NVIDIA partners with six giants to bet $500 billion on AI, but the capital market is not convinced.

On August 10 local time, NVIDIA announced that it had signed a memorandum of understanding with Apollo Global Management, Blackstone Group, BlackRock, Bowery Farming, Goldman Sachs, and KKR to establish a computing power financing platform, aiming to deploy more than $500 billion in third-party capital for AI infrastructure development in the long term. However, this significant news did not surprise the market; instead, it seemed to have startled it. Following the announcement, NVIDIA's stock price briefly fell over 3% during the day, ultimately closing down 2.86%; the next day, NVIDIA's stock price fell slightly by 0.02%, stabilizing overall. This may be related to NVIDIA's "redefinition" of GPU asset attributes. Traditionally, GPUs are viewed as hardware that depreciates rapidly, while NVIDIA is attempting to redefine the asset attributes of GPUs. A report from Bloomberg on August 11 noted that NVIDIA had signed deals worth hundreds of billions of dollars with companies within the AI ecosystem, leading some investors to worry that such agreements could have a circular trading nature, whereby NVIDIA might inflate demand and valuations across the entire industry. Since late May, the cost of default insurance for NVIDIA's debt has nearly doubled, reflecting a growing concern in the market about the potential credit risks associated with NVIDIA's massive financing model.