“钱实在太多”！英伟达无处可投，相比回购，不如选择“让AI闭环”

Core Viewpoint - Nvidia is exploring a new capital utilization strategy by investing hundreds of billions of dollars into key customers, partners, and even competitors to create a self-sustaining "AI closed-loop ecosystem" that secures long-term demand for its chips [1][4]. Financial Context - Nvidia has generated $72 billion in free cash flow over the past four quarters, with expectations to approach $100 billion for the current fiscal year, making it one of the most cash-rich tech companies alongside Apple [6]. - The challenge lies in how to effectively allocate this cash, as traditional methods like mergers and acquisitions face regulatory hurdles and limitations [7]. Strategic Investments - Nvidia's strategic investment in OpenAI, amounting to up to $100 billion, is a key move to support large-scale data center expansions, reflecting CEO Jensen Huang's vision to strengthen the entire AI supply chain [5][8]. - For every $10 billion Nvidia invests in OpenAI, it is estimated that OpenAI will spend $35 billion on Nvidia chips, creating a circular business model that ensures ongoing demand [8]. Other Investment Examples - Nvidia holds a 7% stake in CoreWeave and has signed a $6.3 billion agreement to repurchase unused cloud capacity, further solidifying its relationship with key customers [9]. - An unexpected $5 billion investment was made in Intel to collaborate on new products, facilitating smoother integration of GPUs with Intel CPUs and expanding Nvidia's presence in the PC market [10]. - Nvidia has also partnered with Musk's xAI in a multi-billion dollar AI data center and energy construction initiative [11]. Dual-Win Strategy - This investment approach serves as a dual-win strategy for Nvidia, stabilizing its own demand while helping partners lower their financing costs [12]. - Nvidia's backing provides significant credit assurance for partners like OpenAI, which is projected to incur cumulative losses of $44 billion by 2029, while also facing high operational costs [12]. - Prior to Nvidia's involvement, OpenAI faced financing rates as high as 15%, but with Nvidia's endorsement, rates could drop to between 6% and 9%, significantly reducing credit risk [13].