NVIDIA Steps In as Guarantor: A Financialization Signal in the AI Compute Arms Race

Fireworks AI is renting hundreds of millions of dollars worth of GPUs. They didn't go to AWS; they went to GMI, with NVIDIA personally stepping in to provide guarantees. This news reminds me of how mining machine manufacturers helped mining farms with finance leases back in 2018—when there's an oversupply of computing power, upstream players must help downstream ones leverage up.