alt Hacker NewsDoes the math check out, though? For reference, Nvidia added $17B of non-marketable securities in 2025, and its total revenue was $215B. So, assuming all these equity investments went to GPU purchases, they only amount to 8% of its annual revenue.
Since these firms (neoclouds and AI startups) will get consolidated if Nvidia puts too much money into them, I assume the majority of their funds are coming from elsewhere.
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if circularly financed neoclouds are 5% and singapore china flow is another 12% things suddenly dont look so good
According to Gemini, Nvidia added $43 billion in direct equity stakes,$36 billion in AI compute partnerships, and $100+ billion in loan lease guarantees, which works out to $63 billion this year, $20 billion for the next 3 years, and $10 billion for the last 6 years based on it's assumptions.
So about a third, a sixth, and a twelth of their annual revenue respectively.
I think the larger concern is that both the revenue and assets/agreements depend on Nvidia maintaining sales, market share, and their share of capacity at TSMC/etc... If they run into trouble on any of those fronts, their revenue and assets could take hits from multiple directions.
17B sounds low.
> Corporate development-led AI equity investments alone exceeded $40 billion in just the first four months of 2026
The accusation in the headline is that this activity contributed to the general shortage of GPUs which would, if true, increase their pricing power and profit margins even on chips sold to other customers. So I don't think it's a direct comparison to their equity deals.
Is this the only reason Nvidia made money? No, obviously. But is it adding fuel to the fire? If there is a bubble will this make the fallout worse? Seems likely.
More importantly this suggests a second plausible reason the board might have wanted to wrest control of the company away from him. (The other hypothetical one being that he was doing illegal stuff.)