Compute-as-collateral financing loop behind Nvidia CDS widening 1 Financing platforms six asset managers Aug 10 2026 MOUs Apollo BlackRock GIP Blackstone Brookfield Goldman Sachs KKR $500B+ third-party capital pool mobilized into independent financing platforms capital exits here capital 2 Collateralized borrowing OpenAI CoreWeave SK Hynix borrow against compute capacity proceeds 3 Chip purchases Nvidia GPUs compute as collateral — circulates 4 Nvidia revenue up front credit on the books OpenAI lease ~$250B OpenAI chips ~$350B SK Hynix ~$500B CoreWeave financing credit exposure 5 Concentrated risk future demand → current revenue counterparty exposure 6 The re-pricing CDS on NVDA low widening cash balance stays deep funded by the marginal credit buyer marginal buyer hedges — repayment doubted