Fantastic initiative by @nvidia. “Circular financing” is thrown around as a pseudo intellectual gotcha, while everyone in the AI infrastructure business is witnessing demand curves that are so rapidly outpacing supply that price escalations and demand destruction are now accepted as default strategies for what is arguably the most productive and promising technology of our time. So far it has required hyperscalers to underwrite AI infrastructure at scale, but demand is larger than what hyperscaler balance sheets can securitize. It also skews the market to a small number of providers, gives them unbounded pricing leverage and defaults to their specific product strategies. With NVIDIA’s underwriting program, non-investment grade innovative startups and enterprises will be able to participate in building tomorrow’s AI infrastructure. This will result in better and more diverse products, faster AI transformation of the American industry, and a healthier and less concentrated AI infrastructure ecosystem.