Nvidia is pushing to establish “AI chips” as a new asset class in financial markets. It has partnered with six major asset management firms to launch a funding initiative exceeding $500 billion, aiming to reframe AI processing infrastructure as collateralizable assets, similar to real estate or other infrastructure assets.
Nvidia has signed a Memorandum of Understanding (MOU) with Apollo Global Management, Blackstone, BlackRock, Brookfield Asset Management, Goldman Sachs, and KKR to create a financial platform for Nvidia’s customers, designed to facilitate access to capital for building AI infrastructure.
This initiative aims to raise over $500 billion from private and institutional investors to support large cloud providers (Hyperscalers), leading AI laboratories (Frontier AI Labs), and businesses in building data centers and purchasing Nvidia hardware.
This move marks a significant shift in AI infrastructure investment, as Nvidia enables its customers to obtain financing from banks, insurers, and private capital to purchase GPUs and build data centers without relying solely on their own balance sheets.
“This is truly the first time that technology chips have become investable assets.” Jensen Huang, founder and CEO of Nvidia, told CNBC.
Jensen Huang explained that Nvidia chips are no longer merely hardware that rapidly depreciates after purchase; they have become “income-generating assets” because they have long useful lives, can be transferred or redeployed to different customers, and can be repurposed.
He also noted that because Nvidia hardware is widely used and transferable among customers, lenders can more reliably assess and extend credit based on the AI processing system’s long-term revenue-generating potential.
Historically, GPUs have been seen as quickly depreciating hardware, but Nvidia’s efforts challenge this perception by attempting to convert “AI compute power” into a “long-term infrastructure” asset that can be collateralized and leveraged for funding.
However, some investors remain skeptical, questioning how long AI chips can retain value given Nvidia’s continuous release of new models and the rapid obsolescence of older technology.
“The clear difference now is that computing has become part of infrastructure, much like electricity and the internet. Therefore, we must view it as infrastructure.” Jensen Huang said.
Nvidia’s financial push comes after global financial markets experienced sell-offs in July, leading investors to question whether Big Tech’s massive AI investments will yield real returns.
Meanwhile, major hyperscalers are on track to invest hundreds of billions of dollars in AI data centers and hardware.
Credit rating agency Moody’s has warned that unprecedented capital expenditures are pressuring the free cash flow of major tech companies, forcing them to take on more debt.
Executives from participating firms—including Larry Fink, CEO of BlackRock; Jon Gray, President of Blackstone; and David Solomon, CEO of Goldman Sachs—agree that “compute power is rapidly evolving into a critical asset class driving the next phase of global economic growth.”
“We are at a pivotal turning point in the historical AI investment cycle.” David Solomon stated in a press release.
He noted that Goldman Sachs’ role in investment and capital allocation reflects confidence in Nvidia’s leadership, and the firm is pleased to help create a credit market backed by Nvidia compute assets.
David Solomon also revealed that Jensen Huang personally approached Wall Street giants to present the funding initiative concept.
Meanwhile, Larry Fink, CEO of BlackRock, described the initiative as the beginning of “a new chapter in Financial Engineering.” or financial engineering.
He compared this concept to the emergence of Mortgage-Backed Securities (MBS), which are securities backed by home loans developed in the 1970s.
Larry Fink stated that some funding has already been raised for the project, but BlackRock plans to significantly increase capital mobilization. “We need to raise this capital quickly and deploy it because it is vital for the U.S. to lead the world in AI.” Larry Fink said.
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Jon Gray from Blackstone said that AI compute power is becoming a “Financeable Asset Class,” similar to how lenders view homes as collateralizable assets for loans.
He added that demand for AI is growing faster than available supply, with AI usage in Blackstone’s portfolio companies increasing sevenfold this year.
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