Chip supplier. Infrastructure lender. Equity investor in its own customers. Nvidia is all three at once now, and this month the bill for holding all three hats hit $750B

> $250B backstopping OpenAI's Ohio lease.
> $500B entangled with SK Group on memory.
> $5B into SSI, a company with no product.
> $1B into Naver. A stake in Nebius. Chips flowing into Texas facilities it leases back to itself.
The loop Nvidia has essentially create is to fund the customer -> customer buys Nvidia chips -> Nvidia books the revenue -> Nvidia funds the next one. Supply and demand are collapsing onto the same balance sheet for them.
It's one company operating as vendor, lender, and investor across the entire AI stack at the same time.
The people who price default risk for a living noticed before the equity crowd did. A record 82bps on the 5-year CDS, the biggest single-day move since the contract started trading.
And the tension is mainly around the centralized model has gotten so capital-hungry that it now has to manufacture its own demand to keep scaling. You don't underwrite your own customers when compute is abundant and cheap. You do it when the only way to keep the flywheel turning is to become the lender of last resort for your entire market.
A huge share of the world's GPUs already sit underused because nobody's coordinating them into real supply and Nvidia's answer will finance more concentration instead.
The next cycle won't be won by whoever commits the most capital. It'll be won by whoever can put the idle capacity to work.