On November 20, 2025, trading algorithms identified what may become the largest accounting fraud in technology history—not in months or years, but in 18 hours.
Per the article: stock price fell modestly, and the SEC seems to have taken an interest, although they haven’t formally announced an investigation at this time.
The headline calling it “fraud” is a bit hyperbolic. There’s no evidence that Nvidia has actually done something illegal at this point, but several key metrics in their latest financial filings have drifted far enough from the “normal” range to be raising suspicion. All of it could be explained legally, but the evidence taken together paints a picture that’s beginning to look a lot like the predicted consequences of all the “circular financing” deals that people have been talking about for the last few months.
The article says that additional filings expected in February should clarify what’s really happening.
Per the article: stock price fell modestly, and the SEC seems to have taken an interest, although they haven’t formally announced an investigation at this time.
The headline calling it “fraud” is a bit hyperbolic. There’s no evidence that Nvidia has actually done something illegal at this point, but several key metrics in their latest financial filings have drifted far enough from the “normal” range to be raising suspicion. All of it could be explained legally, but the evidence taken together paints a picture that’s beginning to look a lot like the predicted consequences of all the “circular financing” deals that people have been talking about for the last few months.
The article says that additional filings expected in February should clarify what’s really happening.