The end of the 'Nvidia put' that powers the AI ecosystem

The author argues that Jensen Huang’s resignation marks the end of the Nvidia put, a financial backstop that has long lubricated the AI financing ecosystem, stock market, and data-center lease market. Without Nvidia absorbing growing AI fears and underwriting deal prices through massive equity and lease guarantees, the author suggests that AI debt and equity will become significantly more expensive for everyone. Open article →