Sell NVDA by Sep 18, 2029.

Nvidia’s gross off-balance-sheet commitments and maximum exposures totalled roughly $530B as of Q2 FY27. Around $279B consists of supply and capacity commitments, so the full amount clearly should not be portrayed as demand-side vendor financing. Still, Nvidia is becoming more than a supplier of AI infrastructure. It is also a financial backstop for parts of the demand ecosystem. Strong AI demand can, in my view, coexist with engineered finance. The boom is not necessarily fake, but GPU sales are becoming …