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$NVDA MIGHT BE USING A FUNDING LOOP THAT PAYS FOR ITS OWN CHIP SALES $NVDA just unveiled a new round of $AI deals worth more than $750 billion combined. The largest single deal: a $500 billion+ partnership with $SKHYNIX 's parent company to build over 2 gigawatts of $AI data centers in Korea, enough power for 1.5 million homes. $NVDA is also in talks to guarantee up to $250 billion of $OPENAI 's lease payments on a massive data center project in Ohio, and to directly finance another $350 billion of $OPENAI 's chip purchases from Nvidia itself. Here's how it becomes the loop: $NVDA sells the chips. Then $NVDA helps finance the same companies buying those chips. The company profits either way, whether or not $AI demand actually shows up. This matters directly for $NVDA's own earnings. Every chip sale gets booked immediately as revenue the moment it's sold, even when $NVDA itself is the one funding the buyer's purchase. That means $NVDA's revenue and profit numbers can look strong quarter after quarter, without the market ever knowing how much of that demand Nvidia had to pay for itself. $NVDA isn't alone in this. $GOOGL agreed to backstop lease payments for $ANTHROPIC at five data centers, functioning as a $35 billion loan. $SOFTBANK has already committed nearly $65 billion into $OPENAI and taken out a $40 billion bridge loan just to fund that one investment. Jensen Huang has pushed back directly, calling the "circular" label "ridiculous," and noting these deals are still a small share of what these companies ultimately raise elsewhere. If $AI demand ever falls short, the chipmaker, the buyer, and the lender all lose money at the same time, because they're all standing on the same foundation. Michael Burry raised a similar alarm recently about a separate $NVDA deal tied to Elon Musk's xAI, alleging billions in chips are hidden off balance sheets, with American retirees unknowingly funding the risk through insurance products.