Ed Zitron
LightNews LightNews
banner
edzitron.com
Ed Zitron
@edzitron.com
170K followers 2.7K following 26K posts
British, But In Las Vegas and NYC
ezitron.76 Sig
Newsletter - wheresyoured.at
https://linktr.ee/betteroffline - podcast w/ iheartradio
Chosen by god, perfected by science
CEO at EZPR.com - Award-Winning Tech PR
Posts Replies Media Videos
Pinned
edzitron.com
Ed Zitron @edzitron.com · 21h
Premium: This is The Hater's Guide To NVIDIA: A 14k word guide to how NVIDIA makes its money, how millions of Blackwell GPUs have been sold with nowhere for them to be installed, and how NVIDIA's future relies on companies raising hundreds of billions in debt.
www.wheresyoured.at/the-haters-g...
The Hater's Guide To NVIDIA
This piece has a generous 3000+ word introduction, because I want as many people to understand NVIDIA as possible. The (thousands of) words after the premium break get into arduous detail, but I’ve wr...
www.wheresyoured.at
edzitron.com
Let’s tune in to a new episode of [holding mic to crowd] IS! THAT! GOOD?

SoftBank “tumbling” as market gets concerned Google Gemini 3 has outdone OpenAI. SoftBank hasn’t even sent the $22.5bn yet.
SoftBank Group Shares Tumble on OpenAl Competition Worries By Hideyuki Sano and Kentaro Tsutsumi November 25, 2025 at 4:25 AM UTC A Save JA Translate © Listen 1:07 SoftBank Group shares tumbled on Tuesday, hitting a 21/2-month low on worries that the latest Gemini artificial intelligence model from Alphabet may intensify competition for OpenAI - the Japanese conglomerate's key investment. The stock sank as much 11% on Tuesday, following a 10.9% dive in the previous session before Japan's long weekend. The sharp back-to-back declines stand out even for SoftBank Group, whose shares are highly volatile. "The stocks are hit by concerns that the competition environment of Open AI will become tougher after Google's Gemini 3 received strong reviews," said Tsutomu Yamada, market analyst at Mitsubishi UFJ eSmart Securities Co.
November 25, 2025 at 7:47 AM
Reposted by Ed Zitron
edzitron.com
Premium: This is The Hater's Guide To NVIDIA: A 14k word guide to how NVIDIA makes its money, how millions of Blackwell GPUs have been sold with nowhere for them to be installed, and how NVIDIA's future relies on companies raising hundreds of billions in debt.
www.wheresyoured.at/the-haters-g...
The Hater's Guide To NVIDIA
This piece has a generous 3000+ word introduction, because I want as many people to understand NVIDIA as possible. The (thousands of) words after the premium break get into arduous detail, but I’ve wr...
www.wheresyoured.at
November 24, 2025 at 5:04 PM
edzitron.com
I’m getting to the point where my only reaction to headlines like this is “no they won’t”
November 25, 2025 at 7:31 AM
edzitron.com
I think this NVIDIA Enron thing might have slightly jokerfied me. I occasionally laugh and mutter "we are NOTHING like ENRON." It's so funny. Like NVIDIA genuinely does not seem to be like Enron! Right? Why did you mention Enron? Why are you trying to "dodge the Enron allegations"?
November 25, 2025 at 5:33 AM
edzitron.com
Here's the thing: the problem here isn't that NVIDIA is doing circular accounting (necessarily), it's that receivables are growing and so is inventory, which makes people worried things are being shipped without payment. It could be fine!

