How Nvidia's financing platforms turn AI compute into an asset-backed debt market Capital flows from Nvidia MOUs into financing platforms, is held in private-credit funds, and placed into public debt; a capped backstop gate sends residual-value losses to insurers and private-credit funds, stalling the cycle. Nvidia MOUs six asset managers Financing platforms Goldman · Apollo · BlackRock Blackstone · Brookfield · KKR Private-credit funds debt held here first Public debt funding costs fall Asset class scales Insurers Banks Money managers Private credit Nvidia backstop capped share First-loss layer insurers + private credit AI capex funding cycle stalls residual-value risk losses flow to consortium cap structured by Goldman IB placement credit risk sits with the consortium