🔥Nvidia is negotiating to provide a guarantee ~$250B so that OpenAI can lease a 10 GW data center complex in Ohio developed by SB Energy. Total project size >$500B. A chip procurement financing package of up to $350B.


The need for a guarantee is because OpenAI does not have an investment-grade rating, so the debt market has refused to lend directly.
The scale of the loan $250B is equivalent to Nvidia’s total assets ($259.5B, end of Q4/2026). Nvidia’s CDS has surged to a record high.
AI capex is shifting from equity to debt. In the downside scenario, the valuation drawdown risk has changed into a credit event.
NVDA-5.04%
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