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TECHNOLOGY · ARTIFICIAL INTELLIGENCE
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Executives involved hail it as a new asset class; critics have concerns about using chips as collateral
相关高管将其誉为一种新的资产类别；批评者对使用芯片作为抵押品表示担忧
By Jack Pitcher, Anissa Gardizy and Peter Rudegeair
Aug. 11, 2026 9:17 pm ET
Nvidia CEO Jensen Huang PHILIP FONG/AGENCE FRANCE-PRESSE/ 法新社 /GETTY IMAGES 盖蒂图片社
Nvidia 首席执行官 Jensen Huang Philip Fong/
Nvidia NVDA-0.02% $\blacktriangledown$
Nvidia NVDA-0.02% 下降；向下的三角形 CEO Jensen Huang is running into a problem: Many of his customers can’t afford to buy his company’s coveted AI-powering chips.
首席执行官黄仁勋遇到了一个问题：他的许多客户买不起他公司令人垂涎的人工智能芯片。
That explains why Huang teamed up with an array of Wall Street firms on a $500 billion plan that will theoretically standardize chip financing, creating asset-backed pools of capital for AI companies—while leaving Nvidia partly on the hook if things go wrong.
这解释了为什么黄仁勋与一系列华尔街公司合作制定了一项 5000 亿美元的计划，该计划理论上将标准化芯片融资，为人工智能公司创建资产支持的资本池，但如果出现问题，英伟达将承担部分责任。
Executives involved in the strategic partnership Huang unveiled this week with Apollo Global Management, BlackRock, Blackstone, Brookfield Asset Management, Goldman Sachs and KKR tout the effort as the launch of a new asset class akin to the securitization of everything from airplanes to credit cards to mortgages.
参与黄仁勋本周与阿波罗全球管理公司、贝莱德、黑石、布鲁克菲尔德资产管理公司、高盛和 KKR 战略合作伙伴关系的高管们将这一努力视为一种新资产类别的推出，类似于从飞机到信用卡再到抵押贷款等一切资产的证券化。
To critics, it is a system that will cover up weaknesses in some corners of the AI marketplace. The concern isn’t about tech heavyweights—Meta, Microsoft, Google—with fortress balance sheets. Instead, it is about the many smaller AI labs, cloud companies and enterprises that have ravenous demand for Nvidia chips but face high interest rates if they want to finance purchases of them.
对于批评者来说，这个系统将掩盖人工智能市场某些角落的弱点。人们担心的并不是那些拥有堡垒般资产负债表的科技巨头——Meta、微软、谷歌。相反，它是关于许多较小的人工智能实验室、云公司和企业，它们对英伟达芯片有着巨大的需求，但如果他们想为购买这些芯片提供资金，将面临高利率。
The AI boom, and Nvidia’s financial momentum, can’t keep up at this blistering pace unless those kinds of companies get the hardware they need.
除非此类公司获得所需的硬件，否则人工智能的繁荣和英伟达的财务势头将无法跟上这种惊人的步伐。
Now, it will be up to Wall Street to convince debt investors of the merits of the new financing plan. No money has been raised yet under
the new partnerships. The goal is to sell public and private debt to pension funds, insurers and sovereign-wealth funds, among others, and use the proceeds to establish dedicated “platforms” that can swing into action and finance AI chip deals.
现在，华尔街需要说服债务投资者相信新融资计划的优点。新的合作伙伴关系尚未筹集到任何资金。其目标是将公共和私人债务出售给养老基金、保险公司和主权财富基金等，并利用所得资金建立专门的“平台”，以付诸行动并为人工智能芯片交易提供融资。
One challenge: The chips powering data centers become obsolete over time as the technology advances.
挑战之一: 随着技术的进步，为数据中心提供动力的芯片会逐渐过时。
“This is great for Nvidia, which needs its customers to have access to capital,” said Jack Ablin, founding partner at the $260 billion family office Cresset, an investor in Nvidia. “But if you’re a debt investor relying on compute power as collateral? I mean, historically, that’s an asset that’s had the shelf life of lettuce.”
