The world's most valuable company has rejected claims that it is like historical fraudsters Enron, Lucent, and WorldCom.

Nvidia sent a note to analysts, first reported by Barron’s, where it refuted specific claims about financial arrangements and share-buyback schemes.

The rebuttal comes after a Substack post from the CEO of a pet relocation company went viral. Author Shanaka Anslem Perera alleged that Nvidia “may become the largest accounting fraud in technology history."

Those claims were not substantiated.

At the same time, short-seller Michael Burry – best known for The Big Short – said that he was shorting Nvidia. Burry said that the company's accounting of stock-based compensation was inaccurate and that the market was in a bubble.

Both comments come amid broader concerns of an AI bubble, with tech stocks dropping in past weeks.

This past week, Nvidia posted record earnings, up 62 percent year-on-year to $57 billion this quarter. Despite the sales surge, shares in the company fell.

“If we delivered a bad quarter, it’s evidence there’s an AI bubble – if we deliver a great quarter, we’re fueling the bubble," CEO Jensen Huang said in a town hall following the results.

In the same meeting, he said that "the only thing standing between America and recession is us."

In its memo to financial analysts, Nvidia said that Burry incorrectly added taxes on restricted stock units to get his numbers (Burry has since said he stands by his calculations).

It also said that its Days Sales Outstanding of 52 was consistent with its long-term averages, and that its growing inventory was not an indication of weak demand.

As for the specific allusions to Enron, WorldCom, and Lucent, the company said that "Nvidia does not resemble historical accounting frauds because Nvidia's underlying business is economically sound, our reporting is complete and transparent, and we care about our reputation for integrity.

"Unlike Enron, Nvidia does not use Special Purpose Entities to hide debt and inflate revenue."

As for WorldCom, Nvidia said that the company "overstated earnings by capitalizing operating expenses as capital expenditures. We are not aware of any claims that Nvidia has improperly capitalized operating expenses.

"Third, unlike Lucent, Nvidia does not rely on vendor financing arrangements to grow revenue."