I believed things were fine more before I read this memo.
karlrolson.com Karl Olson 🎤 Ultraklystron @karlrolson.com · 10h
I mean, it'd be even funnier if they didn't even realize they were doing circular accounting with all of these deals, so this was totally sincere on their part. It would really underline how much this is run by people who are way out of their depth given the scale of everything they're involved in.
November 25, 2025 at 5:02 AM
edzitron.com
I've done a lot about Google Search and I honestly could do more about TPUs, but there's not a ton out there about the buildout. That being said my Signal is ezitron.76 if you work at Google, especially in Google Cloud or Capex 😀 I have so many questions 😀 please tell me stuff 😀
jackspice113.bsky.social JLoki @jackspice113.bsky.social · 11h
Ed, you’ve looked at NVIDA very closely lately and given really good information. Is there any plan to do the same scrutiny on Google and its ai efforts? Google seems to be the only mag 7 company that isn’t circular financing NVIDA and seems to be the company Altman is most concerned about now
November 25, 2025 at 4:10 AM
edzitron.com
Every list like this is a trap
scalzi.com John Scalzi @scalzi.com · 1d
The movie listed at #1 is so incredibly misplaced that it calls into question the veracity of the entire list. It belongs on the list, yes, but SO MUCH further down. An absolute, credibility-wrecking flub. Boo, @variety.com! Boo!

variety.com/lists/best-c...
The 100 Best Comedy Movies of All Time
Variety's list of the 100 best comedy movies of all time includes 'Annie Hall,' 'Pretty Woman,' 'Waiting for Guffman' and 'Young Frankenstein.'
variety.com
November 25, 2025 at 3:44 AM
edzitron.com
It is wild to me that the largest company on the stock market, one with such incredible prestige and a huge PR team got dog-walked here. Why would you EVER give this ANY oxygen? Now everybody is asking whether NVIDIA is like Enron! This didn't help at all!
techmeme.com Techmeme @techmeme.com · 15h
Nvidia refuted accounting questions in a memo to analysts, saying "Unlike Enron, NVIDIA does not use Special Purpose Entities to hide debt and inflate revenue" (Tae Kim/Barron's Online)

Main Link | Techmeme Permalink
November 25, 2025 at 2:50 AM
Reposted by Ed Zitron
mattrosoff.bsky.social
The latest from the irrepressible @quinnypig.com

