Chipmaker Nvidia plans to raise more than $25B in its first bond deal starting in 2021

Early signs of market fatigue have prompted some tech companies to find other ways to raise money.

Anthropic has turned to private equity investors to seal a $35 billion deal backed by Broadcom. Google’s parent Alphabet decided to offer cash for the first time in more than two decades, bringing in $85 billion in new capital earlier this month.

Nvidia’s position as a supplier of powerful chips to the AI ​​industry needed to develop large-scale language models such as OpenAI’s GPT has proven to be very profitable for the Silicon Valley company, with its free output in the year to January jumping 59 percent to $96.6 billion.

However, after its value peaked at around $5.7 trillion in May, its shares have fallen along with the broader semiconductor market in recent weeks, and its market cap fell below $5 trillion at the end of last week.

While reaping huge profits from AI applications, Nvidia has also been a major investor in the AI ​​industry, donating $90 billion to developers, including OpenAI, Anthropic, and xAI, and vendors, including Coherent, Marvell, Lumentum, and Corning. In some cases, it has also agreed to act as a backstop or investment for customers building cloud computing services using its chips, including CoreWeave and Nscale.

The rise of financial guarantees and the reliance on AI companies has raised concerns about risk among bond investors, said Tom Murphy, global head of credit at Columbia Threadneedle Investments.

“The market is starting to worry about the money around this, because if one has a problem, then everything can be difficult,” Murphy said.

Nvidia has two A credits, the third most. The AI ​​player with the most credit Oracle is only two notches above the average.

Goldman Sachs, JPMorgan, and Morgan Stanley are active bookmakers in the industry.

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