GPU chips are now functioning as financial assets with mortgage-backed security-like characteristics, but this parallel raises concerns about whether the residual-value assumptions are as sound as claimed.

"If older silicon keeps earning that long, the glut is far away. If real economic life is four years, it is not...Until then, Nvidia's actual exposure to the scenario Sacks described is something investors are taking on discretion."

"If the economics were unambiguous, no guarantee would be needed."

"That analogy is double-edged, though, because mortgage-backed securities also gave the world the crash of 2008...Michael Burry, of Big Short fame, argues that fast-depreciating chips make the residual-value assumptions shakier than they look."