Morgan Stanley Research’s view: NVIDIA Corp.’s credit fundamentals remain strong, but the tail risk from using its balance sheet to support ecosystem financing is at an early stage, has limited transparency, and could be significant. Conditions: The scale of related guarantees and contingent commitments is lower than expected, transparency around financing structures improves significantly, and monetization proceeds faster than expected.
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Morgan Stanley Research’s view: NVIDIA Corp.’s credit fundamentals remain strong, but the tail risk from using its balance sheet to support ecosystem financing is at an early stage, has limited transparency, and could be significant. Conditions: The scale of related guarantees and contingent commitments is lower than expected, transparency around financing structures improves significantly, and monetization proceeds faster than expected.