Nvidia CEO Jensen Huang is defending the company’s GPUs as durable, fungible and highly rentable assets after H100 rental rates rose 22% month-over-month to $3.28 an hour as of September 8. Michael Burry, who runs Scion Asset Management and has maintained short positions in Nvidia, argues that artificial-intelligence infrastructure spending may be running ahead of returns. His criticism centers on what he calls circular financing, including Nvidia’s credit support for an OpenAI data-center project in Ohio. Nvidia’s second-quarter 10-Q says the credit guarantee is capped at $105 billion and backs a facility with a 4.25-gigawatt IT load. CFO Colette Kress says the arrangements are intended to secure necessary infrastructure, while Nvidia says its GPUs typically remain productive for four to six years. The debate builds on earlier concerns from Jim Chanos about depreciation schedules, with market participants watching rental rates and utilization for evidence of sustainable demand.