Morgan Stanley: Nvidia's participation in AI infrastructure financing increases credit risk

Morgan Stanley has initiated a neutral assessment of Nvidia's credit coverage, stating that Nvidia's involvement in AI infrastructure financing platforms with a scale exceeding $500 billion will make credit exposure more complex. NVIDIA helps cloud providers and data center operators invest through residual value guarantees, revenue sharing, credit support, and cooperative financing. Morgan Stanley expects NVIDIA's broad credit exposure to approach $200 billion by the end of 2028. If the depreciation of AI computing power assets is faster than expected or customer cash flow is lower than expected, Nvidia's ecological financing arrangement will become a new valuation variable.