NVIDIA's role as a global financier of AI infrastructure is facing its first major stress test as credit markets tighten for its key partners. NVIDIA not only provides advanced technology but also helps clients secure loans through investments and guarantees. As of July, NVIDIA had $36 billion in off-balance-sheet AI cloud agreements (guarantees) and provided up to $105 billion in chip, land, and power guarantees for OpenAI's Ohio data center project. This month, "new cloud" companies in NVIDIA's portfolio, CoreWeave, Nebius, and IREN, have seen their stock prices fall by at least 30%, with CoreWeave's credit default swap spreads soaring above 11%. NVIDIA's stock price has fallen 7.6% this month, potentially marking its worst monthly performance since November last year. Despite this, NVIDIA CEO Jensen Huang reiterated confidence in the market this Thursday, stating that demand for "new clouds" is "insanely high" but lacks operating capital to drive growth. As of Q2, NVIDIA's investment portfolio was valued at $99 billion, and in August, it announced a partnership with six asset management firms to promote a $500 billion financing plan, treating computing infrastructure as an investable asset class.