Aletheia Capital downgrades Nvidia to hold over $165 billion in AI financing commitments

The research firm pulled its $340 price target, flagging how much money Nvidia has tied up in supporting its partners' AI buildouts Aletheia Capital has cut its rating on Nvidia from Buy to Hold. The firm also withdrew its $340 price target on the chipmaker. The reason is not weak demand for chips. It is the amount of money Nvidia has committed to help its customers buy those chips. Analyst Stefan Chang pointed to $165 billion in AI financing commitments tied to Nvidia’s AI Computing Partner program. The world’s most-watched AI stock is now under the microscope for a new reason: how it is funding the boom, rather than whether the boom is real. What Aletheia is worried about The downgrade landed on November 9, 2026. The core concern is Nvidia’s financial exposure to the AI infrastructure buildouts it is helping make possible. According to the research, the $165 billion figure represents a more than tenfold increase in commitments. A large share of it traces back to a single project. About $105 billion of the commitments is associated with a major data-center project in Ohio. The partners and their appetite for capital Chang’s analysis names some of the key partners in this financing...