CRWV, NBIS Stocks Climb – Nvidia’s $250B OpenAI Guarantee Is A ‘Constructive’ Signal, Says Analyst

• Bloomberg Intelligence said the reported structure reinforces confidence that AI infrastructure demand remains strong and could improve financing conditions for neocloud providers.
• Critics including Michael Burry questioned whether the arrangement reflects increasingly interconnected financing across Nvidia's AI ecosystem.
• Analysts said upcoming earnings from Microsoft, Amazon and Meta Platforms will provide the next major test of whether hyperscaler AI spending continues accelerating.

Shares of CoreWeave (CRWV) and Nvidia (NVDA)-backed Nebius (NBIS) climbed in pre-market trade on Monday after The Wall Street Journal reported that the Jensen Huang-led firm is in discussions to provide a $250 billion financing backstop for an OpenAI data-center lease. 

“Nvidia’s talks to provide a roughly $250 billion financing backstop for an OpenAI data-center lease, as reported by The Wall Street Journal, look constructive for CoreWeave, Crusoe Energy and other neoclouds,” said Bloomberg Intelligence analyst Anurag Rana. “The structure suggests Nvidia is prepared to support larger AI infrastructure build-outs, easing concern that capacity demand is fading or that funding markets won’t absorb the next wave of projects.” 

CRWV’s stock climbed more than nearly 3% in pre-market trade, while NBIS stock rose over 5%. Retail sentiment on Stockwits diverged around the two companies, with sentiment around CRWV trending in ‘bearish’ territory over the past day, while NBIS saw sentiment in the ‘bullish’ zone. 

How Nvidia Could Help Fund The Next AI Buildout

According to the report, Nvidia's proposed financing support is tied to a 10-gigawatt AI data center campus in southern Ohio being developed by SoftBank's energy subsidiary. The project is expected to cost more than $500 billion, including computing hardware.

The reported $250 billion guarantee would support construction financing and lease obligations, helping OpenAI obtain more attractive financing despite not holding an investment-grade credit rating.

The Wall Street Journal also reported that Nvidia is discussing financing OpenAI's purchase of Nvidia chips for the campus, a package that could total another $350 billion.

The first phase of the project, representing roughly 800 megawatts of capacity, is expected to begin operating in 2028. Microsoft (MSFT), Alphabet's Google (GOOG, GOOGL), and Anthropic have also reportedly expressed interest in using the campus.

Not Everyone Is Convinced

Investor Michael Burry and technology commentator Ed Zitron questioned the arrangement over the weekend, stating that it resembles the interconnected financing relationships critics have highlighted among Nvidia, OpenAI, CoreWeave and other AI infrastructure companies.

Rana, however, said the next major test for the investment thesis will come during earnings season. "Alphabet's capex increase last week pointed to sustained hyperscaler spending, and similar signals from Microsoft, Amazon and Meta would reinforce our view that high-end AI computing remains supply-constrained," he said.

He added that investors will also watch whether Google extends similar credit-support arrangements to other cloud providers, following its previous support for Fluidstack, which could further reduce financing costs across the AI infrastructure sector.

NVDA’s stock edged 0.7% higher in pre-market trade. The firm on Monday announced the Open Secure AI Alliance (OSAA), a coalition of nearly 40 technology companies that will jointly develop open-source tools designed to help organizations defend against AI-powered cyberattacks.

Read also: CORZ Stock Falls On Lone Wall Street Downgrade – Analyst Hikes Targets For CLSK, CIFR, HUT

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