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NVIDIA's AI Financing Loop: The Financial Game of the Computing Power Empire Old Huang not only sells shovels but also opens a bank right at the gold mine entrance. On August 10, NVIDIA teamed up with BlackRock, Goldman Sachs, KKR, and four others to create an AI computing power financing platform, leveraging $500 billion in third-party capital. Wall Street provides the money, lending it to AI companies to build data centers, which in turn buy NVIDIA's cards. Old Huang even hinted at possibly offering up to 25% residual value support for some projects. Equity investments this year: OpenAI up to 100 billion, Anthropic 10 billion, Ilya's SSI 5 billion, with over 40 billion spent in the first four months. The logic is straightforward: invest in you → you buy cards → revenue returns → stock price rises → invest again. The supply chain is also being locked down, with $SNDK SanDisk and $SKHYNIX SK Hynix working on HBF flash memory to support NVIDIA’s setup, securing 8 long-term agreements guaranteeing at least $93.9 billion. After the spin-off, the stock surged over 60 times, and NVIDIA didn’t invest a cent but still controls the storage end. But this is called circular financing. Suppliers, shareholders, and guarantors are all the same; money circulates and turns into revenue. Bernstein compares it to Lucent, questioning whether the GPU’s annual residual value can be sustained. Major customers are also invested in, so how much demand is driven by money? Even Cuban is calling it dangerous. Locking in ten-year orders with Wall Street money, if AI generates real income by 2027, it’s a masterstroke; if not, it’s a ticking time bomb. Winning means ecosystem; losing means Ponzi. #英伟达深入AI资本链，协同与风险如何平衡