Nvidia Nears $500 Billion AI Infrastructure Deal Amid Investor Unease

Some of Wall Street’s largest investment firms are reportedly preparing to commit $500 billion toward AI infrastructure funded through Nvidia, though the arrangement has left several investors uneasy. According to a Bloomberg report, Apollo Global Management, Blackstone, BlackRock, Brookfield Asset Management, Goldman Sachs and KKR are among the firms involved in discussions, with an agreement potentially finalized as early as Monday. Details remain scarce — it’s unclear which specific projects the funding would support, or whether the money represents new commitments or spending Nvidia had already pledged.

Stock Slips Despite Deal Momentum

Even as talks progressed, Nvidia’s shares fell 2.2% on the day the news surfaced. The dip reflects growing investor skepticism about the chipmaker’s expanding web of financial commitments across the AI sector. Nvidia has already struck hundreds of billions of dollars in agreements industry-wide, including discussions to back up to $250 billion in financing that would let OpenAI lease computing capacity from a large-scale Ohio data center.

Concerns Over Circular Financing

Critics argue that Nvidia’s practice of financing the very companies that purchase its chips could be artificially boosting demand figures and inflating valuations across the AI industry, rather than reflecting genuine organic growth. This circular dynamic — where the chipmaker effectively bankrolls its own customer base — has become a recurring point of concern among market watchers trying to gauge whether AI spending is sustainable.

Despite the pushback, Nvidia has shown no signs of slowing its dealmaking pace. The company recently expanded a partnership with South Korea’s SK Group valued at more than $500 billion and made a sizable investment in Ilya Sutskever’s AI startup, Safe Superintelligence, underscoring its aggressive push to cement itself at the center of the global AI buildout.