www.theregister.com/2025/11/24/p...
Praise Amazon for raising this service from the dead
Opinion: The hardest part is admitting you were wrong, which AWS did.
www.theregister.com
November 24, 2025 at 11:44 PM
Reposted by Ed Zitron
hazelmonforton.com
Thanks! Thanks so much! Thanks for reaching out! Can't wait to connect! Can't wait to hear more! Looking forward to our conversation! Looking forward to hearing from you! Let me know! Let me know if this works for you! Let me know if this works for your schedule! Let me know when you're available!
The dad from Coraline, sitting at his computer and looking like the most tired and disheveled person who has ever existed.
November 24, 2025 at 10:03 PM
edzitron.com
Didn't even see but Where's Your Ed At hit 85k subs, folks we're going places, probably gonna get 87.5k to 90k by EoY and reasonably 100k by end of Q1 2026. All it took was hundreds of thousands of words
newsletter subscribers where's your ed at at 85,052
November 24, 2025 at 8:04 PM
Reposted by Ed Zitron
punkey.org
Finally people have the bravery to say this. No movie looks more like a Frankenstein's monster assembled out of cut up parts by studio meddling, and it completely ruins the "Dirty Dozen" thing they're transparently trying to achieve. Great ending, *bad* movie.
jamellebouie.net jamelle @jamellebouie.net · 19h
rogue one is bad folks. i have believed this since i saw it in theaters and no subsequent rewatch has changed my mind. basically a chop job until the final sequence, which is good (for star wars)
November 24, 2025 at 7:55 PM
edzitron.com
Tweet that says "my "we're not enron" t-shirt has people asking a lot of questions already answered by my shirt"
November 24, 2025 at 7:13 PM
edzitron.com
anyway, if you are someone that has any insight into a data center buildout that has been delayed or know about any piles of unused GPUs, please hit me up at ezitron.76 on signal
November 24, 2025 at 7:00 PM
edzitron.com
the next big scandal is going to be "gpus sitting in warehouses" i'm sure of it
November 24, 2025 at 6:25 PM
Reposted by Ed Zitron
edzitron.com
This piece also offers a generous (3000 word) intro that explains what NVIDIA is, how it got so big, how "building data centers" is a very difficult and complex thing, and why the entire future comes down to how long private debt can afford to keep buying GPUs.
edzitron.com Ed Zitron @edzitron.com · 21h
Premium: This is The Hater's Guide To NVIDIA: A 14k word guide to how NVIDIA makes its money, how millions of Blackwell GPUs have been sold with nowhere for them to be installed, and how NVIDIA's future relies on companies raising hundreds of billions in debt.
www.wheresyoured.at/the-haters-g...
The Hater's Guide To NVIDIA
This piece has a generous 3000+ word introduction, because I want as many people to understand NVIDIA as possible. The (thousands of) words after the premium break get into arduous detail, but I’ve wr...
www.wheresyoured.at
November 24, 2025 at 5:19 PM
edzitron.com
oh you GOD DAMN THINK?
Any of these things could get a business into trouble. If many companies are making the same mistake at the same time, it could set off a larger reckoning. What if the entire AI industry is less profitable than it appears, holding loans that are riskier than they seem, and facing bigger future capital costs than it’s acknowledging?
November 24, 2025 at 6:09 PM
edzitron.com
This piece also offers a generous (3000 word) intro that explains what NVIDIA is, how it got so big, how "building data centers" is a very difficult and complex thing, and why the entire future comes down to how long private debt can afford to keep buying GPUs.
edzitron.com Ed Zitron @edzitron.com · 21h
Premium: This is The Hater's Guide To NVIDIA: A 14k word guide to how NVIDIA makes its money, how millions of Blackwell GPUs have been sold with nowhere for them to be installed, and how NVIDIA's future relies on companies raising hundreds of billions in debt.
www.wheresyoured.at/the-haters-g...
The Hater's Guide To NVIDIA
This piece has a generous 3000+ word introduction, because I want as many people to understand NVIDIA as possible. The (thousands of) words after the premium break get into arduous detail, but I’ve wr...
www.wheresyoured.at
November 24, 2025 at 5:19 PM
edzitron.com
Premium: This is The Hater's Guide To NVIDIA: A 14k word guide to how NVIDIA makes its money, how millions of Blackwell GPUs have been sold with nowhere for them to be installed, and how NVIDIA's future relies on companies raising hundreds of billions in debt.
www.wheresyoured.at/the-haters-g...
The Hater's Guide To NVIDIA
This piece has a generous 3000+ word introduction, because I want as many people to understand NVIDIA as possible. The (thousands of) words after the premium break get into arduous detail, but I’ve wr...
www.wheresyoured.at
November 24, 2025 at 5:04 PM
edzitron.com
New premium out soon
Enter The Twisted Mind of Jensen Huang... Are you ready to be scared, dear reader? You aren't even remotely prepared for the dark, twisted fantasy of NVIDIA CEO Jensen Huang and his expensive leather jackets. You are a bug to Jensen, less than a bug, an atom, you fool, you rube, you imbecile. Don't understand what Jensen Huang is saying? Maybe it's because you don't have the most important job in the world - selling GPUs to people whether or not the GPUs can actually be plugged in and turned on, let alone make money. The more you buy the more you save, you filthy hog, how dare you question the captain of the most expensive company ever? Oh, you're still not convinced? You doubt his grand majesty? Fine! Let's see what you think when you actually read the things he say- Oh. Oh no.
November 24, 2025 at 4:27 PM
edzitron.com
imagine that. imagine that. imagine that! imagine that. did anybody say anything about this once or twice or thrice, hmm? did anybody talk about, this? no? hmm?
carlquintanilla.bsky.social Carl Quintanilla @carlquintanilla.bsky.social · 1d
Complete AI/debt saturation coverage this am:

@wsj.com @bloomberg.com
November 24, 2025 at 4:08 PM
Reposted by Ed Zitron
edzitron.com
Monday Premium: The 12.7k word Hater's Guide To NVIDIA: how it makes money, how millions of GPUs are likely sitting uninstalled, and how its entire future relies on companies raising hundreds of billions in debt.

