Last Friday, global markets plunged collectively, with both A-shares and crypto assets weakening. The trigger for this wave of sell-offs pointed to an unexpected name—Nvidia.

This chip giant, with a market cap exceeding $3 trillion, has recently come under market scrutiny for allegedly being caught in a “numbers game.” The doubts mainly focus on three aspects:

First is the authenticity of its revenue structure. Some analysts have discovered that Nvidia has large cross-purchase contracts with clients like Microsoft and OpenAI, but the actual cash flow is questionable. For example, in its latest financial report, accounts receivable accounted for as much as 58% of $57 billion in revenue—meaning a large portion of revenue is just on paper. Even more puzzling, OpenAI continues to purchase from Nvidia despite operating at a loss, and its funding sources rely on Nvidia’s own loan support.

Second is the contradiction in inventory data. Management has repeatedly emphasized that production capacity cannot meet demand, yet the financial report shows chip inventory has reached $19.8 billion, a quarter-over-quarter surge of 32%. This “crying shortage while stockpiling” operation raises doubts about how strong the real demand actually is.

The third warning signal comes from cash flow. Net profit of $19.3 billion corresponds to operating cash flow of only $14.5 billion; the conversion rate of 75% is far below the industry benchmark of 95%. This widening gap typically signals accumulating bad debt risk.

If these concerns are confirmed, the chain reaction could quickly transmit to the crypto market. According to incomplete statistics, global AI startups have already used over $26.8 billion in Bitcoin as collateral for financing, and these companies’ operations are highly dependent on Nvidia’s chip supply. Should Nvidia’s stock price fall another 40%, triggering margin calls, banks and lenders would be forced to sell off the BTC used as collateral, potentially pushing prices down to the $50,000 range.

Of course, these are still just market rumors and speculation. But regardless, this bout of volatility reminds us: when the AI bubble becomes deeply intertwined with crypto assets, seemingly unrelated tech stock black swans can also evolve into systemic risks for digital currencies. Stay vigilant, manage your positions, and always remember that risk control is the top priority.