Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Deep Fundamental Analysis

The Cost of Running Hot: Nvidia's Warranty Reserves Spike 168%

NVIDIA. Burry's Claims Miss The Forest For The Trees. The Real Issues Are Structural, Not Legal

Sold Out Yet Stockpiled: Nvidia’s Q3 Highlights Potential Deployment Limits

The Intel-Nvidia Deal Could Outflank AMD Entirely

Primer: Advanced Micro Devices (AMD US) - Sep 2025

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Equity Bottom-Up

<ul>
<li>Nvidia’s multi-year cloud service commitments jumped from $12.6B to $26B in one quarter, but only $1B is due in cash before late FY26, raising questions about the immediacy of demand.</li>
<li>Nvidia is backstopping customer infrastructure via an $860M facility lease guarantee, with only $470M escrowed; effectively transferring counterparty credit risk onto Nvidia’s balance sheet.</li>
<li>Structurally, this resembles circular financing, where customers take on debt (facilitated by Nvidia) to secure future compute capacity, enabling Nvidia to book future revenue while cash conversion lags.</li>
</ul>


Nvidia’s multi-year cloud service commitments jumped from $12.6B to $26B in one quarter, but only $1B is due in cash before late FY26, raising questions about the immediacy of demand.
Nvidia is backstopping customer infrastructure via an $860M facility lease guarantee, with only $470M escrowed; effectively transferring counterparty credit risk onto Nvidia’s balance sheet.
Structurally, this resembles circular financing, where customers take on debt (facilitated by Nvidia) to secure future compute capacity, enabling Nvidia to book future revenue while cash conversion lags.


How Much of Nvidia’s Demand Is Nvidia-Enabled?

NVIDIA Corp

How Much of Nvidia’s Demand Is Nvidia-Enabled?