The Morgan Stanley Corporate Credit Team recently released a research report, setting Nvidia's credit rating as “neutral” and pointing out that the company supports the construction of artificial intelligence infrastructure through large-scale financing arrangements, which has formed a potential credit exposure of about 200 billion US dollars. The analysis team called this phenomenon “balance sheet as a service.” Morgan Stanley credit analysts Lindsey Taylor and Nishant Satyam estimate that by the end of 2028, Nvidia's overall credit exposure will be around $200 billion, of which approximately $170 billion will involve adjustments and contingent liabilities related to customer underwriting. However, even when these exposures are taken into account, Nvidia's balance sheet is resilient: the total debt leverage ratio is only 0.4 times. Assuming that growth stabilizes in 2028, it will only rise to 0.7 times, and the peak debt level will need to at least double again to trigger a downgrade in the S&P rating. Starting with a “neutral” rating, analysts advised investors to be patient, as there is currently no effective way to assess tail risk, and the ecosystem's more than $1 trillion of supplier circulation and opaque financing continues to operate through a “creative structure.”

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