Jensen Huang has a message for Michael Burry: the GPUs are renting just fine, thank you.
The Nvidia CEO pointed to H100 GPU rental rates surging 22% month-over-month to $3.28 per hour as of September 8, making a public case that his company’s chips are productive, durable assets rather than the speculative house of cards Burry has described.
The bear case: $105 billion in credit and a familiar-sounding alarm
Burry, who runs Scion Asset Management, has been raising red flags about Nvidia since at least late 2025. His core argument centers on what he calls “circular financing,” a claim that Nvidia is essentially helping fund the very customers who buy its chips.
The specific target of his criticism: Nvidia’s credit support tied to an OpenAI data center project in Ohio. According to Nvidia’s second-quarter 10-Q filing, that credit guarantee caps out at $105 billion, backing a facility with a 4.25 gigawatt IT load.
