{
  "generatedAt": "2026-10-22T18:36:31Z",
  "disclaimer": "Analysis and opinion, not investment advice.",
  "kind": "person",
  "slug": "ed-zitron",
  "name": "Ed Zitron",
  "role": null,
  "url": "https://deepstack.ltd/people/ed-zitron/",
  "api": "https://deepstack.ltd/api/v1/entities/people/ed-zitron.json",
  "summary": "Ed Zitron is named in 5 Parts of The Buildout, most recently Part 16: The Seller Holds the Paper. Argued in Part 8 (A closed loop).",
  "parts": [
    {
      "part": 6,
      "headline": "Power Doesn’t Depreciate. Its Premium Moves.",
      "url": "https://deepstack.ltd/stories/power-doesnt-depreciate/"
    },
    {
      "part": 8,
      "headline": "AI Lenders Are Financing the End of Scarcity",
      "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/"
    },
    {
      "part": 10,
      "headline": "The Bubble Is in the Denominator",
      "url": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/"
    },
    {
      "part": 11,
      "headline": "The Backlog Is Not the Quarter",
      "url": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/"
    },
    {
      "part": 16,
      "headline": "The Seller Holds the Paper",
      "url": "https://deepstack.ltd/stories/the-seller-holds-the-paper/"
    }
  ],
  "numbers": [],
  "mentions": [
    {
      "part": 6,
      "section": "Scarcity has three faces",
      "excerpt": "Steve Eisman, in a conversation with Ed Zitron, draws the darker inference: data centers are harder and costlier to build than planned, gigawatt projects are late, and every month of slippage gives customers who already lose money more time to stumble.",
      "url": "https://deepstack.ltd/stories/power-doesnt-depreciate/"
    },
    {
      "part": 8,
      "section": "Cash, or a loop",
      "excerpt": "Ed Zitron said Alphabet, Amazon, Meta and Microsoft have together spent over $1 trillion on Nvidia GPUs, mostly to win the business of OpenAI and Anthropic, two companies they also help fund and that both lose heavily.",
      "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/"
    },
    {
      "part": 10,
      "section": "Who writes the checks",
      "excerpt": "Against that growth sits the loss-making base of the chain: Steve Eisman, in an episode with Ed Zitron, cited OpenAI’s $20.9 billion loss in 2025 on $13.07 billion of revenue.",
      "url": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/"
    },
    {
      "part": 11,
      "section": "The margin the book does not show",
      "excerpt": "Eisman, in a September 9 episode with Ed Zitron, notes that Nvidia stretched payment terms for investment-grade customers to a full year from 90 days, adding 14 days to days sales outstanding, and on September 14 adds that five customers made up 70% of Nvidia's accounts receivable, some of them, OpenAI among them, not in especially healthy condition.",
      "url": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/"
    },
    {
      "part": 16,
      "section": "The financed share",
      "excerpt": "Ed Zitron, Steve Eisman's guest on The Real Eisman Playbook on September 9, said Nvidia had extended payment terms for investment-grade customers from 90 days to a full year and tied that to 14 more days outstanding.",
      "url": "https://deepstack.ltd/stories/the-seller-holds-the-paper/"
    }
  ],
  "sides": [
    {
      "part": 8,
      "question": "cash-or-loop",
      "side": "closed-loop",
      "sideLabel": "A closed loop",
      "claim": "Over $1T of GPUs bought to win two unprofitable labs, the source of about 70% of hyperscaler AI revenue.",
      "date": null,
      "url": null,
      "linkVerified": false,
      "storyUrl": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/",
      "sidesUrl": "https://deepstack.ltd/sides/the-scarcity-is-the-collateral/"
    }
  ],
  "coverage": {
    "creators": 4,
    "claims": 0,
    "texts": 0,
    "asOf": "2026-10-22"
  },
  "lastUpdated": "2026-10-22"
}