According to CoinMeta, institutional analysis indicates that bond traders are concerned about providing guarantees for the “shadow credit” of artificial intelligence (AI) companies. Before NVIDIA announced a $500 billion financing deal this week, investors had already begun to pay attention to approximately $70 billion in “shadow liabilities” that are not reflected on the balance sheets of major AI companies but may emerge during times of crisis. NVIDIA could provide billions of dollars in “residual value support” for debt transactions related to infrastructure construction with AI, utilizing its higher credit rating to help customers control financing costs. With the soaring demand for computing power, such guarantees are almost like a “free lunch” for giants like NVIDIA and Broadcom. However, some investors doubt this logic. DoubleLine, a portfolio manager at Mariya Entina, pointed out: “It’s like playing with the rules in an attempt to get special treatment from rating agencies.”