Nvidia CEO Jensen Huang counters Michael Burry’s bear case with GPU rental data

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. Burry has maintained short positions on Nvidia stock, betting that AI infrastructure spending is running ahead of actual returns, and that Nvidia sits at the center of that imbalance. Huang’s rebuttal: the chips speak for themselves Huang has framed the company’s GPUs as “fu...