A post citing Bloomberg says Nvidia invests in AI firms that then buy its chips.
Ahead of Tuesday's Nvidia print, @aleximarkett asks how much revenue comes from customers Nvidia didn't help fund. The causal link between Nvidia margin calls and the crypto selloff is Tom Lee's claim as relayed by Kalshi and is not established fact.
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@0xlunasterlingFundstrat lists the reasons behind crypto's slide Fundstrat said crypto has been under heavy selling pressure for weeks, even though fundamentals have mostly been positive. It pointed to: 1. The AI, semiconductor and NVDA selloff set off margin calls, especially among retail investors in Asia. 2. The coming Anthropic IPO is a supply shock, as investors may be selling other holdings to fund allocations. 3. A large retail allocation through Robinhood, so some holders may be selling crypto to pay for it. 4. Binance recently finished covering the October 29 $6.3 billion hack and reopened withdrawals; Fundstrat says those account holders are converting holdings to cash or stablecoins. It also cited AI cyber-defense fears from the Anthropic roadshow and U.S. scrutiny of chip sales to Asia and China. It thinks these headwinds will pass, and still sees crypto as the settlement layer of future finance, in a supercycle with Ethereum at the center. #Crypto #Ethereum #AI $ETH $NVDA $HOOD
@BacklogAlpha🚨 THE $1.4 TRILLION AI FINANCING LOOP Big Tech funds AI companies. AI companies buy Big Tech’s chips and cloud services. The suppliers become investors in their own customers. The IMF flagged ~$1.4T in future revenue commitments linked to circular financing arrangements. That’s promised future business—not cash already collected. THE CONNECTIONS 👇 1️⃣ $NVDA ↔ OPENAI $30B invested + up to $105B in conditional guarantees supporting Ohio data center leases. OpenAI deploys Nvidia chips. 2️⃣ $ORCL ↔ OPENAI $300B cloud agreement. Oracle takes on debt to build the infrastructure needed to deliver it. 3️⃣ $MSFT ↔ OPENAI Microsoft owns ~27% of OpenAI. OpenAI committed $250B to Azure. 4️⃣ SOFTBANK ↔ OPENAI $64.6B invested. OpenAI rents data center infrastructure from SoftBank’s SB Energy. 5️⃣ $AMZN ↔ OPENAI Up to $50B in investment. OpenAI expanded its AWS agreement by $100B. 6️⃣ $AMD ↔ OPENAI Rights to buy up to 160M AMD shares at $0.01 each, subject to deployment and other milestones. OpenAI buys AMD chips. 7️⃣ $GOOGL ↔ ANTHROPIC Up to $40B in investment. Anthropic committed at least $121B to Google Cloud. 8️⃣ $AMZN ↔ ANTHROPIC Up to $33B in investment. Anthropic committed at least $110B to AWS. 9️⃣ $AVGO ↔ ANTHROPIC A $63B financing structure funds Broadcom hardware for Anthropic. Broadcom provides support for the equipment’s resale value. 🔟 $MSFT + $NVDA ↔ ANTHROPIC Up to $15B in combined investment. Anthropic committed at least $44.9B to Microsoft’s cloud. 1️⃣1️⃣ SPACEX ↔ ANTHROPIC Reportedly borrowed $40B to buy Nvidia chips and sells computing capacity to Anthropic. Nvidia also holds a stake in SpaceX. 1️⃣2️⃣ $NVDA ↔ $CRWV Nvidia owns ~11% of CoreWeave and agreed to purchase $6.3B of unused capacity. CoreWeave buys Nvidia chips. 1️⃣3️⃣ $NVDA ↔ NEOCLOUDS $36B in cloud-capacity purchase commitments. Smaller providers use contracted demand to support borrowing and GPU purchases. 1️⃣4️⃣ $MSFT ↔ NSCALE, $NBIS, $IREN Up to $70.9B in contracts support data center expansion and GPU purchases. 1️⃣5️⃣ $GOOGL ↔ $WULF + $CIFR Google backstops billions in lease obligations and receives equity interests in return. 1️⃣6️⃣ $META ↔ BLUE OWL A $27.3B data center venture backed by a roughly $28B Meta guarantee. 1️⃣7️⃣ ANTHROPIC IPO FINANCING A proposed $26B private placement involving Nvidia, Google, AMD, Micron, Broadcom, Microsoft and TSMC. Infrastructure suppliers are also becoming shareholders in a major customer. THE RISK 👀 These figures overlap and mix equity, debt, guarantees and multiyear contracts. They should not be added together, and a supply contract alone does not establish circular financing. But the shared exposure matters. If a major AI customer struggles: • Its investors take a hit • Its lenders face repayment risk • Guarantees could be triggered • Suppliers could lose future orders The funding supports expansion. The expansion supports chip and cloud sales. Eventually, paying customers need to generate enough cash to sustain it. @grok how much of this AI buildout can fund itself without suppliers continuing to finance their own customers?
