Emergency break-in episode: Nvidia Is Enron 2.0

Jack Gamble (0:00)

This is at least one order of magnitude larger than Enron and Madoff. Madoff was $65 billion, Enron was $75 billion. I mean, it was obvious. All of a sudden, this one city, more than 10Xs, their demand? No, it was obvious they were selling it to China. So Jensen Wong was, in my opinion, the arms dealer selling weapons to both sides. What's Nvidia's forward sales going to look like when nobody would touch anything datacenter related with a 10-foot pole? Because we find out there's $200 billion of dark GPUs, just like Ed Zitron, our friend, said.

Those earnings are going to collapse. So what is Nvidia without datacenter revenue? It's a gaming GPU company. It's worth, what, 30 bucks?

George Noble (0:43)

The key point is, all right, the circulatory system, the bank of AI, Nvidia, all right, they're now closed.

They're closed. And therefore, circulatory, the heart starts, stops pumping the blood, the whole thing dies. But I actually think it's going to happen to bring down the entire AI edifice, all of it, crash, all of it. Semiconductor stocks back to book value, down 80% from here. Neoclouds all out of business.

SPEAKER_3 (1:22)

Hey guys, welcome back to the show. Today we've got incredible, incredible show for you. We've got George Noble, we've got Mr. Nobody special Jack Gamble, and we are going to be discussing all of the crazy things that have been happening in the market over the last few days. Of course, today Jensen Wong of Nvidia resigned after incredible pressure from the board and the media from his two affairs.

Kind of not really that relevant really, the affairs, the fact that he was actually sleeping with a Chinese spy, probably the thing that actually was placing the pressure on him. So I mean, so much to unpack.

Jack, if we come to you first, because you've got all of the stats, I mean, you were telling people about these things happening two, maybe even three years ago. Give a real brief synopsis of sort of like what's happened in the last couple of days. Don't leave out any details and just try and bring as many people along for the ride as possible because the amount of stories that are out there right now is insane and people are just like pulling on so many different threads. Lay out the facts plot for us, please, sir.

Jack Gamble (2:31)

So, the story that ultimately sank him is not new. We have known for some time about Megaspeed, which is the company that Alice Huang, Jensen's Miss Chinese Spy Mistress runs. We've known about them for months now. They actually got blacklisted by the United States back in, I believe it was June of 2025 She was detained in Singapore on allegations of chip smuggling. They impounded her passport in Singapore. They told the United States, hey, we have this girl, do you want her?

And the United States, oddly enough, did nothing. We sat on it for over a year until in February, 2026 They basically said, we don't have anything to charge her with because the United States isn't helping us. They let her go. She's now back in Beijing, living the sweet life. So we've known about Megaspeed. We've known about them smuggling Nvidia GPUs for well over a year. It did get limited coverage, but still the Jim Cramer's of the world were still out there saying, there's no evidence of chip diversion. I mean, this analyst, Stacy Raskin, over at Bernstein was going on Steve Eisman's show saying, China's buying nothing or they're selling nothing in China. They gave up the market. That's not true. All right. China has been selling tens of billions of dollars of chips to the Chinese, seemingly every quarter. The estimates are as high as 22% of their revenue, which Nvidia's revenue was enormous. We're talking about massive 11-digit quantities of money that Nvidia has been making, illegally selling these chips to the Chinese.

I've been covering this. I've been making videos about this for well over two years now. There's a guy on Twitter, on X, his name is Kakashi, who has been way out in front of this. I mean, he was even months before I started covering it. This guy has been all over the fact that the second it became illegal to sell the GPUs to the Chinese, all of a sudden Nvidia started selling a ton of them to Singapore. It's a country, it's one city big.

There's no way they were using it. It was obvious where they were going, it was obvious what they were doing, but the press wouldn't touch it. The press actually said it was an unfounded conspiracy theory and ignored it.