Nvidia is shifting its business model from hardware sales to facilitating the financing of AI physical infrastructure. Bank of America projects cumulative AI capital expenditures to exceed $5 trillion between 2026 and 2030, with $1.2 trillion requiring external funding.
In August 2026, Nvidia partnered with six financial firms, including Apollo Global Management, BlackRock, and KKR, to mobilize over $500 billion for AI data centers. The company is already providing financing assistance for the 4.25-gigawatt PORTS-Pike Technology Campus in Ohio, intended for OpenAI.
Nvidia reported $197.3 billion in data center revenue for fiscal 2026, while hyperscale spending is expected to reach $800 billion in 2026. The company reached a $5 trillion market capitalization in October 2025.
Analysts warn of growing contingent liabilities on Nvidia's balance sheet, including revenue guarantees for AI cloud agreements that could reach hundreds of billions. Investors are now monitoring these off-balance-sheet commitments alongside traditional semiconductor performance metrics.
