New York (AFP) – American chip giant Nvidia has committed several hundred billion dollars to support the artificial intelligence (AI) sector, in the form of equity investments, loans or guarantees.
Published on: 01/11/2026 - 05:19
Some denounce an artificial stimulation of demand for AI and the Californian group's own processors, while others see them as relevant investments to allow the industry to satisfy a gigantic appetite for AI.
What are Nvidia's investments?
The company is present at all levels of the AI value chain, from models to data centers (cloud), including its own competitors, chip manufacturers.
Among the few major operations, there is a participation of 10 billion dollars in the capital of SpaceX, 5 billion in Intel or 105 billion in financing for a gigantic data center from OpenAI.
Nvidia is also involved in AI infrastructure financing vehicles set up with big names in private equity such as BlackRock or Brookfield.
It also took out guarantees worth several billion providing that it would partially replace itself in the event of insufficient demand for the data centers of young “cloud” players like CoreWeave or Lambda.
For the group's boss Jensen Huang, Nvidia thus offers a launching pad for AI players.
Where does this firepower come from?
Nvidia is riding the AI wave thanks to its GPUs (graphics processing unit), graphics processors considered the ultimate for the development of artificial intelligence models.
Without industrial infrastructure because it subcontracts to suppliers the manufacturing of its chips which it only designs, the Californian group generates around 75% margin on its products, compared to 54% for its rival AMD or 50% for Apple.
This company, initially focused on processors for video games, generates colossal cash flows each quarter, to the tune of $60 billion for 2025 alone.
“They have become a bank” for the AI ecosystem, summarizes Michael Cusumano, professor of management at MIT University.
Is Nvidia artificially inflating demand?
Several observers have described these operations as “circular” financing, a method consisting of a company helping a customer to purchase its products.
Investor Michael Burry, known for having anticipated the 2008 financial crisis, estimated, in his newsletter, that this strategy reached, in the case of Nvidia, "biblical proportions", warning of a possible illusion.
Another media investor, Mark Cuban, draws a parallel, on X, with the internet bubble. Companies in the sector no longer need the Stock Exchange, because Nvidia “finances everything and everyone”.
“We must separate the demand that comes from companies and (end) customers from that linked to Nvidia's investments in its own customers,” recognizes Gil Luria, of the D.A. Davidson firm. However, according to him, the demand from end customers is “very much there”.
With or without this boost, “the demand for Nvidia GPUs is really very significant and is growing almost exponentially,” adds Michael Cusumano.
What are the risks?
“In a very concentrated environment (three customers account for 44% of turnover) and very interconnected like this, there is an increased risk of contagion” in the event of a problem, warns Paulo Carvao, researcher at Harvard University.
“If demand for AI disappoints” at some point, “this could hit both chipmakers, data center operators and their financiers,” he adds. “This is a significant market risk.”
He nevertheless notes that nothing, as it stands, suggests such a scenario in the short term, with demand exceeding supply for at least 12 to 18 months, according to him.
Even in the event of a slowdown, “large companies like Nvidia, Microsoft, Amazon, Google or Meta would escape almost unscathed,” anticipates Gil Luria. “It’s the fringe players that could disappear.”
© 2026 AFP
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