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Nvidia’s AI exposure now reaches beyond selling GPUs. Its roughly $21B SpaceX stake, likely converted from an earlier xAI investment, preserves equity upside, while reports that its proposed initial guarantee for OpenAI’s Ohio data center fell from about $250B to below $120B suggest tighter control of credit risk. That combination looks strategically disciplined: use capital to reinforce the compute ecosystem, but reduce the balance-sheet burden where commitments become concentrated. The harder question is whether this model creates durable investment returns or makes chip demand increasingly dependent on vendor-backed financing. Not advice, just analysis. #NvidiaAICapitalChain