Nvidia’s 7-Day Slide Signals Debt Strain in $700B AI Capex Boom

3 days ago
1 min read

Every AI infrastructure story has two versions: the one told in earnings calls, and the one told in credit terms.

Read together, these five companies make the second version hard to ignore. Growth across the AI supply chain is increasingly funded by financing structures built to keep leverage off the primary balance sheet — a distinction worth having before the next client conversation.

NVDA — shifting $500B in financing risk onto bank consortiums.

CoreWeave — borrowing at 9% to earn 1% back on capital.

SoftBank — issuing a record retail bond to close funding gap.

BABA — diluted equity even as demand outran the offering 3x.

GOOGL — posted its first negative free cash flow in 20 years.

The pattern isn't demand risk. It's who ends up holding the capital structure once the growth story slows.

Is this still an equity story — or has it quietly become a credit story wearing equity's clothes?

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