FIN · T13
How much of the money buying AI chips was lent, guaranteed or invested by the companies selling them?
Nvidia was owed 59.6 days of sales on July 26, 2026, against 45.4 in April, by DeepStack's arithmetic from its filings, and its guarantee table reached $108.5 billion from $3.5 billion, up to $105 billion of it signed in August for one Ohio campus and phased in from fiscal 2029. The buyers are real. Part of the money they pay with came from the seller.
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The loan is a bridge
End buyers are real and paying; the seller's money fills a credit gap for unrated buyers, and outside capital is taking its place.
10 voices
The seller funds its demand
Vendor money holds marginal demand above the market rate: the neoclouds exist to place the seller's chips, and the labs pledge the money back.
9 voices
The questions
Settles Nov 18open
Does the guarantees note in NVIDIA's Form 10-Q for its fiscal quarter ended October 25, 2026 put the total maximum gross exposure under its guarantees above $108.5 billion?
Settles Nov 18open
Does NVIDIA's Form 10-Q for its fiscal quarter ended October 25, 2026 report AI cloud agreements, in its disclosure of purchase obligations and other commitments, above $36 billion?
Settles Nov 18open
In NVIDIA's Form 10-Q for its fiscal quarter ended October 25, 2026, do the direct customers the filing lists at 10% or more of accounts receivable together account for more than 70% of accounts receivable?
No date yetopen
Anthropic's first public registration statement: its first audited revenue, and how much of it runs through investors that also sell it compute.