Aletheia Cuts Nvidia to Hold Over $165 Billion in AI Computing Partner Program Financing

Aletheia Capital downgraded Nvidia from Buy to Hold and withdrew its $340 price target Monday, Nov. 9, as analyst Stefan Chang estimated $165 billion in financing commitments tied to Nvidia’s AI Computing Partner program. Chang linked about $105 billion of the commitments to a major data-center project in Ohio. His analysis also estimated that CoreWeave, Nebius and IREN may need as much as $124 billion combined over the next 12 to 15 months. Financing needs across Nvidia’s broader ecosystem could reach $450 billion to $500 billion by 2030, Chang estimated. The concern behind the downgrade centers on financing exposure from the AI infrastructure buildout, rather than weak demand for Nvidia chips. The move reverses Aletheia’s February 2026 upgrade of Nvidia to Buy.

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