Nvidia has long transcended the realm of a traditional chip manufacturer; it is leveraging its robust balance sheet to reshape the power structure of the entire AI industry. Faced with the potential threat of the five trillion-dollar cloud giants developing their own AI chips, Jensen Huang has quietly fostered a massive "Neocloud" ecosystem as a strategic countermeasure. Taking CoreWeave, a leading computing power provider, as an example, Nvidia not only provides it with equity financing and priority access to the latest chips, but also directly signs computing power leaseback agreements, securing its idle capacity until 2032, creating a tight capital and computing power loop.
This model, where Nvidia acts as the industry's "central bank" providing comprehensive support, has been jokingly referred to on Wall Street as a "Jensen Put." By deeply locking in the lifelines of upstream and downstream companies, Nvidia has built an unprecedented "too big to fail" ecosystem empire. However, market divergence has intensified. Gartner recently warned that if the current pace of AI capital spending remains unchanged, more than 80% of emerging cloud vendors may be eliminated by 2030. Some investors have even compared it to General Electric (GE) in its early days, pointing to the systemic risks behind this high-leverage binding.
