Nvidia's CEO says the AI cloud renters aren't short of customers, they're short of money. Speaking to CNBC on the sidelines of GTC Berlin on Thursday, Oct. 22, 2026, Jensen Huang said: "If you look at the fundamentals, the demand for the neoclouds is off the charts. Their capabilities are extraordinary, and so what is missing in the middle is the working capital to fuel that growth, to fund that growth."
Neoclouds such as CoreWeave, Iren and Nebius rent GPU capacity to AI developers. "Because there's just so much demand across so many sectors of AI, there's a scarcity of capital," Huang said, adding, "That's going to get solved." Business Insider noted CoreWeave had $35.6 billion of debt as of June, per its filings, and that Nvidia invested another $2 billion in it in January. Huang did not name CoreWeave on Thursday.
Chips as collateral
"One of the things that we're trying to do is to establish Nvidia's compute as a financeable asset," Huang told CNBC, arguing the residual value of its hardware "is now becoming an asset class," Yahoo Finance reported. Capacity, citing his press remarks, said Huang described operators as "completely sold out" and that Nvidia has begun guaranteeing utilisation floors for some partners, such as Sharon AI. NVDA fell as much as 2% in premarket trading, Yahoo Finance said.
China
Huang also said U.S. export rules "definitely accelerated" China's chip development and that Nvidia is open to working with Chinese companies. Asked about memory maker CXMT, he said, "No market is closed forever," per Yahoo Finance.
Why it matters for Tesla and xAI
Tesla, SpaceX and xAI are among the biggest buyers of AI compute. Related: Nvidia's GTC Berlin keynote and Microsoft's exit from Nscale's Essex site.