{ "docId": "019dd923-622c-750b-8b97-c70a08dfb863", "docSlug": "6ec969232525", "documentTitle": "NVIDIA Corporation (NVDA)", "authorId": "52_Citron_Research", "authorName": "Citron Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2018-08-21 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 3, "pageCount": 7, "prevPage": 2, "nextPage": 4, "slideType": "research-note", "function": "expose_contradiction", "density": "dense", "nDataPoints": 4, "notes": "The slide uses a 'villain critique' approach to challenge NVIDIA's stock performance and management credibility.", "elementsJson": [ "paragraph", "screenshot", "numbered_list" ], "metadataConfidence": 0.95, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b97-c70a08dfb863/3", "deckHref": "/decks/019dd923-622c-750b-8b97-c70a08dfb863", "deckJsonHref": "/decks/019dd923-622c-750b-8b97-c70a08dfb863.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-c70a08dfb863#slide-3", "components": [ { "bbox": null, "kind": "callout", "text": "While NVDA’s Jensen Huang, is a visionary, he is no short of hype: in its life span, NVDA has dropped 85% from its highs two times!", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-0f19-73dd-8eb4-9ffbc623ca48", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.64, "x": 0.18, "y": 0.2 }, "kind": "image", "text": "ebay -> Google Cloud", "attrs": null, "subkind": "infographic", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ab84fd9c-31cd-4c7c-80cd-aea316914948", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.15, "y": 0.54 }, "kind": "list", "text": "4. Graphcore!!: if you don’t know it and you own NVDA, it is time to read this: https://tinyurl.com/yahdhl6n", "attrs": null, "subkind": "numbered", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e8135a30-a901-4ecc-88c0-b08fba94d354", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.15, "y": 0.82 }, "kind": "list", "text": "6. Management changing the narrative: Jensen has promoted the crypto boom as a key driver of NVDA business over the last year but his optimism has quickly reversed", "attrs": null, "subkind": "numbered", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f2ba6df5-215d-4e4c-94a8-76802bf7c367", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.15, "y": 0.69 }, "kind": "list", "text": "5. While NVDA’s Jensen Huang, is a visionary, he is no short of hype: in its life span, NVDA has dropped 85% from its highs two times!", "attrs": null, "subkind": "numbered", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "fd8f918a-8abe-46c1-a663-d0a8280719c8", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.15, "y": 0.09 }, "kind": "paragraph", "text": "that using Google’s TPU was significantly faster than using their in-house systems, and it also allowed EBAY to avoid large upfront capex. EBAY Case Study: (Source).", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "82860701-0adf-4d6b-b16e-860c0575b520", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.7, "x": 0.15, "y": 0.26 }, "kind": "paragraph", "text": "We decided to evaluate Google Cloud Platform... Our results are very promising: an important ML task that took more than 40 days to run on our in-house systems completed in just four days on a fraction of a TPUv2 Pod, a 10X reduction in training time.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d27bf140-4f23-4410-b067-b25ebc9ce2d4", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "Our results are very promising: an important ML task that took more than 40 days to run on our in-house systems completed in just four days on a fraction of a TPUv2 Pod, a 10X reduction in training time. This is a game changer—the dramatic increase in training speed not only allows us to iterate faster but also allows us to avoid large up-front capital expenditures. — eBay (via Google Cloud)", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-0f19-73dd-8eb4-a2ea972c321a", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "villain-critique", "slug": null, "matchId": "dd2644d1-1fb3-4e2a-9cd3-31f98c11f192", "evidence": "Critique of Jensen Huang and NVDA management narrative", "confidence": 0.9 } ], "arcBeats": [ { "to": 3, "from": 2, "beatId": "9787d2c3-9bc0-489e-8603-858e1111f537", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "The Monster", "beatSlug": "overcoming-monster-the-monster", "evidence": "The document presents the challenges faced by Nvidia", "position": 0, "confidence": 0.8, "parentBeatName": "Hook", "parentBeatSlug": "hook" } ], "loops": [ { "to": 7, "from": 2, "name": "Cost Of Inaction", "slug": "27-cost-of-inaction", "bestFor": "Urgent budget requests, compliance, risk mitigation", "matchId": "5ed9f801-30fd-400a-916f-de85f5dd5a73", "evidence": "The document presents a clear call to action", "position": 0, "objective": "Highlighting the risks of not investing in Nvidia", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "confidence": 0.7, "description": "Quantify what happens if the audience does nothing" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }