NVIDIA evolves into the AI infrastructure financier

NVIDIA is expanding beyond chipmaking by using its giant investment portfolio (about $99B in public/private equity) to finance AI infrastructure. It now offers long payment terms to large AI customers, backs data-center builds with guarantees (up to roughly $108.5B for the OpenAI SB Energy project), and seeks outside capital to fund the AI boom (targets >$500B in investor commitments). With accounts receivable at about $63B and a longer average collection period (~60 days), the company is moving toward a model Morgan Stanley has dubbed balance-sheet-as-a-service, while continuing to profit from investment gains and new debt issued for buybacks/dividends. This marks a shift where NVIDIA’s balance sheet becomes a key driver of AI infrastructure growth, not just a supplier of hardware.