Nvidia: $2T Circular AI Financing Risks Surface

Nvidia anchors $2 trillion in circular AI financing that depends entirely on OpenAI and Anthropic delivering on $1.5 trillion in unfunded commitments. Those obligations collapse if Chinese open LLMs capture meaningful market share, which explains the intensifying regulatory push against them. The structure leaves frontier labs exposed to revenue shortfalls that ripple straight back to Nvidia hardware demand and the entire financing loop built around it.