David Sacks said the main threat to Nvidia's effort to turn GPUs into financeable, yield-generating assets is not weak demand for AI computing power but a glut of supply. Speaking on the "All In Podcast," Sacks compared a potential "dark GPU" outcome to the early-2000s "dark fiber" collapse, warning that heavy buildout could leave compute infrastructure underused and undermine investors banking on spot prices of $30 to $50 per watt. He also argued that opposition to data center construction may function as a brake on overbuilding. Sacks described Nvidia's financing push as a response to a widening capital expenditure gap among downstream buyers that cannot be filled by equity and debt alone. He cited Elon Musk's plan to add roughly 6 to 8 gigawatts of compute next year, which he said would require $300 billion to $400 billion in capex, even after Musk's company raised $100 billion through equity and debt. In Sacks's telling, Jensen Huang is working with large banks and private equity firms to extend credit backed by GPUs, with Nvidia supporting residual values so the hardware can be treated more like a financeable asset. The article says investors are increasingly focused on the risks embedded in that model, including Nvidia's reported residual value support of up to 25% of project size in some deals, a cut in its OpenAI guarantee from $250 billion to no more than $120 billion, and Nvidia's 122.8 million Class A shares in SpaceX, a stake said to carry about 70% unrealized gains. Market participants cited in the report see growing concern that rapid depreciation, shifting model demand and interlinked customer relationships could expose Nvidia to both weaker sales and guarantee payouts if compute demand fails to keep pace with infrastructure expansion.