When the company selling shovels jumps into mining itself, is it a bigger opportunity or a ticking time bomb for the future? NVIDIA's business model is shifting towards becoming a 'compute power bank.' It's no longer just a chip company—it's transforming into a compute power bank, skimming profits from compute infrastructure. On July 1, 2026, NVIDIA officially launched the 'AI Compute Partner Program.' The core idea ties three mechanisms together: - **Credit Support, Pay Later**: NVIDIA uses its own balance sheet to provide financial backing for cloud providers. Cloud providers don’t need to pay the full procurement cost upfront, lowering the initial capital expenditure threshold by over 70%. - **Revenue Sharing**: After cloud providers rent out compute power, NVIDIA takes a cut of the revenue. The percentage decreases gradually as the contract progresses. - **Guaranteed Buyback**: If cloud providers have idle GPUs, NVIDIA promises to buy back the compute power at a pre-agreed price. In plain terms: You just focus on building. If you don’t have enough money, I’ll back you up. If you can’t sell the compute power, I’ll cover it. If you make money, we split the profits. Essentially, NVIDIA is leveraging its monopoly on hardware as financial collateral. Through asset-light credit guarantees, it’s locking in orders for 2026 Blackwell (especially GB300) in advance, while extending its reach downstream to secure perpetual revenue streams from compute power. The risk? If there’s a structural slowdown in demand on the inference side, NVIDIA’s guaranteed buyback commitments could directly turn into liabilities on its balance sheet. ⚠️