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Nvidia's $500 Billion Deal and the Circular Funding Debate
The big story is Nvidia and Wall Street firms like Blackstone, BlackRock, Brookfield, Goldman Sachs and KKR striking an AI financing deal targeting $500 billion to fund Nvidia's customers, from the neoclouds to whoever Jensen Huang sees an opportunity in, rather than putting it on Nvidia's own balance sheet.
Nvidia is my largest position and I get into both sides. The bull case is that this locks in long term contracts and keeps customers trained on CUDA, which is the real switching cost, and if you believe AI has a coming ROI, the circular funding bear case dies. The bear case is that Nvidia…
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