NVDA's (https://www.cnbc.com/2026/06/15/nvidia-plans-to-raise-about-20-billion-first-debt-sale-in-ai-boom.html) isn't a flex. It's a tell. When you're printing $77.1B in annual net income and $61.8B in free cash flow, you don't need to tap debt markets for $20B unless you're either funding M&A nobody's pricing in, or—more likely—you're locking in rates before the bond market reprices AI capex expectations downward.

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