[UPDATE] Two roster voices now independently describe Nvidia's balance sheet as the sector's central counterparty
The Innermost Loop letter ties Friday's equity disclosures to the roughly $500bn of third-party capital Nvidia is marshalling with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR, and to hyperscaler lease obligations it puts at $1.5tn with $1tn off balance sheet. It is the second roster source this window to frame credit-risk concentration in one company's balance sheet as recurring rather than one-off. This is an observation about where sector leverage sits, not about direction: Nvidia closed 14 August at $225.16, essentially flat and near its highs.