And as I covered in the first part of the Hater’s Guide To NVIDIA last year, there are material concerns about how the company makes money today and will continue to do so in the future. These deeply-unprofitable, cash-intensive, debt-riddled companies exist for one purpose — to raise debt to buy NVIDIA GPUs — and would have fallen apart without the AI hype cycle and NVIDIA’s continued backing. Customers are not coming to it for any particular technological moat or unique offering outside of its ability to sling more NVIDIA GPUs to the same customers that everybody else has. That’s because NVIDIA is no longer a technology company so much as it is an asset management and marketing firm that happens to sell semiconductors. This is Part 2 of The Hater’s Guide To NVIDIA, or WUDA CUDA SHUDA