I failed to see whatever this wanted me to see. Enron was a services corp that failed because it filled its books with fraud. Nvidia designs and sells physical devices called microchips. That's pretty much all they do, 24/7/365. Nvidia is as close to a manufacturing corp. that you can get without actually having a factory (fab). It is insanely harder to invoke an Enron-level collapse, as microchips cannot evaporate in value overnight.
He rambles for "the humour bit" for a while, but I think the thrust of it is in the last two sections https://www.wheresyoured.at/nvidia-isnt-enron-so-what-is-it/... : Nvidia's valuation is dependent on an enormous amount of debt around the industry being funnelled to them, there doesn't seem to be a way to profit on this debt, so something is going to have to give.
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I failed to see whatever this wanted me to see. Enron was a services corp that failed because it filled its books with fraud. Nvidia designs and sells physical devices called microchips. That's pretty much all they do, 24/7/365. Nvidia is as close to a manufacturing corp. that you can get without actually having a factory (fab). It is insanely harder to invoke an Enron-level collapse, as microchips cannot evaporate in value overnight.
He rambles for "the humour bit" for a while, but I think the thrust of it is in the last two sections https://www.wheresyoured.at/nvidia-isnt-enron-so-what-is-it/... : Nvidia's valuation is dependent on an enormous amount of debt around the industry being funnelled to them, there doesn't seem to be a way to profit on this debt, so something is going to have to give.