Ep. 037 - Who's Funding the $11 Trillion AI Buildout? (Capital Markets) | Dan Nishball, Jordan Nanos
SemiAnalysis WeeklyShow Notes
H100 rental prices went up, on a GPU that should be sliding down its depreciation curve. That curve is what lenders underwrite. Daniel Nishball (@dnishball) kicks off our new Compute Capital Markets group by following the money through Nvidia's $497B backstops, ClusterMAX as a credit signal, and whether each token is profitable. Jordan Nanos (@JordanNanos) brings the rental data. AI debt is about to pass auto loans.
0:00 Opening 1:48 Nvidia's Backstop Universe 6:22 The $11T Funding Wall 17:25 Balance Sheet as a Service 26:27 ClusterMAX as Credit Risk 31:51 Why H100 Prices Rose 43:09 Token Profitability 58:05 You Can't Go Back 1:07:25 AI Debt vs Auto Loans 1:11:14 Inside Nvidia's Backstops
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