Approximately $300 billion in chip-collateralized special purpose vehicles have been identified or processed, according to industry sources. Alphabet saw its data center guarantees surge from $16.9 billion to $43.8 billion in just six months, while Anthropic accumulated roughly $71 billion in chip-leasing debt in about 60 days. Private credit giants Blackstone and Apollo Global Management are among the main lenders backing these structures, which allow companies to finance their AI infrastructure without cluttering their balance sheets. Nvidia announced in August 2026 a financing platform designed to attract over $500 billion in third-party capital for chip-backed financing. Market watchers have flagged concerns about rapid chip depreciation and reduced visibility for shareholders regarding companies’ actual AI-related exposure.
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