Nvidia is providing a $250 billion backstop to OpenAI, allowing the AI lab to lease space at the largest data center ever built despite lacking profits or an investment-grade rating. Nvidia is essentially cosigning the lease because OpenAI’s landlord, SoftBank, dislikes the tenant risk. Broadcom performed a similar role for Anthropic a few weeks ago. The arrangement is described as classic credit-enhancement, wrapping risky assets in safer ones. The article draws parallels to AIG’s role in the 2007 bubble, noting that risky AI ventures are being shined up by Nvidia, Broadcom, and Google. Nvidia needs to be part of the AI buildout but is testing its balance sheet to finance customers, as OpenAI will put Nvidia chips inside the Ohio data center. This echoes General Electric and General Motors, which were nearly toppled by their finance arms in 2008.