Analyst Pouladian: $NVDA's Financing Structure Rebuts "Circular" Criticism, Per CFO Kress

Ben Pouladian said the circular financing case against $NVDA misses how the deal is actually structured, pointing to CFO Colette Kress's explanation on Nvidia's Q2 call.
According to Pouladian, Nvidia isn't lending against its own GPUs. Once deployed, the GPUs go into revenue-share agreements and are treated as productive, financeable assets, similar to an airplane or a railroad, rather than a loan against depreciating hardware. Pouladian said this structure directly rebuts the idea that Nvidia's financing ecosystem is circular and not real.
etn. co-hosts Ronan Chambers and Luke Knight had him walk through the structure right after he discussed why $NVDA's 70% growth guide reflects a supply cap rather than a demand crack.