George Noble: NVIDIA is buying its own chips and counting it as revenue

George Noble: NVIDIA is buying its own chips and counting it as revenue
NVIDIA accused of internal chip revenue

George Noble claims that NVIDIA has been purchasing its own chips and recognizing these transactions as revenue. He suggests that this approach resembles tactics used in the Enron scandal.

Noble also alleges that retirement accounts may be exposed to risks stemming from these practices. He points to the creation of a special purpose vehicle called Valor Compute Infrastructure in January 2026 as part of the arrangement.

Noble has previously flagged market risks, sharing John Hussman's analysis of a rare warning flag triggered at levels seen only three other times since 1992. He has also warned that the safest parts of a portfolio may face losses of up to 35 percent. These earlier statements add context to his concerns about practices involving retirement accounts.

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