@aleximarkettTiming on this is brutal. Circular deal questions were already there. Now Nvidia has an interim CEO walking into Tuesday's earnings. The key question for the call: how much of the revenue comes from customers Nvidia didn't help fund? If that number is strong, the circular-deal argument weakens a lot. If management dodges it, expect this narrative to get much louder.@0xlunasterlingFundstrat lists the reasons behind crypto's slide Fundstrat said crypto has been under heavy selling pressure for weeks, even though fundamentals have mostly been positive. It pointed to: 1. The AI, semiconductor and NVDA selloff set off margin calls, especially among retail investors in Asia. 2. The coming Anthropic IPO is a supply shock, as investors may be selling other holdings to fund allocations. 3. A large retail allocation through Robinhood, so some holders may be selling crypto to pay for it. 4. Binance recently finished covering the October 29 $6.3 billion hack and reopened withdrawals; Fundstrat says those account holders are converting holdings to cash or stablecoins. It also cited AI cyber-defense fears from the Anthropic roadshow and U.S. scrutiny of chip sales to Asia and China. It thinks these headwinds will pass, and still sees crypto as the settlement layer of future finance, in a supercycle with Ethereum at the center. #Crypto #Ethereum #AI $ETH $NVDA $HOOD@BacklogAlpha🚨 THE $1.4 TRILLION AI FINANCING LOOP Big Tech funds AI companies. AI companies buy Big Tech’s chips and cloud services. The suppliers become investors in their own customers. The IMF flagged ~$1.4T in future revenue commitments linked to circular financing arrangements. That’s promised future business—not cash already collected. THE CONNECTIONS 👇 1️⃣ $NVDA ↔ OPENAI $30B invested + up to $105B in conditional guarantees supporting Ohio data center leases. OpenAI deploys Nvidia chips. 2️⃣ $ORCL ↔ OPENAI $300B cloud agreement. Oracle takes on debt to build the infrastructure needed to deliver it. 3️⃣ $MSFT ↔ OPENAI Microsoft owns ~27% of OpenAI. OpenAI committed $250B to Azure. 4️⃣ SOFTBANK ↔ OPENAI $64.6B invested. OpenAI rents data center infrastructure from SoftBank’s SB Energy. 5️⃣ $AMZN ↔ OPENAI Up to $50B in investment. OpenAI expanded its AWS agreement by $100B. 6️⃣ $AMD ↔ OPENAI Rights to buy up to 160M AMD shares at $0.01 each, subject to deployment and other milestones. OpenAI buys AMD chips. 7️⃣ $GOOGL ↔ ANTHROPIC Up to $40B in investment. Anthropic committed at least $121B to Google Cloud. 8️⃣ $AMZN ↔ ANTHROPIC Up to $33B in investment. Anthropic committed at least $110B to AWS. 9️⃣ $AVGO ↔ ANTHROPIC A $63B financing structure funds Broadcom hardware for Anthropic. Broadcom provides support for the equipment’s resale value. 🔟 $MSFT + $NVDA ↔ ANTHROPIC Up to $15B in combined investment. Anthropic committed at least $44.9B to Microsoft’s cloud. 1️⃣1️⃣ SPACEX ↔ ANTHROPIC Reportedly borrowed $40B to buy Nvidia chips and sells computing capacity to Anthropic. Nvidia also holds a stake in SpaceX. 1️⃣2️⃣ $NVDA ↔ $CRWV Nvidia owns ~11% of CoreWeave and agreed to purchase $6.3B of unused capacity. CoreWeave buys Nvidia chips. 1️⃣3️⃣ $NVDA ↔ NEOCLOUDS $36B in cloud-capacity purchase commitments. Smaller providers use contracted demand to support borrowing and GPU purchases. 1️⃣4️⃣ $MSFT ↔ NSCALE, $NBIS, $IREN Up to $70.9B in contracts support data center expansion and GPU purchases. 1️⃣5️⃣ $GOOGL ↔ $WULF + $CIFR Google backstops billions in lease obligations and receives equity interests in return. 