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JG
Jay Goldberg
Seaport Global Securities (analyst)
First call on the ledger
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Jay Goldberg of Seaport tells Prof G Markets that Nvidia's $500bn financing plan looks like circular financing, which makes investors uncomfortable though not enough to sell.
this certainly looks like it's a big piece of circular financing going on here because Nvidia is providing money to customers to buy Nvidia parts.
Nvidia since this was said: ▲ +2.8% · 224.1 → 230.4 · as of 2026-09-04
Jay Goldberg of Seaport tells Prof G Markets he strongly suspects Nvidia is backstopping some portion of the $500bn, making it effectively Nvidia debt.
But my strong suspicion is that Nvidia is backstopping, providing some form of guarantee, not for the whole $500 billion, but some portion of it.
Nvidia since this was said: ▲ +2.8% · 224.1 → 230.4 · as of 2026-09-04
Jay Goldberg of Seaport tells Prof G Markets that pro-cyclical debt will amplify Nvidia's pain when the AI cycle turns and neoclouds put unused capacity back.
The problem is when the cycle turns and the cycle always turns, this kind of thing will amplify the pain on the downside, right?
Nvidia since this was said: ▲ +2.8% · 224.1 → 230.4 · as of 2026-09-04
Jay Goldberg of Seaport tells Prof G Markets that Nvidia had $30bn of off-balance-sheet compute service agreements as of last quarter.
NVIDIA had $30 billion of what they call compute service agreements in place. It's not on the books, it's not on the balance sheet
Nvidia since this was said: ▲ +2.8% · 224.1 → 230.4 · as of 2026-09-04
Jay Goldberg of Seaport tells Prof G Markets that lenders will not accept GPUs as collateral as Jensen Huang pitches, so Nvidia will end up taking on obligations.
I personally don't think that's going to land with investors. I think they're still going to want to see some other forms of guarantees. And that's ultimately why NVIDIA is going to take on some form of obligation here.
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