Nvidia Backs AI Chip Sales by Guaranteeing $230 Billion in Leases and Residual Value

These guarantees include a $105 billion guarantee for OpenAI's data center lease in Ohio, as well as up to $125 billion in residual value guarantees on financing transactions with major Wall Street financial institutions. The guarantees require Nvidia to ensure that the value of assets used as loan collateral does not fall below predetermined levels.

Nvidia has also signed agreements with two Australian cloud computing companies in which it acts as the "buyer of last resort." If these companies cannot find other customers to lease their computing capacity, Nvidia will lease that capacity itself, in exchange for receiving a portion of the income generated by these assets above an agreed level. These support measures boost lenders' confidence, making them willing to provide financing, which companies then use to purchase Nvidia chips.

In 2025, Nvidia reached an agreement with CoreWeave as part of a $6.3 billion deal, under which Nvidia agreed to purchase idle computing capacity if CoreWeave could not sell it. As of the end of the last fiscal quarter, Nvidia held $72.5 billion in equity in public and private companies, including stakes in several cloud computing firms and AI labs.

Nvidia holds more than $80 billion in cash and marketable securities on its balance sheet, and the guarantee amounts will gradually decrease over time.

Due to the massive supply of bonds from AI-related large technology companies, their yields are rising sharply. These tech companies have already taken on substantial spending obligations for data center projects. According to recently released financial statements, their outstanding lease contracts amount to $904 billion, and purchase commitments total $1.52 trillion, most of which is related to AI.