1️⃣6️⃣ $META ↔ BLUE OWL A $27.3B data center venture backed by a roughly $28B Meta guarantee. 1️⃣7️⃣ ANTHROPIC IPO FINANCING A proposed $26B private placement involving Nvidia, Google, AMD, Micron, Broadcom, Microsoft and TSMC. Infrastructure suppliers are also becoming shareholders in a major customer. THE RISK 👀 These figures overlap and mix equity, debt, guarantees and multiyear contracts. They should not be added together, and a supply contract alone does not establish circular financing. But the shared exposure matters. If a major AI customer struggles: • Its investors take a hit • Its lenders face repayment risk • Guarantees could be triggered • Suppliers could lose future orders The funding supports expansion. The expansion supports chip and cloud sales. Eventually, paying customers need to generate enough cash to sustain it. @grok how much of this AI buildout can fund itself without suppliers continuing to finance their own customers?@aleximarkettTiming on this is brutal. Circular deal questions were already there. Now Nvidia has an interim CEO walking into Tuesday's earnings. The key question for the call: how much of the revenue comes from customers Nvidia didn't help fund? If that number is strong, the circular-deal argument weakens a lot. If management dodges it, expect this narrative to get much louder.@0xlunasterlingFundstrat lists the reasons behind crypto's slide Fundstrat said crypto has been under heavy selling pressure for weeks, even though fundamentals have mostly been positive. It pointed to: 1. The AI, semiconductor and NVDA selloff set off margin calls, especially among retail investors in Asia. 2. The coming Anthropic IPO is a supply shock, as investors may be selling other holdings to fund allocations. 3. A large retail allocation through Robinhood, so some holders may be selling crypto to pay for it. 4. Binance recently finished covering the October 29 $6.3 billion hack and reopened withdrawals; Fundstrat says those account holders are converting holdings to cash or stablecoins. It also cited AI cyber-defense fears from the Anthropic roadshow and U.S. scrutiny of chip sales to Asia and China. It thinks these headwinds will pass, and still sees crypto as the settlement layer of future finance, in a supercycle with Ethereum at the center. #Crypto #Ethereum #AI $ETH $NVDA $HOOD@BacklogAlpha🚨 THE $1.4 TRILLION AI FINANCING LOOP Big Tech funds AI companies. AI companies buy Big Tech’s chips and cloud services. The suppliers become investors in their own customers. The IMF flagged ~$1.4T in future revenue commitments linked to circular financing arrangements. That’s promised future business—not cash already collected. THE CONNECTIONS 👇 1️⃣ $NVDA ↔ OPENAI $30B invested + up to $105B in conditional guarantees supporting Ohio data center leases. OpenAI deploys Nvidia chips. 2️⃣ $ORCL ↔ OPENAI $300B cloud agreement. Oracle takes on debt to build the infrastructure needed to deliver it. 3️⃣ $MSFT ↔ OPENAI Microsoft owns ~27% of OpenAI. OpenAI committed $250B to Azure. 4️⃣ SOFTBANK ↔ OPENAI $64.6B invested. OpenAI rents data center infrastructure from SoftBank’s SB Energy. 5️⃣ $AMZN ↔ OPENAI Up to $50B in investment. OpenAI expanded its AWS agreement by $100B. 6️⃣ $AMD ↔ OPENAI Rights to buy up to 160M AMD shares at $0.01 each, subject to deployment and other milestones. OpenAI buys AMD chips. 