TD Cowen渠道检查称英伟达或为甲骨文数据中心提供信用支持/转租算力，双方均未置评，属未经证实的双面解读

Amid concerns about the health of the artificial intelligence spending bonanza and credit default swaps, Nvidia ( NVDA ) might be backstopping Oracle's ( ORCL ) data centers, TD Cowen said on Tuesday. “Our latest checks indicate Nvidia is providing credit support to Oracle, either in the form of backstops or by leasing capacity directly and subleasing it to Oracle, which we believe in part explains Oracle's recent wave of data center leasing in Southeast Asia in support of its recently reported agreement with Tencent,” TD Cowen analyst Michael Elias wrote in a note to clients. “In addition, our checks indicate Oracle is in active conversations for vendor financing as it looks to deliver previously contracted capacity, consistent with prior [management] commentary,” Elias added. “With incremental Oracle data center demand coming to market with the support of Nvidia, and given its historical approach of tying leasing to incremental compute deals, we view its return to leasing as a potential indication of future [remaining performance obligations growth].” Nvidia and Oracle did not immediately respond to a request for comment from Seeking Alpha. Shares of both companies moved higher following the release of the note.