Nvidia's CFO says its AI money loop isn't circular. The chip it sells pays the rent that buys the chip.
Chipmaker, backer of the facility, backer of the tenant. Same company, three hats, one deal.
"Nvidia CFO Colette Kress says accusations that its AI-lab financing deals are circular are wrong, because "the NVIDIA compute platform is fungible and durable and can be redeployed to support other customers."" [SOURCE ↗]
THE MOVE: CIRCULAR MONEY, the customer is funded by the vendor
THE CLAIM. Nvidia CFO Colette Kress rejected circular-financing accusations on an August 26 earnings call, saying its compute is fungible and durable and can be redeployed to support other customers, days before Nvidia-backed Lambda signed a new $35 billion six-year compute deal with Anthropic.
THE CHECK. in this specific deal, per reporting, Nvidia supplies the chips, underwrites the Hut 8 data-center facility, and backs Lambda as the tenant, with rental revenue flowing back through the chain toward Nvidia. Redeployable to other customers is an untested claim, since Lambda's role here exists to serve Anthropic.
THE TWIST. Kress's defense predates this deal and answers the general critique of Nvidia's financing web. It does not answer this one, which Dealroom has flagged as a tighter circular-financing loop than the general portfolio-level defense covers.
In its Q2 FY27 earnings call on August 26, 2026, Nvidia CFO Colette Kress addressed circular-financing criticism head-on: we recognize the scale of this support, and we know some will call this circular financing. We see it differently, arguing Nvidia's compute is fungible and durable and can be red
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