Nvidia: $250B OpenAI Credit Backstop

Nvidia is providing a $250B credit backstop to help OpenAI fund a massive 10GW AI data center campus in Ohio packed with its chips, even as lenders balk at the unprofitable buyer's balance sheet; the arrangement lets OpenAI purchase yet more Nvidia GPUs, looping money and risk straight back to the chipmaker and prompting the market to price higher credit risks into Nvidia shares, echoing the telecom vendor financing that preceded the dot-com bust and spotlighting Nvidia OpenAI data center financing risks and credit backstop structures.