AI demand
Nvidia free-cash-flow waterfall into AI-ecosystem financing, circular demand loop, earnings-quality discount and moat-or-liability branch cash from operations large free cash flow ~47% FCF margin 1 waterfall split deployed remainder buyback slice return a slice ~half · peers 75-100% 2 re-rating gate buyback ~half of FCF toward peer norm 75-100% 7 normalize buybacks AI-ecosystem finances the customers backstops the leases 3 financed customers 4 circular demand loop revenue returns exclusive compute lock guarantees residual reads as balance-sheet risk market price SOTP fair value 5 discount could compress AI demand compounds or slows? 6 moat loop sustains guarantees stay residual liability guarantees · pledges crystallize into credit risk feedback