Nvidia’s effort to mobilize more than $500 billion for artificial-intelligence infrastructure has drawn warnings from DoubleLine Capital CEO Jeff Gundlach and investor Michael Burry, who compared the structures with late-cycle financial engineering and Enron-era debt concealment. Fundstrat’s Tom Lee rejected the comparison, saying off-balance-sheet commitments provide an incomplete picture of risk and can often be reduced before construction begins. The Wall Street Journal identified $1.2 trillion in leases that have not started and $1.9 trillion in chip purchase agreements across nine technology companies, for total AI commitments of $3 trillion—50 times Enron’s $60 billion bankruptcy in 2001. Nvidia’s financing partnerships with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR are intended to bring independent, long-term institutional capital into AI infrastructure rather than rely mainly on Nvidia’s balance sheet. Gundlach questioned whether rapidly evolving chips are suitable collateral for long-term debt, comparing the structure with 30-year asset-backed securities backed by "newly engineered bananas of unknown life." Nvidia CEO Jensen Huang has argued that its chips can remain economically useful for years through redeployment, multiple workloads and software updates. Nvidia may also provide residual-value support on up to 25% of individual opportunities, subject to final agreements; Ben Thompson said that support effectively acts as a hidden price cut by supporting resale values without lowering headline GPU prices. Burry called the financing pact a public-relations stunt and doubled his short position in Nvidia, while Huang said the arrangements reflect genuine demand. Lee and Dryden Pence offered a more favorable view, noting that major technology companies have high margins, that AI spending could exceed U.S. defense spending by 2027, and that the buildout already represents an estimated 2% to 2.5% of U.S. GDP. The investment case depends on whether AI productivity improves beyond the 30% of companies reporting gains so far; only 7% say their rollouts are complete.