PUTS on NVDA
If NVDA were really the $100B‑a‑quarter, 75%‑margin deity the headlines worship, it wouldn’t be speed‑running debt from $7.5B to $32.4B, handing out 12‑month no payment holidays to subprime chip buyers, watching AR jump 64% and inventory 47%, or juicing earnings with $23.7B of non‑cash marks. The 10‑Q isn’t ‘doom.’ It’s just the part where the balance sheet stops pretending there is perfection