Ming-Chi Kuo, a prominent tech analyst, has weighed in on the recent financial results of NVIDIA Corporation (NASDAQ:NVDA) and debunked myths of “fraud” surrounding its metrics.

Kuo Dismisses Criticism Over DSO, Inventory Levels

Kuo took to X on Monday and dismissed the notion that the company’s Days Sales Outstanding (DSO) and inventory levels were abnormal. He argued that the figures reported by NVIDIA are in line with standard financial practices and the industry’s structure, and are not indicative of fraud.

“It is entirely reasonable for DSO to rise as receivables become more concentrated in a handful of large customers. This reflects the bargaining power of key accounts,” wrote Kuo.

After Nvidia reported its Q3 FY26 results, there was a view that its Days Sales Outstanding (DSO) and inventory levels were abnormal and potentially indicative of fraud. In my view, the reported figures are, in fact, consistent with basic financial common sense and the underlying…

— 郭明錤 (Ming-Chi Kuo) (@mingchikuo) November 24, 2025

As per the analyst, critics also misjudged Nvidia's performance by comparing its DSO to the wrong peer group. When measured against suppliers that sell to the same cloud service providers, which commonly have DSOs above 60–70 ...