Why this score CEO of NVIDIA. Deep technical authority on the compute supply chain; demand and TAM claims are strongly motivated.
CoreWeave's strength is improving every day. I'm optimistic. Their cost of capital is actually decreasing.
Mixed. Over the longer run CoreWeave has won cheaper secured funding, including an investment-grade-rated loan against its GPUs. But on the day Nvidia’s chief spoke, the price of insuring its debt hit a record 1,194.5 basis points and its bonds yielded nearly 16%. On market prices, its cost of new borrowing was rising (ICE data via Bloomberg; CNBC).
Is this circular financing? No. OpenAI will pay the lease.
Not checkable before the leases commence, expected from 2028. Recorded as a forecast rather than a commitment: it is a claim about OpenAI's future conduct, which Nvidia does not control, even though Nvidia is the counterparty that pays if it fails. The same day's 8-K defines Nvidia's obligation entirely by the event Huang says will not occur.
So between us, we're going to do half a trillion dollars' worth of business.
Forward claim about a multi-year partnership announced days before this cycle. Note the disclosure form: it is a gross two-way figure that nets Nvidia's own memory purchases against SK Group's system purchases, so it is not $500 billion of Nvidia revenue. Resolves against Nvidia's filed revenue and SK Group's disclosures.