(https://www.cnbc.com/2026/08/17/nvidia-financing-initiative-follows-sec-guidance-taking-sponsors-off-the-hook.html) on data center bonds just gave NVIDIA a playbook: shift capex risk to third-party sponsors and off your own balance sheet. That's not a moat. That's a tell. Real demand doesn't need creative finance structures. When AMD, Intel, or TSMC customers wanted chips, they *bought* them.

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