“这对 Nvidia 来说是件好事，因为它需要其客户能够获得资金,”Nvidia 的投资者、价值 2600 亿美元的家族办公室 Cresset 的创始合伙人杰克·阿布林 (Jack Ablin) 说。“但如果你是一个依赖计算能力作为抵押品的债务投资者? 我的意思是，从历史上看，这是一种拥有生菜保质期的资产。”
Huang has said Nvidia customers are still using old-generation chips, a sign that the hardware maintains its value long after it is released.
黄仁勋表示，英伟达的客户仍在使用老一代芯片，这表明该硬件在发布很长时间后仍保持其价值。
In a TV appearance, executives involved in the agreement said the extreme supply and demand mismatch for Nvidia’s chips means they make excellent collateral, unlike fast-depreciating computer processors of the past.
参与该协议的高管在电视节目中表示，英伟达芯片的供需极度不匹配，这意味着它们是极好的抵押品，与过去快速贬值的计算机处理器不同。
BlackRock CEO Larry Fink KYLIE COOPER/REUTERS 路透社
贝莱德首席执行官拉里·芬克凯莉·库珀 /
BlackRock Chief Executive Larry Fink likened the current moment in financing of AI “compute” to the beginning of his career, when banks and investment firms pioneered the mortgage-backed securities market in the 1970s.
贝莱德首席执行官拉里·芬克 (Larry Fink) 将当前人工智能“计算”融资的时刻比作他职业生涯的开始，当时银行和投资公司在 20 世纪 70 年代开创了抵押贷款支持证券市场。
The exact terms of the AI funding arrangement are vague and will likely be dictated by what investors will agree to. But the idea outlined
by executives involved is for loans to be backed by Nvidia’s AI hardware that is being bought or leased.
人工智能融资安排的具体条款尚不明确，很可能取决于投资者的同意程度。但相关高管概述的想法是，贷款将由购买或租赁的英伟达人工智能硬件提供支持。
If a customer defaults, the thinking goes, a new one will step in quickly. Investing in such an instrument could be attractive for a debt investor who thinks the AI industry will continue to grow but is concerned about the risk of lending to an individual customer, people involved in the deal said.
人们认为，如果客户违约，新客户很快就会介入。参与交易的人士表示，投资此类工具可能对债务投资者有吸引力，他们认为人工智能行业将继续增长，但担心向个人客户贷款的风险。
The question that underwriters will have to assess is what would happen if the AI build-out stalls and projects are delayed or canceled. Another risk is if technological breakthroughs by Nvidia undermine the value of its older chips faster than anticipated.
承销商必须评估的问题是，如果人工智能建设停滞且项目被推迟或取消，会发生什么。另一个风险是，英伟达的技术突破是否会比预期更快地削弱其旧芯片的价值。
One Model for Financing AI Deals
Nvidia, which has faced criticism for a series of circular funding arrangements where it invests in the companies that buy its chips or uses its balance sheet to guarantee their financing, has been looking for other approaches.
英伟达因一系列循环融资安排而受到批评，该安排投资于购买其芯片或使用其资产负债表来保证融资的公司，该公司一直在寻找其他方法。
Huang said on X that Nvidia might in some cases use its balance sheet to backstop as much as 25% of the cost of a project through what he called a “residual-value support mechanism.”
黄在 X 上表示，在某些情况下，Nvidia 可能会通过他所谓的“剩余价值支持机制”，利用其资产负债表来支持高达 25% 的项目成本。
That would likely keep the obligations off Nvidia’s books initially but put the chip maker on the hook for a portion of the project if an end user of its chips defaults. Under a residual-value backstop, a guarantor such as Nvidia agrees to make up the difference if the value of a given asset backing a loan falls below a certain floor.
这可能会让英伟达最初不承担这些义务，但如果其芯片的最终用户违约，这家芯片制造商将承担部分项目的责任。在剩余价值支持下，如果支持贷款的特定资产的价值低于特定下限，英伟达等担保人同意弥补差额。
Huang says the new funding structure addresses concerns about circular financing. Some skeptics still see it as a sort of circularity lite.
