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Five sentences to reveal the big news about Nvidia's 500 billion: once good news came out, the stock price actually crashed (1) What happened? Nvidia has teamed up with six major Wall Street giants—Apollo, BlackRock, Blackstone, Bofeng, Goldman Sachs, and KKR—to launch a $500 billion AI computing power financing platform. What does that mean? Lending money to customers to get them to buy NVIDIA chips. Customers don't have money to build data centers? No problem, Wall Street lends it to you. Why borrow money? Buy NVIDIA GPUs. Buy GPUs? Build AI factories. Build AI factories? Generate income and pay back money. Sounds pretty beautiful, right? The market doesn't see it that way. (2) How will the market react? On the day the news was announced, Nvidia's stock price plunged intraday, ultimately closing down 2.86%, wiping out about $130 billion in market value. The Philadelphia Semiconductor Index fell 2.94%. Coherent fell over 14%, and Lumentum dropped over 8%. A 500 billion yuan "good news" has completely collapsed the entire chip sector. Is all the good news gone? Or has the market sensed danger? (3) What is the market afraid of? (1) "Circular financing"—these are the words Wall Street fears hearing the most. NVIDIA lends money to customers→ customers buy NVIDIA chips→ build facilities → generate income to repay debts. Doesn't it sound like left foot stepping on the right? "Dr. Doom" Jim Charnos directly compared it to the 2008 financial crisis—back then, people used short-term financing to support long-term assets, but it eventually collapsed. Michael Berry (the prototype of The Big Short) went even further, saying Nvidia's "circular spending" has reached an exaggerated "biblical" scale. This is not a compliment. (4) What is the market afraid of? (2) The bond market is speaking with real money. Nvidia's 5-year CDS surged to 77.2 basis points on Monday, marking the largest single-day gain in two weeks. Since late May, the default insurance costs for Nvidia's debt have doubled, rising from 41.6 basis points to 77.5 basis points. A company announced it would help a client raise 500 billion yuan, but instead, its own credit risk soared— What does this indicate? It shows that the market sees this 500 billion yuan as not an "opportunity," but a "mine." (5) What does Jensen Huang say? Old Huang personally responded. Original words: "This 500 billion is third-party capital, definitely not circular financing." AI factories are already investable assets, demand is real, and independent institutional investors will conduct independent due diligence on each project. ” To translate: You're overthinking it, I'm doing legitimate business. But the problem is— Should we trust Huang Lao or the market? Trust Lao Huang, 500 billion is the starting line for AI infrastructure. The 500 billion yuan market is the peak of the AI bubble. $NVDA $BTC $ETH #英伟达推动5000亿美元AI基建融资