[Morgan Stanley: NVIDIA's AI Financing Expansion Brings New Credit Risks] BlockBeats News, August 26, Morgan Stanley recently initiated coverage of NVIDIA's credit profile and issued a neutral rating. The firm believes that NVIDIA still possesses a very strong balance sheet and cash flow, but as the company engages in an AI infrastructure financing platform exceeding $500 billion in scale, its credit exposure will become more complex. Morgan Stanley's primary focus is that NVIDIA is transitioning from being merely a chip supplier to becoming a driving force in AI ecosystem financing. Beyond directly selling GPUs, the company may also assist cloud providers and data center operators in expanding their computing power investments through methods such as residual value guarantees, revenue sharing, credit support, and collaborative financing. The firm estimates that by the end of 2028, NVIDIA's broad credit exposure could approach $200 billion. While this does not alter NVIDIA's core position in AI hardware, it will prompt the market to reassess its risk pricing. With recent increased volatility in AI stocks, investors have already begun focusing on the return on capital expenditures by cloud providers, the realization of AI revenues, and the financing pressures on data centers. If the depreciation of AI computing assets in the future is faster than expected, or if some customers' cash flows fall short of market assumptions, NVIDIA's ecosystem financing arrangements could become a new valuation variable.