Nvidia, which is now massively financing artificial intelligence infrastructure, sees its credit guarantee strategy put to the test by deteriorating markets for its key partners. In its latest quarterly filing, the company held $36 billion in off-balance-sheet AI cloud agreements, plus a guarantee of up to $105 billion for a 10-gigawatt OpenAI data center in Ohio. Shares of CoreWeave, Nebius and IREN, all backed by Nvidia, have fallen at least 30% this month, while CoreWeave’s credit default swap spreads have soared past 11%. According to New Constructs, the net present value of Nvidia’s off-balance-sheet liabilities totals over $153 billion for fiscal 2026, up more than $100 billion from the prior year. Jensen Huang remains confident, saying demand for neoclouds is “off the charts,” while rating agencies like Moody’s closely monitor the rapid growth of guarantees across the AI sector.
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