Related reading: the depreciation clock CoreWeave’s bulls aren’t running, IREN’s 3.31 per cent all-in GPU financing, and why Oracle is not MBIA.
Read the August 10 press release and count the guarantees. There are none. Nvidia commits to “work with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR to create dedicated pools of capital at significant scale at attractive rates for NVIDIA customers.” The target is over US$500 billion of third-party capital, mobilized “over time.” The partners build and underwrite the platforms; Nvidia is not putting up the money. The last line of the release is the one that matters: “These partnerships remain subject to execution of the final agreements.” The words residual value do not appear. Neither does backstop.
