Let me share an interesting idea. NVIDIA's 500 billion yuan third-party AI computing power financing platform is very beneficial to its own sons, especially the new cloud ☁️， NBIS ， Let me explain the logic behind it! Mr. Huang's four strategic layouts: one ️⃣ Dismantle the 'capital barrier' and tear open the gap in the ASIC defense line of the super cloud Traditional Big Tech companies like Microsoft (Azure), Amazon (AWS), and Google (GCP) have a steady stream of free cash flow and can self fund customized ASIC chips such as Trainium, Inferentia, TPU, and Maia. If traditional cloud providers continue to erode, independent AI labs and new clouds will face high hardware procurement costs and high borrowing rates, making it difficult to survive and ultimately being squeezed out by competition. By leveraging private credit on Wall Street, Nvidia has directly armed New Cloud, breaking through this wall and maintaining a diversified buying market for computing power, while also ensuring the sustainability of Nvidia's cabinet procurement! two ️⃣ Endow Nvidia GPU with hard currency attributes and allow asset collateralization Under normal circumstances, traditional financial institutions are hesitant to lend large amounts of funds to purchase customized ASICs, because once the debtor defaults, the ASIC chips bound to a specific software stack will be a pile of scrap metal without a specific system. But Nvidia's GPU, with its powerful CUDA ecosystem, achieves extremely strong scalability and liquidity across models, customers, and workloads. This feature of "strong universality+extremely high secondary market rent" allows it to be packaged as collateral for loans like commercial real estate, civil aviation aircraft, or toll roads, equivalent to packaging GPUs into financial derivatives! three ️⃣ The ultimate evolution of supplier financing: the "downgrade blow" to the balance sheet By providing residual value guarantees and joint credit agreements, Nvidia directly uses its extremely high credit rating as leverage to leverage capital. This is similar to the model of car companies driving new car sales through their subsidiary auto finance companies, where Nvidia uses low interest funds from Wall Street to lend to its customers. Customers receive the money to buy Nvidia's chips, and Nvidia locks in performance and shipment volume, forming an extremely closed loop "computing financial flywheel". four ️⃣ The 'liquidity black hole' that counters the sinking cycle The biggest risk for data center construction and hardware updates is short turnover cycles and hardware depreciation. By leveraging the 'long-term low-cost funding package' of capital giants, CapEx, which originally required short-term settlement, has been transformed into long-term asset financing diluted over a period of 5-15 years. This greatly smooths out the cash flow pressure for downstream new cloud customers. Why is this a great benefit for New Cloud? Taking new cloud platforms such as CoreWeave and Nebius as examples, under the traditional old model, these companies, due to the lack of credit ratings for large technology companies, borrow in the traditional high-yield bond market and may bear borrowing interest rates of 9% -12% or even higher, or adopt stock private placements, but also face the risk of excessive dilution of equity. The new model provided by NVIDIA's father, with a 500 billion yuan third-party credit limit, allows New Cloud to directly utilize deployed GPU clusters and signed institutional contracts for asset securitization, similar to ABS, reducing financing costs by 200-500 basis points. The advantage of this model is that it allows for the use of assets to support assets, similar to mortgage loans where rent can be used to offset loans. This greatly improves capital utilization efficiency and enables rapid expansion. New cloud manufacturers can place orders, lock cabinets, and build data centers more quickly. This gives independent new cloud the core competitiveness to compete for large model unicorn customers when facing the scheduling monopoly of the four major cloud vendors' data centers. Overall, the most beneficial one among them is undoubtedly Nebius (NBIS), with Nvidia directly holding 9.3% of Nebius' shares, which is equivalent to a "biological son" level new cloud provider in Nvidia's computing power matrix. And its technology is also very advanced. Unlike traditional chaotic cloud vendor businesses, it specializes in AI large model training and inference scenarios, providing high-performance InfiniBand interconnection and extremely low latency physical environments. Continue to hold NBIS and wait for the big bear Michael Burry to sell out This article is sponsored by @ binancezh, titled 'Binance Buying US Stocks: Global Assets, Zero Second Time Difference, One Click Delivery'!