NVIDIA

AI Infrastructure · Semiconductors · Finance

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Nvidia, Blackstone, BlackRock team up on $500B AI infrastructure fund

Wall Street is turning GPUs into a new asset class, letting AI buyers borrow against compute instead of their own balance sheets.

• Nvidia signed memorandums of understanding with Apollo Global Management, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR on Aug. 10, 2026 to build financing platforms aimed at mobilizing more than $500 billion in third-party capital for AI infrastructure.
• Nvidia's GPUs power most large-scale AI training and inference; the new platforms are meant to fund the data centers, power plants and chip factories customers need to deploy that hardware at scale.
• CEO Jensen Huang said Nvidia has the option to backstop up to $125 billion, or 25%, of the deals, though the company disclosed no timetable or individual firm commitments.
• GPUs have traditionally been treated as rapidly depreciating hardware; Nvidia is pitching them instead as long-lived, revenue-generating assets that lenders can underwrite like real estate or toll roads.
• Combined AI infrastructure spending by Big Tech is set to top $730 billion this year, underscoring the scale of capital the industry is now trying to raise outside company balance sheets.
• By recasting AI chips as an investable asset class, Nvidia is shifting the financial risk of the AI buildout onto institutional and private capital rather than its own or its customers' balance sheets.