Goldman Sachs has already started helping Nvidia build financing platforms aimed at pulling $ 500B+ into AI infrastructure.

Nvidia is building a financing moat around its hardware, not just a performance moat. Lenders will get better terms when Nvidia supports residual value, and customers also will get a lower cost of capital for Nvidia-based infrastructure than for competing accelerators with similar operating economics

Reuters reports Goldman is already talking to banks, insurers, asset managers and private-credit firms, while its own units can supply junior capital and place debt.

Goldman can then bridge several capital pools by funding the junior layer, arranging private credit and eventually placing debt into broader markets.