Nvidia’s $600 billion cloud gamble could reshape AI infrastructure, or backfire spectacularly

Nvidia has spent the last few years becoming the most important company in AI. Now it’s apparently trying to become the most important bank in AI, too. A column published on July 27 flagged what it calls “Cloudmaxxing,” a term for Nvidia’s increasingly aggressive strategy of financially undergirding massive data center buildouts. The concern centers on roughly $600 billion in financing tied to OpenAI and SoftBank’s plans to construct a 10 GW data center campus. The Ohio megaproject and Nvidia’s expanding role The flagship initiative is a planned campus in Ohio that could cost upward of $500 billion. Nvidia is reportedly positioning itself to guarantee approximately $250 billion of that total cost, effectively helping less established developers access cheaper debt by putting its own balance sheet on the line. Back in September 2025, Nvidia entered a $6.3 billion capacity backstop deal with CoreWeave, a cloud computing firm that has become one of its largest non-hyperscaler customers. That deal raised some eyebrows at the time, but $6.3 billion looks almost quaint compared to the scale now being discussed. Why this matters for the AI supply chain The Breakingviews column specificall...