Nvidia's off-balance sheet guarantees to support its customers' data center rental fees and GPU demand have surpassed $500 billion. As Nvidia sells chips, invests in customers, and guarantees their debts, concerns are growing that the risks associated with AI infrastructure finance are becoming concentrated within a single company.
According to semiconductor analysis firm Semianalysis, Nvidia's total off-balance sheet guarantees were estimated at $530 billion as of the second quarter of the 2027 fiscal year, which ended on July 26, 2026. This figure includes $108.5 billion in guarantees for an Ohio data center, $36 billion in AI cloud contracts, and $5.5 billion in residual value guarantees with financial partners.
Nvidia has also become a shareholder in its customers, holding about 7% of CoreWeave and investing in major AI companies such as OpenAI, Nebulous, and Enscale. As of the end of July, Nvidia's holdings in private stocks were valued at $51.2 billion, with an additional $25 billion committed for future investments.
To ensure that customers do not leave their GPUs idle, Nvidia guarantees demand. In July 2025, it signed a $6.3 billion contract with CoreWeave to purchase any cloud capacity that CoreWeave cannot sell by 2032. This July, Nvidia introduced a 'backstop' program to lend excess capacity at a set price if NeoCloud's GPU utilization falls short. With Nvidia supporting demand, financial institutions find it easier to lend to NeoCloud, which has weaker credit.
Nvidia has also stepped in to guarantee debts. On August 17, it announced that it would provide up to $105 billion in guarantees for an OpenAI data center being built in Ohio by SB Energy. If OpenAI fails to pay rent, Nvidia will cover the losses. In the same month, Nvidia revealed plans to collaborate with six firms, including Apollo, BlackRock, and Blackstone, to develop a computing finance platform exceeding $500 billion, with Nvidia potentially guaranteeing up to a quarter of that amount.
The issue is that the money circulates back to Nvidia. Companies that Nvidia invests in or guarantees use that funding and credit to purchase Nvidia GPUs. Market research firm IDC pointed out that in this structure, revenue growth is not clearly separated from the capital contributions of the invested companies.
In the semiconductor analysis industry, Nvidia is being viewed as effectively acting as the 'central bank' of the AI industry. Nvidia's credit fills the gap for NeoCloud, which struggles to borrow money on its own. Semianalysis warned that if a steep downturn occurs, it could exceed Nvidia's capacity to manage its off-balance sheet obligations.
Currently, Nvidia's financial health remains robust. For the quarter ending July 26, it reported revenues of $96.2 billion and a net profit of $59.7 billion. However, Nvidia issued $25 billion in senior bonds in June, and as of the end of July, its cash and securities totaled approximately $56.6 billion, just one-tenth of the estimated total guarantees.
Nvidia's quarterly report indicated that a single direct customer accounts for up to 16% of its revenue, highlighting its reliance on a small number of clients. While most guarantees are conditional and unlikely to materialize all at once, concerns are rising that a decline in GPU prices and customer defaults could spread financial burdens from the leading AI chipmaker throughout the supply chain.
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.