# AI suppliers are backing their own customers, not just selling to them
Latent Equity · published Oct 27, 2026 · AI capital ledger
Post: https://x.com/Latent_Equity/status/2115149419159179351

Our read: AI chip and cloud suppliers are backing the customers who buy from them, not just selling to them.

$NVDA has guaranteed up to $105B of data-center leases for an OpenAI affiliate. That is 109% of its latest quarter's revenue ($96.2B). A guarantee means the supplier pays only if the tenant defaults and the asset is worth less than promised. $105B is a ceiling, shown here for scale. Nothing has been paid; it isn't in effect yet, and payments could start around 2028.

Also in filings:
- $AVGO: up to about $29B backstop on one customer's leased chip racks, 98% of its quarterly revenue ($29.6B).
- $AMZN: $50.0B invested in OpenAI preferred stock, all funded; for scale, about 63% of AWS's first-half sales ($79.8B).
- $NVDA: $25.0B of commitments to invest in other companies in its ecosystem.

Ratios are our calc from filed figures. The worry: some demand is backed by the seller.

What would prove us wrong:
- the next filings ($NVDA's November 10-Q, $AVGO's December 10-K) show these promises flat or lower, with no payments made.

General research, the same for every reader. Not investment advice.