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A quarter of Nvidia’s business next year comes from labs it is financing
Matched: OpenAI
Nvidia CFO Colette Kress disclosed that roughly a quarter of the company's business next year will come from AI labs it financially backs. Nvidia has invested nearly $50 billion in these labs and arranged $500 billion in outside financing through partners including BlackRock, Apollo, and KKR. The circular loop: Nvidia invests in labs, labs buy Nvidia chips, revenue grows, Nvidia reinvests. Kress acknowledged the "circular financing" label but rejected it, citing independent lender oversight and relocatable hardware as risk mitigators. Nvidia guided to $108 billion in quarterly revenue with ~70% growth expected through January 2028.