Here's $10 off annual.
edzitronswheresyouredatghostio.outpost.pub/public/promo...
NVIDIA's Future Success Is Predicated On The Ability For Everybody To Keep Feeding It Tens Of Billions Of Dollars Every Quarter, Requiring Endless Debt, Space, and Actual AI Demand To Exist Here are some thoughts I have had: A 25MW data center takes about $1 billion, with $600 million of that being GPUs - 200 GB200 racks, to be specific. It needs about 20 acres - 100,000 square feet for the data center, roughly. NVIDIA sells about $50 billion of GPUs and associated hardware in a quarter, so let's say that $40 billion of that is just the GPUs and $10 billion is the hardware, so around 13,333 GB200 racks. I realize that NVIDIA sells far more than that (GB300 racks, singular GPUs, and so on). Deep-pocketed hyperscalers like Microsoft, Google, Meta and Amazon representing 41.32% of NVIDIA's revenue in the middle of 2025, funneling free cash flow directly into Jensen Huang's pockets... ...for now. Amazon ($15 billion), Google ($25 billion), Meta ($30 billion) and Oracle ($18 billion) have all had to raise massive amounts of debt to continue to fund AI-focused capital expenditures, with more than half of that (per Rubenstein) spent on GPUs. Otherwise, basically anybody buying GPUs at any scale has to fund doing so with either venture capital (money raised in exchange for part of the company) or debt. NVIDIA, at this point, around 8% of the value of the S&P 500 (the 500 leading (meaning they meet certain criteria of size, liquidity (cash availability) and profitability) companies on the US stock market). Its continued health - and representative value as a stock, which is not necessarily based on its actual numbers or health, but in this case kind of is? - has led the stock market to remarkable gains. It is not enough for NVIDIA to simply be a profitable company. It must continue beating the last quarter's revenue, again and again and again and again, forever. If that sounds dramatic, I assure you it is the truth. NVIDIA's continued success - and ability to continue delivering outsized beats of Wall Street's revenue estimates - depends on: The willingness of a few very large, cash-rich companies (Microsoft, Meta, Amazon and Google) to continue buying successive generations of NVIDIA GPUs. The ability of said companies to continue buying successive generations of GPUs. The ability of other, less-cash-rich companies like Oracle to continue being able to raise debt to buy massive amounts of GPUs - such as the $40 billion of GPUs that Oracle is buying for Stargate Abilene. This is becoming a problem. The ability of unprofitable, debt-ridden companies like CoreWeave, AI "neoclouds" that use the GPUs they purchase from NVIDIA as collateral for loans to buy more GPUs, to to continue raising that debt to buy more GPUs. The ability of anybody who buys these GPUs to actually install them and use them, which requires massive amounts of construction...and more power than is currently available, even to the most well-funded and conspicuous projects. In simple terms, for the debt markets to continue propping up its revenues, because there is not really enough free cash in the world to continue pumping it into NVIDIA at this rate. And after all of this, Large Language Models, the only way to make any money on any of these GPUs, must prove they can actually produce a profit. Per my article from September, I can find no compelling evidence (outside of boosters speciously claiming otherwise) that it's profitable to sell access to GPUs. Based on my calculations, there's likely little more than $61 billion of actual AI revenue in 2025 across every single AI company and hyperscaler. Note that I said "revenue." Absolutely nobody is making a profit. The NVIDIA situation is one of the most insane things I've seen in my life. The single-largest, single-most-valuable, single-most-profitable company on the stock market has got there through selling ultra-expensive hardware that takes hundreds of millio…
November 21, 2025 at 10:31 PM
edzitron.com
Personal foul - unnecessary comment
November 24, 2025 at 2:45 AM
edzitron.com
Oh hell yeah
dannyheifetz.bsky.social Danny Heifetz @dannyheifetz.bsky.social · 1d
J.J. McCarthy now ranks 851 out of 852 in EPA per Dropback among qualified passers since 2000, per Tru Media. The only player below McCarthy is JaMarcus Russell.
November 24, 2025 at 12:33 AM
Reposted by Ed Zitron
edzitron.com
Once again my putrid Las Vegas Raiders have chosen to roll around in their filth
December 8, 2024 at 10:10 PM