u/afcapel · 83d agono track record yet
Circular financing is already a tell of softer Nvidia demand
Nvidia's aggressive financing of its customers—guaranteeing OpenAI's data-center deals, leasing data centers itself, and holding ~$42B in private stakes—signals demand is softening, not unlimited. Revenue is dangerously concentrated (54-70% from three hyperscalers and OpenAI), and every major customer is building custom silicon to exit Nvidia dependence, mirroring the Cisco lending playbook before the dot-com collapse.
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