SEMI · T13

Is the marginal buyer of AI compute real?

Google paid roughly double for Nvidia capacity while private credit financed a $35bn compute platform. The chips are scarce; the returns may be anything but.

Questions 3Open 3Call held 0Call missed 0

The questions

1. No date yetopen

   If end demand survives market-rate financing, the financed-demand warning weakens; if recurrence falls, private-credit risk moves to the front.

2. No date yetopen

   Order cancellations would erode year-long customer visibility; continued bookings would support the scarcity case.

3. No date yetopen

   Schedules that lag obsolescence flatter earnings; schedules that catch up would strengthen the bears.

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