The latest

The proposed partnership would bring Nvidia together with Apollo Global, Blackstone, BlackRock, Brookfield Asset Management, Goldman Sachs and KKR to finance chips, power generation and data centres, according to six people briefed on the discussions. They said an announcement could come as soon as Monday. Nvidia shares fell about 1.4% after the Financial Times reported the arrangement, erasing more than $70bn in market value. Nvidia and the six financial groups did not immediately respond to requests for comment.

Details

• Funding scope: The package would support the assembly of computing chips, electricity supply and data centres for the AI expansion. Nvidia has increasingly helped raise capital for its own projects and for customers buying its hardware, adding a financing role to its position as a supplier of chips, infrastructure and software.
• Circular exposure: The chipmaker sometimes provides financial backing that helps AI partners issue debt, potentially supporting purchases that feed Nvidia’s revenue. Such transactions have prompted concern about concentrated and circular risk when financing linked to a vendor enables customers to buy that vendor’s products.
• Ohio discussions: Separately, Nvidia was discussing a large guarantee for a 10-gigawatt Ohio data-centre project leased to OpenAI, one person familiar with the matter said. The report did not specify the guarantee’s value, terms or negotiating stage.
• Spending surge: Meta, Oracle, Microsoft, Alphabet and Amazon have sharply increased AI infrastructure expenditure. Morgan Stanley projects hyperscalers will spend $3.5tn from 2026 through 2028. Technology companies are seeking capital through public equity, investment-grade and high-yield bonds, securitised debt, private credit and project finance.
• Nvidia’s standing: Nvidia’s market capitalisation was reported at $5.25tn, 15 times its level at the end of 2022, shortly after ChatGPT’s release. Its GPUs underpin most leading US AI models, while demand for its newest hardware has exceeded supply. Chips make up most of the cost of new computing capacity.
• Private capital: Private investment groups are preparing to direct insurance, retail and institutional assets into AI infrastructure. Apollo president Jim Zelter said this month that more than $8tn was expected to be invested and described an opportunity for private capital alongside public markets. Apollo and Blackstone have previously structured infrastructure deals for companies including Anthropic.

Between the lines

The structure could align Nvidia’s sales growth with financiers seeking exposure to AI infrastructure, while also linking their risks. The reported scale explains why scrutiny extends beyond construction capacity to the guarantees, debt structures and customer demand supporting purchases, and the durability of the broader investment cycle.

What’s next

Monday is the earliest reported announcement date. Any formal disclosure will be watched for each participant’s commitment, the mix of debt, equity or guarantees, and whether Nvidia will provide direct capital or support.