Nvidia faces up to $108.5 billion in gross exposure from AI guarantees

Nvidia’s financial exposure related to AI infrastructure has come under scrutiny, with gross guarantees totaling up to $108.5 billion. This figure includes a $105 billion conditional guarantee for SB Energy leases related to an Ohio project supporting OpenAI’s IT capacity, alongside $3.5 billion in guarantees tied to AI-cloud partners’ land, power, and shell obligations.

Separately, Nvidia holds $36 billion in commitments to purchase AI-cloud services as of July 26. The company also maintains a contract with CoreWeave, valued at $6.3 billion, requiring Nvidia to purchase qualifying unsold capacity through April 2032.

CoreWeave, an AI-focused cloud provider, is currently facing significant financial pressure. The company requires an estimated $85 billion in capital to finance its backlog, and its credit-default swap spread recently exceeded 1,100 basis points. Market analysts are viewing CoreWeave’s ability to manage its debt and secure financing as a critical test case for the broader viability of AI sector funding and the valuation expectations of other firms like Anthropic.