Subject To Execution
Six of the largest capital allocators on earth just agreed to raise half a trillion dollars to buy computer chips. The last line of the press release is the part worth reading. Here is what you need to know.
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On Monday, August 10, NVIDIA announced that it had signed on with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR to build financing platforms aimed at mobilizing more than 500 billion dollars of third-party capital for AI infrastructure.
Half a trillion dollars. Morgan Stanley’s forecast for all global AI-related debt issuance in 2026 is about 570 billion. The release never says over how many years the 500 billion is meant to be raised. Spread over one year it is the entire AI debt market. Spread over five it is ordinary. Nobody has said which.
The coverage treated it as a done deal. It is not a done deal. The final line of the release, sitting directly above the media contacts, says the partnerships remain subject to execution of the final agreements.
That is not a technicality. That is the whole thing. Let’s follow the money.
CONTINUE READING for what was actually signed on Monday, why the 25 percent backstop everyone is quoting is not what it sounds like, which company actually ends up borrowing this money, and the one number that would tell you the structure is breaking. Always get the full picture through the lens of George Gammon for just $0.54/day with a premium subscription to RebelCapitalist.com.
