Independent Researcher Flags $610B AI Ecosystem Liquidity Concerns Tied to Nvidia

Independent financial researcher Shanaka Anslem Perera published findings on November 21 alleging structural anomalies in Nvidia's financials and AI sector capital flows. Perera reported Nvidia's accounts receivable rose 89% year-over-year to $33.4B with payment cycles extending from 46 to 53 days, while inventory climbed 32% to $19.8B and cash conversion from $19.3B profit reached only $14.5B (75%, versus peer average 95%). He cited circular funding patterns involving xAI ($2B Nvidia investment, $12.5B debt to purchase chips), Microsoft ($13B into OpenAI, $50B Azure commitment, $100B Nvidia orders), and Oracle ($300B cloud credits to OpenAI for chip purchases). Perera noted recent exits by Peter Thiel ($100M sold November 9), SoftBank ($5.8B position cleared November 11), and Michael Burry (March 2026 $140 puts), warning potential forced liquidations could impact crypto markets if Nvidia declines further.