7️⃣ $GOOGL ↔ ANTHROPIC Up to $40B in investment. Anthropic committed at least $121B to Google Cloud. 8️⃣ $AMZN ↔ ANTHROPIC Up to $33B in investment. Anthropic committed at least $110B to AWS. 9️⃣ $AVGO ↔ ANTHROPIC A $63B financing structure funds Broadcom hardware for Anthropic. Broadcom provides support for the equipment’s resale value. 🔟 $MSFT + $NVDA ↔ ANTHROPIC Up to $15B in combined investment. Anthropic committed at least $44.9B to Microsoft’s cloud. 1️⃣1️⃣ SPACEX ↔ ANTHROPIC Reportedly borrowed $40B to buy Nvidia chips and sells computing capacity to Anthropic. Nvidia also holds a stake in SpaceX. 1️⃣2️⃣ $NVDA ↔ $CRWV Nvidia owns ~11% of CoreWeave and agreed to purchase $6.3B of unused capacity. CoreWeave buys Nvidia chips. 1️⃣3️⃣ $NVDA ↔ NEOCLOUDS $36B in cloud-capacity purchase commitments. Smaller providers use contracted demand to support borrowing and GPU purchases. 1️⃣4️⃣ $MSFT ↔ NSCALE, $NBIS, $IREN Up to $70.9B in contracts support data center expansion and GPU purchases. 1️⃣5️⃣ $GOOGL ↔ $WULF + $CIFR Google backstops billions in lease obligations and receives equity interests in return. 1️⃣6️⃣ $META ↔ BLUE OWL A $27.3B data center venture backed by a roughly $28B Meta guarantee. 1️⃣7️⃣ ANTHROPIC IPO FINANCING A proposed $26B private placement involving Nvidia, Google, AMD, Micron, Broadcom, Microsoft and TSMC. Infrastructure suppliers are also becoming shareholders in a major customer. THE RISK 👀 These figures overlap and mix equity, debt, guarantees and multiyear contracts. They should not be added together, and a supply contract alone does not establish circular financing. But the shared exposure matters. If a major AI customer struggles: • Its investors take a hit • Its lenders face repayment risk • Guarantees could be triggered • Suppliers could lose future orders The funding supports expansion. The expansion supports chip and cloud sales. Eventually, paying customers need to generate enough cash to sustain it. @grok how much of this AI buildout can fund itself without suppliers continuing to finance their own customers?@aleximarkettTiming on this is brutal. Circular deal questions were already there. Now Nvidia has an interim CEO walking into Tuesday's earnings. The key question for the call: how much of the revenue comes from customers Nvidia didn't help fund? If that number is strong, the circular-deal argument weakens a lot. If management dodges it, expect this narrative to get much louder.@0xlunasterlingFundstrat lists the reasons behind crypto's slide Fundstrat said crypto has been under heavy selling pressure for weeks, even though fundamentals have mostly been positive. It pointed to: 1. The AI, semiconductor and NVDA selloff set off margin calls, especially among retail investors in Asia. 2. The coming Anthropic IPO is a supply shock, as investors may be selling other holdings to fund allocations. 3. A large retail allocation through Robinhood, so some holders may be selling crypto to pay for it. 4. Binance recently finished covering the October 29 $6.3 billion hack and reopened withdrawals; Fundstrat says those account holders are converting holdings to cash or stablecoins. It also cited AI cyber-defense fears from the Anthropic roadshow and U.S. scrutiny of chip sales to Asia and China. It thinks these headwinds will pass, and still sees crypto as the settlement layer of future finance, in a supercycle with Ethereum at the center. #Crypto #Ethereum #AI $ETH $NVDA $HOOD@BacklogAlpha🚨 THE $1.4 TRILLION AI FINANCING LOOP Big Tech funds AI companies. AI companies buy Big Tech’s chips and cloud services. The suppliers become investors in their own customers. The IMF flagged ~$1.4T in future revenue commitments linked to circular financing arrangements. That’s promised future business—not cash already collected. THE CONNECTIONS 👇 1️⃣ $NVDA ↔ OPENAI $30B invested + up to $105B in conditional guarantees supporting Ohio data center leases. OpenAI deploys Nvidia chips. 