FOR THOSE PEOPLE WHO ARE INVESTING HEAVILY INTO BITCOIN OR CRYPTO, PLS READ UNTIL THE END. BREAKING: The $610 Billion AI Ponzi Scheme Just Collapsed 對於那些正在大力投資比特幣或加密貨幣的人們，請務必閱讀至文末. 突發新聞：6100億美元的人工智慧龐氏騙局剛剛崩盤!
Last night at 4pm EST, something unprecedented happened. Nvidia stock rallied 5% on earnings, then crashed into negative territory within 18 hours. Wall Street algorithms detected what humans couldn’t: the numbers don’t add up.
Here’s what they found.
Nvidia reported $33.4 billion in unpaid bills, up 89% in one year. Customers who bought chips haven’t paid for them yet. The average wait time for payment stretched from 46 days to 53 days. That extra week represents $10.4 billion that may never arrive.
Meanwhile, Nvidia stockpiled $19.8 billion in unsold chips, up 32% in three months. But management claims demand is insane and supply is constrained. Both cannot be true. Either customers aren’t buying or they’re buying without cash.
The cash flow tells the real story. Nvidia generated $14.5 billion in actual cash but reported $19.3 billion in profit. The gap is $4.8 billion. Healthy chip companies like TSMC and AMD convert over 95% of profits to cash. Nvidia converts 75%. That’s distress level.
Here’s where it gets criminal.
Nvidia gave $2 billion to xAI. xAI borrowed $12.5 billion to buy Nvidia chips.
Microsoft gave OpenAI $13 billion.
OpenAI committed $50 billion to buy Microsoft cloud.
Microsoft ordered $100 billion in Nvidia chips for that cloud.
Oracle gave OpenAI $300 billion in cloud credits.
OpenAI ordered Nvidia chips for Oracle data centers.
The same dollars circle through different companies and get counted as revenue multiple times.
Nvidia books sales, but nobody actually pays.
The bills age.
The inventory piles up.
The cash never comes.
AI company CEOs admitted it themselves last week. Airbnb’s CEO called it vibe revenue. OpenAI burns $9.3 billion per year but makes $3.7 billion. That’s a $5.6 billion annual loss. The $157 billion valuation requires $3.1 trillion in future profits that MIT research shows 95% of AI projects will never generate.
Peter Thiel sold $100 million in Nvidia on November 9. SoftBank dumped $5.8 billion on November 11. Michael Burry bought put options betting Nvidia crashes to $140 by March 2026.
Bitcoin, which tracks AI speculation, dropped from $126,000 in October to $89,567 today. That’s a 29% crash. AI startups hold $26.8 billion in Bitcoin as collateral for loans. When Nvidia falls another 40%, those loans default, forcing $23 billion in Bitcoin sales, crashing crypto to $52,000.
The timeline is now certain. February 2026, Nvidia reports fourth quarter and reveals how many bills aged past 60 days. March 2026, credit agencies downgrade. April 2026, the first restatement. The fraud that took 18 months to build unwinds in 90 days.
Fair value for Nvidia: $71 per share. Current price: $186. The math is simple.
This is the fastest moving financial fraud in history because algorithms detected it in real time. Human investors are 90 days behind.
None of the AI stocks supported by the fundamentals! That is making money! Not only not making money, losing billions every week! We don’t expect AI to make money at least 5-10 years down the road and 90% of the AI companies will go bankrupt! It shall be worst than the year 2000 internet dot com bubble! Or the 2008 world financial crisis! I personally witnessing dozens of my clients went bankrupt and at least 1/2 ends up in divorce! Stock market has becoming a casino for all.
I remembered in 1973 when my mom blindly invested in HK stock market and all those new IPOs, and I overheard she said “連街市賣菜婆買股票都賺錢，我為什麼不買”, my god! our family ends up losing almost everything when the stock market in HK crashed by 90% in weeks in 1973. Luckily my father made good money in the law firm, otherwise we would be sleeping in the street!
The AI companies in order to make it look good, they are cooking the books!
Today US is in such a terrible shape is like a pretty woman or handsome man when you looked them from afar! So beautiful or handsome! But when you get close to them and worst if they takeoff their makeup to go to bed with you! My God…need I say more…use your imagination to aim for the worst…or the worst nightmare!
對於那些正在大力投資比特幣或加密貨幣的人們，請務必閱讀至文末。
突發新聞：6100億美元的人工智慧龐氏騙局剛剛崩盤
東部時間昨晚4點，發生了前所未有的事件。輝達財報公布後股價上漲5%，卻在18小時內暴跌至負增長。華爾街算法察覺了人類未能發現的真相：這些數字根本對不上。
以下是他們發現的內幕。
輝達財報顯示有334億美元應收帳款逾期未付，一年內激增89%。購買晶片的客戶尚未付款，平均付款等待期從46天延長至53天。這多出的七天意味著104億美元可能永遠無法收回。
與此同時，輝達堆積了198億美元的未售出晶片存貨，三個月內增長32%。但管理層卻聲稱需求火爆且供應緊張。這兩種說法不可能同時成立：要么客戶無意購買，要么他們在無現金的情況下採購。
現金流揭露了真相。輝達實際產生145億美元現金流，卻申報193億美元利潤，兩者差距達48億美元。健康的晶片公司如台積電和超微，能將95%以上利潤轉化為現金，而輝達的轉化率僅75%，這已達到危機水平。
更駭人聽聞的還在後面。
輝達向xAI注資20億美元。xAI卻借款125億美元購買輝達晶片。
微軟向OpenAI投資130億美元。
OpenAI承諾投入500億美元購買微軟雲服務。
微軟為此向輝達訂購1000億美元晶片。
甲骨文向OpenAI提供3000億美元雲服務額度。
OpenAI又向甲骨文數據中心採購輝達晶片。
同一筆資金在不同企業間循環流轉，被重複計算為營收。
輝達帳面上記錄銷售額，但始終無人實際付款。
帳款持續逾期。
庫存不斷堆積。
現金永不入帳。
上週AI公司執行長們親口承認真相。Airbnb執行長稱之為「氛圍營收」。OpenAI每年燒掉93億美元，僅創造37億美元收入，等於每年虧損56億美元。要支撐1570億美元估值，需要未來產生31兆美元利潤，但麻省理工學院研究顯示95%的AI項目永遠無法盈利。
彼得·提爾於11月9日拋售1億美元輝達股票。軟銀於11月11日狂拋58億美元。麥可·貝瑞購入看跌期權，賭輝達股價在2026年3月前將崩跌至140美元。
與AI投機聯動的比特幣，已從10月的126,000美元暴跌至今日的89,567美元，跌幅達29%。AI新創公司持有268億美元比特幣作為貸款抵押，當輝達再跌40%時，這些貸款將違約，迫使230億美元比特幣拋售，導致加密貨幣崩盤至52,000美元。
時間軸已然明朗：2026年2月，輝達公布第四季財報，揭露逾期60天以上的帳款規模；2026年3月，信評機構調降評等；2026年4月，首次財報重述。這場耗時18個月構建的騙局，將在90天內徹底瓦解。
輝達合理股價：每股71美元。當前股價：186美元。這道算題很簡單。
這是史上蔓延最迅速的金融詐騙，因為算法已即時識破破綻。人類投資者卻落后了90天。
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