According to CoinMeta, two major chip manufacturers, Nvidia (Nasdaq: NVDA) and Broadcom (Nasdaq: AVGO), are financing the growth of AI infrastructure through debt and private capital markets. Wolfe Research believes that these arrangements may pose long-term risks. On August 10th, Nvidia announced the signing of memorandums of understanding with Apollo Global Management, Blackstone, BlackRock, and others to establish a financing platform. It is estimated that if they can capture 70% of Nvidia's data center spending, this could generate approximately $350 billion in revenue. Broadcom is also pursuing a similar strategy, planning to collaborate with Apollo and Blackstone to create a $35 billion financing plan that is expected to provide 14GW of computing power for OpenAI and Anthropic by 2028. Although the current AI infrastructure industry is not facing overcapacity, Wolfe Research expresses concerns about future risks.