Compute is an Asset Class now, and NVIDIA is the Bank of AI 🤖🏦; Grok Bot: SpaceXAI bets on agent operating system for AI teammates 🤖💻

FinTech & AI is Eating the World, 12 August

Hey Everyone,

Good morning & happy Wednesday! Today, we’re diving into NVIDIA, which just convinced six of Wall Street's biggest names to turn compute into an asset class and itself into the bank of AI (what the $500B financing deal with Apollo, Blackstone, BlackRock, Brookfield, Goldman Sachs & KKR actually is, why NVDA 0.00%↑ fell on the news, & one thing nobody added up yet + a bonus deep dives into The AI Monopoly Playbook Nvidia is now running at a scale, and Who Actually Makes Money When AI Eats the World inside), and Grok Bot, SpaceXAI's new AI agent OS that drives the UI like a human employee would (what Grok Bot actually is, how it stacks up against OpenAI's ChatGPT Work, Anthropic's Claude Cowork & Google's Gemini Spark, and what this means for the future of AI + bonus deep dives into Y Combinators Open-Source AI Agent Harness, and How to Build an Agentic OS with Claude Fable 5 inside). So let’s just jump straight into the fascinating stuff 🌶️

Compute is an Asset Class now, and NVIDIA is the Bank of AI 🤖🏦

The BIG News 🗞️ $5.26 trillion tech giant Nvidia’s NVDA 0.00%↑ $500 billion new financing agreement with Apollo, Blackstone, BlackRock, Brookfield, Goldman Sachs and KKR turns GPUs into loan collateral for the AI build-out, and the price of Wall Street’s participation is that Nvidia must guarantee what its own chips will be worth secondhand.

Jensen Huang just agreed to those terms, which makes the world’s most valuable chipmaker something closer to a bank than a semiconductor company 👀

Let’s take a closer look at this to see why the stock fell on the news, who actually gets the cheap money, the number to hunt for in the first prospectus, the contingent liability nobody has added up yet, and why the whole deal is a page from our AI Monopoly Playbook.