So let me present to you how it works, how Nvidia “fully underwrites the economics.” The Cloud Credits economics probably refers, Intrador, CEO of CoreWeave, Nvidia’s de-facto SPV.

As of September 30, 2025, Nvidia sits on $26B in cloud credit commitments, while anticipating that it will use $1B of these during Q4, ending January 26, 2026. Which means that if Nvidia did not strike more cloud credits for GPU deals during this quarter, it would sit at $25B. But it could be even less. How? Nvidia explained it very well for the first time in Q3 2025. One may wonder why only last quarter, but this is not the only sudden disclosure or omission we have seen from Nvidia, so let us leave it aside for now. “Some cloud service capacity may be reduced, terminated, or sold to others by the CSPs, in which case our commitments will be reduced.”

What does it mean? How can Nvidia’s commitments be sold to others by the CSPs? It is simple. Nvidia “invests” in Startup X, in an AI company, or in an AI lab. They all share that they need GPUs. Instead of cash, Nvidia gives its cloud credits to the company in the same amount, or the majority of the amount, it intends to invest. Company X, in which Nvidia now has equity, will use them with the CSP from which Nvidia received the cloud credits by selling GPUs or striking a backstop agreement.

And that’s, folks, how you inflate demand.