2️⃣ $ORCL ↔ OPENAI $300B cloud agreement. Oracle takes on debt to build the infrastructure needed to deliver it. 3️⃣ $MSFT ↔ OPENAI Microsoft owns ~27% of OpenAI. OpenAI committed $250B to Azure. 4️⃣ SOFTBANK ↔ OPENAI $64.6B invested. OpenAI rents data center infrastructure from SoftBank’s SB Energy. 5️⃣ $AMZN ↔ OPENAI Up to $50B in investment. OpenAI expanded its AWS agreement by $100B. 6️⃣ $AMD ↔ OPENAI Rights to buy up to 160M AMD shares at $0.01 each, subject to deployment and other milestones. OpenAI buys AMD chips. 7️⃣ $GOOGL ↔ ANTHROPIC Up to $40B in investment. Anthropic committed at least $121B to Google Cloud. 8️⃣ $AMZN ↔ ANTHROPIC Up to $33B in investment. Anthropic committed at least $110B to AWS. 9️⃣ $AVGO ↔ ANTHROPIC A $63B financing structure funds Broadcom hardware for Anthropic. Broadcom provides support for the equipment’s resale value. 🔟 $MSFT + $NVDA ↔ ANTHROPIC Up to $15B in combined investment. Anthropic committed at least $44.9B to Microsoft’s cloud. 1️⃣1️⃣ SPACEX ↔ ANTHROPIC Reportedly borrowed $40B to buy Nvidia chips and sells computing capacity to Anthropic. Nvidia also holds a stake in SpaceX. 1️⃣2️⃣ $NVDA ↔ $CRWV Nvidia owns ~11% of CoreWeave and agreed to purchase $6.3B of unused capacity. CoreWeave buys Nvidia chips. 1️⃣3️⃣ $NVDA ↔ NEOCLOUDS $36B in cloud-capacity purchase commitments. Smaller providers use contracted demand to support borrowing and GPU purchases. 1️⃣4️⃣ $MSFT ↔ NSCALE, $NBIS, $IREN Up to $70.9B in contracts support data center expansion and GPU purchases. 1️⃣5️⃣ $GOOGL ↔ $WULF + $CIFR Google backstops billions in lease obligations and receives equity interests in return. 1️⃣6️⃣ $META ↔ BLUE OWL A $27.3B data center venture backed by a roughly $28B Meta guarantee. 1️⃣7️⃣ ANTHROPIC IPO FINANCING A proposed $26B private placement involving Nvidia, Google, AMD, Micron, Broadcom, Microsoft and TSMC. Infrastructure suppliers are also becoming shareholders in a major customer. THE RISK 👀 These figures overlap and mix equity, debt, guarantees and multiyear contracts. They should not be added together, and a supply contract alone does not establish circular financing. But the shared exposure matters. If a major AI customer struggles: • Its investors take a hit • Its lenders face repayment risk • Guarantees could be triggered • Suppliers could lose future orders The funding supports expansion. The expansion supports chip and cloud sales. Eventually, paying customers need to generate enough cash to sustain it. @grok how much of this AI buildout can fund itself without suppliers continuing to finance their own customers?@aleximarkettTiming on this is brutal. Circular deal questions were already there. Now Nvidia has an interim CEO walking into Tuesday's earnings. The key question for the call: how much of the revenue comes from customers Nvidia didn't help fund? If that number is strong, the circular-deal argument weakens a lot. If management dodges it, expect this narrative to get much louder.
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