Michael Burry, the investor who became a household name after betting against the housing market before the 2008 collapse, is now turning his skeptical eye toward Nvidia Corp. (NVDA). Over the weekend, he asked the internet for something unusual: photos of stockpiled Nvidia GPUs.
Why? Because a viral analysis on X is questioning whether CEO Jensen Huang's statement about Blackwell shipments actually matches up with the company's reported numbers. And when the math doesn't quite work, people start asking uncomfortable questions.
The Analysis That Started It All
This whole thing kicked off when a user named Kakashii, who identifies as an attorney, posted a detailed thread breaking down Huang's October 2025 statement. According to CNBC, Huang said Nvidia had shipped six million Blackwell GPUs over the past four quarters and expected a combined $500 billion in GPU sales across the Blackwell line and next year's Rubin generation.
Here's where it gets tricky. Kakashii's analysis pointed out that Nvidia reported $111 billion in data-center revenue since Blackwell launched. Even after including the more than $10 billion in Blackwell revenue Nvidia disclosed in its 2024 fourth quarter, the numbers only seem to account for roughly four million units. That leaves a gap potentially in the hundreds of thousands to millions of GPUs.
So where are they? That's what Burry wants to know.
The Power Problem
The analysis didn't stop at revenue figures. It also tackled the elephant in the room: energy consumption.
If six million Blackwell GPUs actually shipped and 65% to 70% ended up deployed in U.S. data centers, they'd require between 8.5 and 11 gigawatts of power. To put that in perspective, we're talking about roughly the entire electricity capacity of Singapore.
Now here's the kicker. The U.S. only added an estimated 8.5 gigawatts of data-center-usable capacity between 2024 and 2025. And that's assuming every single new facility exclusively uses Nvidia hardware, with no room for Advanced Micro Devices, Inc. (AMD) or Alphabet Inc.'s (GOOG) (GOOGL) Google chips. Even in the best-case scenario, the power supply barely matches the stated shipment volume.
Burry Issues a Challenge
After seeing the thread, Burry shared it with his own commentary, urging X users to send him photos or proof of Nvidia GPUs stored "in mass quantities" anywhere in the U.S. or overseas.
"Some have reached out to me," he wrote, adding, "it is getting interesting. But I need more."
It's a bold move, essentially crowdsourcing an investigation into one of the world's most valuable tech companies. Nvidia did not immediately respond to requests for comment.
Burry's Ongoing Bearish View
This isn't Burry's first rodeo with Nvidia skepticism. Last month, he doubled down on his bearish thesis just hours after the company privately pushed back against his earlier claims. His argument? That Nvidia's $112.5 billion in buybacks added no real shareholder value and merely offset stock-based compensation.
Not everyone agrees with him, of course. Analysts like Ming-Chi Kuo have defended Nvidia, arguing that concerns about rising Days Sales Outstanding and inventory levels reflect a misunderstanding of the company's sales patterns and its preparation for new Blackwell chip production.
Despite the controversy, Nvidia's stock has surged 31.88% this year, handily outperforming both the Nasdaq Composite's 22.29% gain and the Nasdaq 100's 22.49% rise. Market data indicates a short-term downward trend for NVDA, though analysts point to strength in the medium and long term.
Whether Burry's request for warehouse photos turns up anything meaningful remains to be seen. But one thing's certain: when the guy who called the housing crisis starts asking for receipts, people pay attention.
