Where Are Nvidia's GPUs?

Question

There's been a debate this weekend on fintwit about how the projection of Nvidia's shipped GPUs this year is way more than the power capacity and the speed of datacenter construction.Most people think of 2 possible explanations: a) Nvidia is lying (mostly fintwit), or b) China bought a significant chunk of Nvidia Blackwell GPUs, either black market or by some kind of proxy (mostly tech bros).OG post with analysis: https://xcancel.com/kakashiii111/status/1997642056156463411Even Michael Burry jumped into the discussion and requested pics of the warehouses holding the GPUs: "Calling for pics and proof of Nvidia GPUs being warehoused in mass quantities [...]" https://xcancel.com/michaeljburry/status/1997752436589818353GNX earlier documental on the Chinese black market for Nvidia GPUs (but mostly consumer RTX) https://www.youtube.com/watch?v=1H3xQaf7BFI (August 2025)

Hatrix · Accepted Answer

Microsoft CEO says the company doesn't have enough electricity to install all the AI GPUs in its inventory - 'you may actually have a bunch of chips sitting in inventory that I can&rsquo;t plug in'https://finance.yahoo.com/news/microsoft-ceo-says-company-do...

bigyabai · Answer

Rumor has it that much of the capacity is routed through to two "mystery customers" that regularly show up on the Nvidia balance book. One is probably NRO, the other is your pick of an alphabet soup agency.

kristjank · Answer

We might be dealing with a MiniScribe situation (bricks being shipped to warehouses to inflate inventory statistics). And if so, we'll need about 2 years till all of the new DCs catch up with getting hardware wheeled in. But by then, it will have to be considered obsolete...

verdverm · Answer

in hot water /s