[Video | NVIDIA's "Circular Financing" Secret: Lending Credit to Clients Without Directly Issuing Loans] EZ Primary Research CEO Ed Zitron stated in an interview with CNBC that NVIDIA is playing multiple roles in the AI computing power supply chain, acting as a supplier, customer, and financing facilitator. He noted that NVIDIA is selling GPUs to companies like CoreWeave and Lambda while simultaneously supporting them through long-term procurement contracts, investments, and financing assistance. This enables these companies to secure funds to continue expanding their computing infrastructure, with the funds ultimately flowing back into GPU purchases. Rather than directly issuing loans, NVIDIA is more akin to "lending its own credit." Zitron's real concern lies in the fact that this system's demand is highly concentrated on a few AI companies like OpenAI and Anthropic, which are still burning through large amounts of cash and have yet to prove their profitability. If upstream AI demand ultimately falls short of expectations, the financing and investment chain formed around computing power expansion could face even greater pressure.