Part of our AI chips and memory explained: GPUs, TPUs and HBM guide
Aletheia Capital issued a rating downgrade on Nvidia and removed its $340 price target over risks tied to the chipmaker’s AI Computing Partner program, Investing.com reported on November 9, 2026, citing analyst Stefan Chang. Per Investing.com’s account of the note, the firm moved Nvidia to “Hold” from “Buy.” The research note itself is not public; the figures below are Aletheia’s estimates as reported by Investing.com.
Chang said the AI Computing Partner program has increased Nvidia’s financial commitments more than tenfold to $165 billion in the second quarter of 2027, Investing.com reported. Per that account, Nvidia’s financial-infrastructure guarantee for an Ohio data-center project alone accounts for $105 billion of the exposure. Those are Aletheia’s figures for commitments and guarantees, not Nvidia cash already spent.
Separately, Aletheia estimates the top neoclouds—CoreWeave, Nebius and IREN—need $124 billion over the next 12 to 15 months to sustain about 3.5 to 4 gigawatts of capital spending, Investing.com reported. That partner-capital estimate is not Nvidia’s $165 billion commitment tally and should not be added to it. Codema’s neoclouds explainer on CoreWeave and Nebius covers how those operators fund GPU capacity; GPU-backed financing and SPVs explains related credit structures.
The downgrade is about how the AI build-out is financed, not a finding that chip demand has stalled. For the GPUs and memory behind that build-out, see our AI chips and memory guide. It lands on the same morning as separate governance scrutiny of Nvidia’s CEO, covered in Codema’s board-probe report; the two stories are different risks. Nvidia is scheduled to report earnings on November 17, Investing.com noted; Codema’s Q3 earnings preview covers what to watch.
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Carrie F.AI Money desk
Carrie F. is a Codema.ai house byline: a pen name used by our editorial desk, not one individual journalist. It covers AI Money: earnings from Big Tech and chipmakers, AI capital spending and how the build-out is financed, plus plain-English explainers such as free cash flow, EPS and how to read a 10-Q. It's news and analysis, not financial advice. Pieces under this name are written with AI assistance and reviewed by a human editor before they're published.
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