The biggest customers are basically borrowing money from Nvidia itself to buy Nvidia chips. Nvidia just guaranteed a massive chunk of OpenAI's data center leases and helped arrange hundreds of billions in customer financing. So they sell chips to companies that can't afford them, help them borrow the money to pay for the chips, and then book the revenue. Days sales outstanding is climbing because customers are taking longer to pay. The only thing holding this up is the belief that AI will eventually make enough money to pay for all this. But most of the AI revenue right now comes from companies that are burning cash and can't actually pay for what they're using. This is not a real business, it’s just money moving in a circle.
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