Nvidia announced memoranda of understanding with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs, and KKR to mobilize over $500 billion in third-party capital for AI infrastructure. The deal aims to fund data centers and chip deployments for Nvidia's customers, including frontier AI labs, enterprises, and cloud providers, at what the company calls attractive rates. Nvidia retains the option to backstop up to roughly 25% of the financing, or about $125 billion, creating correlated risk. The stock declined about 3% following the announcement. The $500 billion figure represents non-binding MOUs, not committed capital. Data center GPUs become obsolete in 3-5 years versus 30-50 years for toll roads, undermining the infrastructure-lending model. AI's end demand still lacks cash flows to justify the leverage being stacked. Hyperscalers like Microsoft, Meta Platforms, and Amazon cannot fund a global compute buildout entirely with free cash flow, shifting financing toward institutional capital that built America's highways and power grids.