# chip earnings — X 热门讨论 (2026-09-26 16:50 UTC)
## @KyleReidhead (Kyle Reidhead | Milk Road) · 09-26 13:30 · ♥34 ↻6 💬2 Michael Burry is so COOKED
His whole bear case is that NVIDIA GPUs are worthless after 3 years and hyperscalers are "faking" earnings by depreciating them over 6
The data is showing the exact opposite. NVIDIA GPU rental prices are up 30-58% this year
Doesn't matter what version of NVIDIA GPU you own, they're ALL heading higher
The one that should really scare Burry is the H100. It's roughly 3 years old, two generations behind the newest chips, and it's renting for ~40% MORE today than it did in January. That's the chip that was supposed to be waste by now
And here's the other important part to understand: Blackwell rolled out in size this year. If newer chips made older ones obsolete, H100 prices should've collapsed when B200s and B300s hit the market. Instead they went up
Think about what that does for whoever owns these chips. The GPU was already paid for yet the rental rate keeps climbing. It's pure margin expansion and the GPU rental business is becoming a better business every day!
This is VERY bullish for the neoclouds and hyperscalers who own the bulk of these GPUs
If you want to see how I'm playing the neocloud and AI infra trade, you can track my real-time portfolio here: https://t.co/NyRpAKYOwu
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