EP35: The $500B AI Financing Stack: Underwrite Compute Before the Hype
Drew and Reese use Nvidia's proposed AI compute-financing platforms as an education-first case study in private-credit and infrastructure underwriting. The episode separates the headline amount from the financed unit, maps dependencies across equipment, power, site, network, customer, and operator, starts the cash clock, and writes a loss map. Core lesson: underwrite the cash-conversion chain, not the cultural importance of AI. Research: https://www.reuters.com/legal/transactional/private-credit-roundup-nvidias-half-trillion-chips-financing-plus-others-2026-08-14/…
The skinny
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