The Evolution of AI Circular Finance
From equity investment to purchase agreements and guarantees, the location of risk has shifted
2025 Model — Direct Equity Investment
NVIDIA
Execution of equity investment
↓
OpenAI/Anthropic
Securing investment funds
↓
GPU purchase
Most of the investment funds re-spent
↓
NVIDIA revenue
Recognized as earnings
2026 Model — Purchase Agreement/Guarantee
Financial consortium
Financing for data center leasing
↓
NVIDIA
Provision of $105 billion conditional guarantee
↓
GPU purchase
Continues to occur in the same way
↓
NVIDIA revenue
Recognized as earnings