Aletheia Capital downgraded Nvidia from Buy to Hold and withdrew its $340 price target. The reason is not weak chip demand, but $165 billion in financing commitments tied to Nvidia’s AI Computing Partner program, a figure that has increased more than tenfold. About $105 billion is associated with a major data-center project in Ohio, while CoreWeave, Nebius, and IREN may collectively require as much as $124 billion over the next 12 to 15 months. Aletheia estimates that total financing needs across Nvidia’s ecosystem could reach $450 billion to $500 billion by 2030. Progress on the Ohio project and the partners’ ability to raise capital will determine the scale of the financial risk carried by Nvidia.
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