英伟达与数据中心运营商Hut 8达成协议，租赁德克萨斯州Beacon Point数据中心园区，成为该园区的主力租户[1]。基础合同期为15年，基础价值196亿美元，若所有续约选项全部行使，总价值可达502亿美元[1]。
这一租约宣布引发市场对英伟达财务风险的担忧[1]。英伟达股价在消息公布前重挫5%[1]，其五年期信用违约互换(CDS)盘中涨幅约14个基点，最高升至每年约82个基点，创该合约自去年11月以来的最大盘中升幅[1]。市场对英伟达大规模AI融资义务与循环融资结构的风险表示关切[1]。
英伟达目前涉及多项重大融资承诺[1]。公司与SK海力士母公司的合作计划价值超过5000亿美元[1]，同时就向OpenAI提供高达2500亿美元担保展开谈论[1]，并在就为OpenAI采购芯片的3500亿美元美国项目提供融资进行磋商[1]。信用分析机构Coherence Credit Strategies首席投资官Sal Naro表示，这些"不透明、表外交易和公司间关系驱动的'金融炼金术'令人担忧，可能导致信用评级被下调"[1]。
Nvidia has entered into a long-term lease agreement with Hut 8 for data center space in Texas, securing its position as a major tenant at the Beacon Point data center park [1]. The base contract spans 15 years with a foundational value of $19.6 billion, though the total value could reach as high as $50.2 billion if all renewal options are exercised [1].
The announcement triggered immediate market concern about Nvidia's financial obligations and risk exposure. The company's stock declined 5% following the disclosure, while its five-year credit default swap spread widened by approximately 14 basis points intraday, reaching as high as 82 basis points annually—marking the largest single-day increase for this contract since November of the previous year [1]. The market reaction reflects growing anxiety surrounding Nvidia's massive AI infrastructure financing commitments and circular funding structures.
Nvidia's data center ambitions extend beyond this Texas facility. The company is simultaneously pursuing a partnership with SK Hynix's parent company, valued at over $500 billion [1]. Additionally, Nvidia is in discussions regarding a $250 billion guarantee to support OpenAI's operations, and is also negotiating financing arrangements for a $350 billion U.S. project to procure chips for OpenAI [1]. Sal Naro, chief investment officer at Coherence Credit Strategies, expressed concern about these arrangements, stating that "opaque, off-balance-sheet transactions and financially engineered relationships between companies raise worries and could trigger credit rating downgrades" [1].