Nvidia, CoreWeave, and Nebius: Inside the Circular Financing of the GPU Boom
This investigative analysis explores the intricate and highly interconnected financial relationships driving the current artificial intelligence hardware boom, specifically focusing on Nvidia, CoreWeave, and Nebius. The report details how Nvidia's strategic venture investments and guaranteed allocations of highly sought-after H100 GPUs have created a self-reinforcing, circular financing loop. By funding specialized cloud providers like CoreWeave and Nebius, Nvidia secures immediate demand for its advanced chip architectures while concurrently boosting its revenue and valuation metrics. In return, these high-growth startups leverage their guaranteed GPU pipelines as collateral to secure massive debt facilities. (source: https://io-fund.com/ai-stocks/nvidia-coreweave-nebius-circular-financing-gpu-boom)