argued, the power supply barely matches the stated GPU shipment volume.
Burry Calls For Receipts: ‘Calling For Pics And Proof'
Sharing the thread, Burry urged X users to send him photos or proof of Nvidia GPUs being stored "in mass quantities" in the U.S. or overseas.
"Some have reached out to me," he wrote, adding, "it is getting interesting. But I need more."
Nvidia did not immediately respond to Benzinga's request for comments.
Despite Nvidia's Pushback, Burry Says His Bearish Thesis Still Holds Up
Last month, Burry doubled down on his bearish view of Nvidia, reaffirming his analysis on X just hours after the company privately pushed back his past claims. Burry argues the company's $112.5 billion in buybacks added no real shareholder value and only offset stock-based compensation.
Meanwhile, analysts like Ming-Chi Kuo defended Nvidia, saying concerns about rising Days Sales Outstanding and inventory levels misunderstand the company's sales patterns and preparation for new Blackwell chips.
Nvidia's stock has surged 31.88% so far this year, outperforming both the Nasdaq Composite's 22.29% gain and the Nasdaq 100's 22.49% rise. Benzinga's Edge Stock Rankings indicate a short-term downward trend for NVDA, but point to strength in the medium and long term, with more performance details available here.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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