As demand for AI infrastructure investment explodes, Wall Street's major financial institutions are pushing a plan to invest more than $500 billion (approximately 710 trillion won) in collaboration with NVIDIA.

With massive capital now required across advanced AI industries including data centers, power, and semiconductors, six financial firms — BlackRock, Blackstone, Goldman Sachs, Apollo Global Management, Brookfield Asset Management, and KKR — are moving to establish a dedicated funding pool for NVIDIA's clients. Rather than a single fund, the initiative will operate as multiple platforms, with each financial firm supplying capital through various financial instruments.

OpenAI and NVIDIA Discussing Large-Scale Projects

NVIDIA recently discussed providing up to $250 billion in guarantees for a 10GW data center development project that OpenAI is pursuing in Ohio, USA. If the deal materializes, it is expected to become NVIDIA's largest financing arrangement with a client.

Additionally, a plan for OpenAI to raise $350 billion to purchase NVIDIA chips has also been discussed.

Wall Street's Series of Moves for 'AI Financing'

In the past, Wall Street firms have poured hundreds of billions of dollars into the data center construction boom through direct investments or acquisitions of operators. Two years ago, BlackRock, Microsoft, and the UAE investment vehicle MGX formed a consortium to supply capital for data centers.

Earlier this year, Apollo and Blackstone signed financial platform agreements similar to those with Broadcom, supporting companies such as Anthropic in securing chip-based computing resources — illustrating a continued wave of diverse investment approaches.

Core Goal: 'Supplying Capital at Competitive Terms'

The core objective of the financial platform NVIDIA is pursuing is to help clients secure the capital they need to build large-scale AI infrastructure at competitive terms. Participating financial institutions plan to pool funds from investors and supply them to NVIDIA's clients at attractive interest rates.

NVIDIA CEO Jensen Huang said, "We are bringing together the world's leading long-term capital providers who can independently fund AI infrastructure," adding that the platform will provide practical assistance to clients in accessing computing resources and building AI factories.

BlackRock CEO Larry Fink also noted that future deals will carry high credit quality and can offer attractive yields to investors who are overly exposed to equities through debt investments.

AI Infrastructure Demand Growing to Astronomical Scale

The collaboration between NVIDIA and Wall Street firms comes as AI infrastructure investment demand reaches astronomical levels.

Morgan Stanley projected that hyperscalers such as Meta, Microsoft, Alphabet, and Amazon will invest $3.5 trillion in AI infrastructure between 2026 and 2028. Apollo President Jim Zelter forecast that more than $8 trillion in capital will be needed.

Tech companies are raising funds not only through stock issuances but also via investment-grade and high-yield corporate bonds, private credit, asset-backed securitization, and project financing.

Concerns Over 'Circular Financing' Structure

Meanwhile, some concerns have been raised about a so-called 'circular financing' structure, in which NVIDIA supports client fundraising and those funds flow back into NVIDIA chip purchases.

Bloomberg reported investor opinions that such deals could inflate AI demand and corporate valuations. In fact, cases are increasing where companies that NVIDIA has invested in or supported with financing go on to make large-scale purchases of NVIDIA products.

Recently, NVIDIA also announced plans to pursue over $500 billion in business jointly through an expanded partnership with the SK Group.

Bond Market Heightens Vigilance on NVIDIA Credit Risk

In the bond market, wariness over NVIDIA's credit risk is growing.

According to bond pricing information firm Solve, the yield spread between NVIDIA corporate bonds and U.S. Treasuries of the same maturity has doubled since June, reaching approximately 0.40 percentage points.

Bloomberg reported that while the timing and specific structure of the financing remain largely undisclosed, NVIDIA executives indicated that this plan will focus on debt financing to give its largest clients access to computing resources.