Prof G Markets — Has Nvidia Become Too Big To Fail?

Hoffman's rescue test says the government would save Nvidia but not OpenAI, because the shared supplier is systemic and the substitutable lab is not. Nvidia holds stakes in 13 public and 229 private AI companies and has guaranteed more than $108B of data center leases, on a stock that is about 8 cents of every S&P 500 dollar. This is the balance sheet behind Jensen's rentability pitch, and index holders are the residual bearers if it fails.