黄说，新的融资结构解决了人们对循环融资的担忧。一些怀疑论者仍然将其视为一种精简循环。
Adding third-party capital and credit decision-making “should arguably alleviate circularity concerns…while admittedly polarizing the debate,” Morgan Stanley analyst Joseph Moore wrote Tuesday.
摩根士丹利分析师约瑟夫·摩尔周二写道，增加第三方资本和信贷决策“应该可以减轻循环性担忧……同时无可否认地使辩论两极分化”。
Rival chip maker Broadcom provided similar support on a $35 billion financing package that Apollo, Blackstone and a group of banks arranged to lease chips to Anthropic in June, though for a much higher proportion of the offering. Broadcom has disclosed that its maximum exposure under the backstop is $29 billion, an amount that decreases as lease payments come in.
竞争对手芯片制造商 Broadcom 也对 350 亿美元的融资方案提供了类似的支持，Apollo、Blackstone 和一组银行安排在 6 月份向 Anthropic 租赁芯片，但融资比例要高得多。Broadcom 透露，其在担保下的最大风险为 290 亿美元，这一数额随着租赁付款的增加而减少。
Raising money has become more expensive for AI companies across the board, but especially for weaker borrowers. They are being crowded out in the debt markets by a glut of supply from companies with investment-grade ratings like Meta Platforms, Google parent Alphabet and Amazon.com.
对于人工智能公司来说，融资成本变得更加昂贵，尤其是对于实力较弱的借款人而言。由于 Meta Platforms、谷歌母公司 Alphabet 和亚马逊等投资级评级公司的供应过剩，它们在债务市场上被挤出去。
Issuance this year of AI-related bonds by big tech companies, data-center projects and chip-financing vehicles reached $344 billion in early August, according to Bank of America Global Research. That is up by more than $200 billion from what was issued in 2025. A Bank of America survey indicates that investors expect about $100 billion in additional bond volume from big tech companies in the remainder of the year.
据美国银行全球研究部称，今年 8 月初，大型科技公司、数据中心项目和芯片融资工具发行的人工智能相关债券达到 3440 亿美元。这比 2025 年发行的债券增加了超过 2000 亿美元。美国银行的一项调查显示，投资者预计大型科技公司在今年剩余时间内将额外发行约 1000 亿美元的债券。
AI cloud-computing provider CoreWeave raised a $2.6 billion loan facility this month, backed by its contracts with Anthropic, Jane Street and others, at yields 5.5 percentage points above benchmark interest rates, or over 9% currently. The company’s bankers originally marketed the deal with a yield as much as 1.25 percentage points less than that. Investors demanded yields of almost 10% on a $3.5 billion junk-bond sale last month from Galaxy Digital to build a Texas data center leased to CoreWeave.
人工智能云计算提供商 CoreWeave 本月筹集了 26 亿美元的贷款融资，由其与 Anthropic、Jane Street 等公司签订的合同提供支持，其收益率比基准利率高出 5.5 个百分点，即目前的 9% 以上。该公司的银行家最初以比该价格低 1.25 个百分点的收益率推销该交易。上个月，Galaxy Digital 出售了 35 亿美元的垃圾债券，用于建设租给 CoreWeave 的德克萨斯州数据中心，投资者要求获得近 10% 的收益率。
Michael Burry, an investor famous for shorting mortgage-backed securities who has lately bet against Nvidia and other AI stocks, said
the deal points to vulnerability in the AI market. “Structuring credit is a natural part of the system,” he said on Substack. “Structuring unnatural credits to prolong momentum late in the bull phase is where the worry comes in.”
以做空抵押贷款支持证券而闻名的投资者迈克尔·伯里 (Michael Burry) 最近做空了英伟达和其他人工智能股票，他表示，这笔交易表明人工智能市场存在脆弱性。“构建信贷是系统的自然组成部分，”他在 Substack 上说道。“在牛市后期构建不自然的信贷以延长势头才是令人担忧的地方。”
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