Chuyên gia phân tích: NVIDIA đang trở thành "người phân bổ vốn" trong thời đại AI, thúc đẩy quá trình tài chính hóa ngành công nghiệp

The Huoxing Finance report states that on July 24, analyst Rick said NVIDIA is playing a role similar to a "central bank" in the AI era. Although NVIDIA cannot issue currency or set interest rates, it is influencing the allocation of the AI industry’s most scarce resource—capital. He noted that the AI industry is gradually shifting from the traditional semiconductor supply chain toward an infrastructure asset system, with capital itself becoming an essential component of the AI ecosystem. In this process, NVIDIA drives the entire industry’s capital flywheel by securing core production capacities such as GPUs, HBM, and advanced packaging, while helping clients and suppliers resolve financing issues. Currently, the AI industry has formed a circular model: "raise capital to purchase GPUs → lease GPUs to generate cash flow → use cash flow to support new financing → continue purchasing GPUs." This has gradually endowed GPUs with infrastructure asset characteristics, enabling them to generate long-term cash flows, support collateralized financing, and even facilitate asset securitization. Meanwhile, tech giants such as Microsoft, Google, Meta, and Amazon continue to expand their AI capital expenditures. NeoCloud enterprises are expanding through debt financing, HBM suppliers and advanced packaging manufacturers are accelerating capacity expansion, and private credit funds, infrastructure funds, and sovereign wealth funds are also entering the AI data center investment space. Analysis suggests that as AI infrastructure investment scales up, the AI industry may become one of the largest capital-absorbing sectors globally. Hundreds of billions of dollars in AI capital expenditures will continue to flow into areas such as GPUs, data centers, power, fiber optics, cooling systems, HBM, and advanced packaging. This trend may also impact financial market structures: even if short-term interest rates decline, long-term financing costs may remain elevated due to strong demand for AI capital. Meanwhile, capital will further concentrate in AI companies with stable cash flows and high growth certainty, potentially increasing financing pressures on traditional industries.