Wall Street warns: Jensen Huang's departure will trigger an "AI version of quantitative tightening," AI central bank loses its helmsman.

BlockBeats news, November 14 — Jensen Huang's abrupt departure has put Nvidia's over $500 billion "AI circular financing machine," built on equity investments, guarantees, and buybacks, at risk of stalling. Goldman Sachs, UBS, and 14 other institutions have successively cut their target prices, warning that if Nvidia stops channeling funds to customers and suppliers—even temporarily—it could instantly drain over $50 billion in liquidity, equivalent to triggering an "AI version of quantitative tightening." Affected by this, CoreWeave, which relies heavily on Nvidia's credit endorsement, plunged 11% that day, and its $4 billion loan being marketed with Nvidia as guarantor faces uncertainty.

Over the past three years, Nvidia has effectively played the role of the AI industry's "lender of last resort." Through a circular logic of buying chips, funding buyers, and backstopping landlords, it has built a massive footprint including $99 billion in equity investments, $108.5 billion in guarantees, and $56 billion in buyback agreements. This model has packaged low-credit-quality emerging cloud service providers (Neoclouds) into investment-grade debtors. Now that the operator has departed, some customers and Wall Street partners have begun demanding renegotiation of terms and higher backstop ratios, which means credit spreads across the entire downstream supply chain will widen across the board.

At present, Nvidia's previously high-profile $500 billion financing platform has been stalled for three months, with no transaction yet completed. On November 17, interim CEO and CFO Colette Kress will host the earnings call. Kress once tried to restrain high-risk guarantee transactions during the boom period, and now the market is holding its breath: will "Nvidia Bank," having lost Jensen Huang, continue to open for business, or quietly shift into a stock-maintenance mode.