英伟达拟融资500亿美元，华尔街承销AI算力资产

Well, to source $500 billion is to go to those big Wall Street firms, investment managers and say, find us the capital, find the investors. And we don't know the profile of the investors yet. But the pitch for Nvidia is to take Nvidia's compute platform, literally rows and rows of servers and make them an investable infrastructure asset class of their own. So those six groups from Wall Street go out, find the funds or the investors.

Um, then what Bloomberg's reporting is you take a special purpose vehicle, some kind of entity that entities, the one that raises the money, pays for the Nvidia compute, the compute access collateral, and then you rent it out to an Nvidia customer and it literally greases the wheels. There's no, um, barrier to somebody being able to finance the project. You know, and I have to admit, from a banker's perspective, that's genius, I think.

I think it kind of it's kind of interesting. And just to you and to others out there, does that raise the old circular financing interest kind of concern out there? Well, what Nvidia would say is that in the first instance. This is third party capital. Again, the six Wall Street firms go out and source the capital from investors, and we don't have a good sense of whether that's pension funds or sovereign wealth funds.

But the money does not come from Nvidia. And so there's a degree of separation from the idea that Nvidia is literally financing its own customers purchases of the gear. But it is one of a multifaceted concern. Right. Which is there are loads of other examples where Nvidia is on the hook to either backstop or finance the purchase of its own technology. This would just be a separate mechanism. Yeah, shares of Nvidia. I'm just taking a look up a little more than 1% right now.

But I want to move over to Intel. Yeah. Because if you're looking for confirmation of investor demand for stocks sort of along the I supply chain. Yeah. You don't need to look further than Intel raised $20 billion in an upside share sale. Tell us more about this. Yeah initially it offered to go to market for $15 billion. So $20 billion is also kind of a response to the outsized demand. You know, Bloomberg's reporting that there was $100 billion of demand on this deal, $95 a share is where it seems to have priced, which is a bit of a, uh, a discount.

Um, 6% or so from Friday's close. They offered this Monday morning. So, you know, this is a stock that's tripled more than tripled year to date and is finding its feet in the world of IE, they sell CPUs for data center. Um, and like on the Intel side, the corporate side, the company side, it's not that much new of a story. It is the first time they've done a public share sale since they listed in 1971. Can you believe that?

But the whole point for them is it's been to sort the balance sheet out, which I just underscore what you said. The Intel stock has tripled more than tripled so far this year. Yeah. Yeah. And so like, you know what why would they go to market. Opportunistic right. You know if the stock goes up 160% then you say, well what can we do with our stock here. And you know already people are asking, you know who's next. So I would just go on the Nasdaq 100 or the S&P 500 and look at the the biggest percentage gainers so far year to date.

They also happen to be those in the eye games. Kind of interesting. And I know you're out there at ground zero in Silicon Valley for a number of years. My question is, do the folks in the Valley recognize that this is truly a unique time and space. I've been schlepping out the Sand Hill Road in Silicon Valley for 40 years, including the.com bubble. This is nowhere near anything I've ever seen before. The dollar amounts are just extraordinary.

It's affecting all parts of the economy. Do people out there know that they are in a very unique time and place that they do? You know, it is a tectonic shift and it's happening right now. You know, 2026 is is the moment. And I, I say that based on, on so many discussions with venture capitalist CEOs on the infrastructure side, um, the those that are like at the coalface of developing next gen technologies. And the only thing I would reflect on is like, when I moved here in 2018, I kind of felt I missed the boat a little bit.

Think about like the social media way, the kind of obsession with iPhones. I was so wrong. You know, I, I just completely different. It's next level. Um, and it's astonishing the numbers involved. As you know, the big difference this time around is the balance sheets of these companies are just eons away from where they were in 2000. Right. So that's why everyone's kind of chill about it.