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].

手握巨额现金的英伟达正在尝试一种全新的资本运用方式，把数百亿美元投向关键客户、合作伙伴，甚 至竞争对手，去打造一个自我循环的"AI闭环生态"，从而锁定未来芯片的长期需求。 最引人注目的动作，是英伟达最近宣布计划向OpenAI投资高达1000亿美元，用于支持其进行大规模数 据中心扩建。这个举措不仅是对OpenAI的强力支持，也体现了英伟达CEO黄仁勋的核心思路——用强 大的资产负债表和市场信心，来巩固整个AI产业链。 "钱太多"的烦恼 对大多数公司来说，现金充裕是好事，但对英伟达，这已经成了一个特殊的难题。FactSet数据显示，过 去四个季度，英伟达创造了720亿美元自由现金流，本财年有望逼近1000亿美元，除了苹果，没有哪家 科技巨头能比肩。 问题是，怎么花？ 并购几乎行不通。 早在2020年收购Mellanox时，英伟达就遇到过监管阻力。在当前的地缘政治环境 下，大型芯片并购几乎不可能轻松过关。而且，黄仁勋本人偏爱扁平的组织架构，更倾向小规模的技术 整合。 回购和研发消化不掉。 英伟达在过去四个季度花了近500亿美元做回购，还追加了600亿美元计划，但 依旧挡不住现金流入的速度。研发投入虽然两年翻了一番， ...

并购几乎行不通。 早在2020年收购Mellanox时，英伟达就遇到过监管阻力。在当前的地缘政治环境 下，大型芯片并购几乎不可能轻松过关。而且，黄仁勋本人偏爱扁平的组织架构，更倾向小规模的技术 整合。 消息一出，市场立刻给出了热烈反应：英伟达市值当天就飙升近1600亿美元。这笔投资既缓解了外界对 OpenAI资金状况的担忧，也让人们看到了所谓"循环"（circularity）的商业模式：英伟达投钱给初创公 司，而这些公司又用钱回过头来买英伟达的芯片。 手握巨额现金的英伟达正在尝试一种全新的资本运用方式，把数百亿美元投向关键客户、合作伙伴，甚 至竞争对手，去打造一个自我循环的"AI闭环生态"，从而锁定未来芯片的长期需求。 最引人注目的动作，是英伟达最近宣布计划向OpenAI投资高达1000亿美元，用于支持其进行大规模数 据中心扩建。这个举措不仅是对OpenAI的强力支持，也体现了英伟达CEO黄仁勋的核心思路——用强 大的资产负债表和市场信心，来巩固整个AI产业链。 这种模式并不只限于OpenAI。从云服务商CoreWeave，到竞争对手英特尔，再到马斯克的xAI，英伟达 的投资版图已经伸向AI领域的各个角落。 ...