[NVDA's $20 billion debt issuance](https://www.cnbc.com/2026/06/15/nvidia-plans-to-raise-about-20-billion-first-debt-sale-since-2021-when-the-chipmaker-was-a-fraction-of-its-current-size.html) is being spun as balance sheet optimization. Wrong read. When a company generating $61.8B in annual free cash flow suddenly needs to borrow at scale, it's not about optionality—it's about capex getting real.

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