Deep Read: „Too Big To Fail“? Nvidia wird zum stillen Risiko für das globale Finanzsystem

Jensen Huang, the CEO of Nvidia, has built the company into the world's most valuable corporation, with a market valuation of 5.4 trillion dollars - surpassing the combined market values of major US banks such as Bank of America, Goldman Sachs, and Citigroup. Huang's influence extends further than this figure suggests, as he controls a unique network of connections in both the tech and financial sectors.

Major hyperscalers like Microsoft, Amazon, Meta, and Google account for nearly half of Nvidia's sales, along with data center operators, AI providers like Anthropic and OpenAI, and dozens of startups that have Nvidia investments. Meanwhile, Wall Street giants such as Blackrock, Blackstone, and Apollo plan to invest 500 billion dollars in the AI sector, with Nvidia securing a portion of these investments due to its central role.

This web of connections has earned Nvidia the nickname "the world bank for AI," with analysts describing Huang as the "semiconductor industry magician." However, there are concerns that this powerful position could create a dangerous cycle, as Nvidia's business thrives because it finances risky ventures, and Nvidia thrives because its customers' businesses do well.

Financial expert Mohamed El-Erian warns that Nvidia's "dual role" makes it system-relevant, and suggests that it may be "too big to fail." He points out that the risk of a domino effect arises from Nvidia's deep connections, as well as the moral hazard problem, where investors and businesses may take on higher risks due to the implicit government protection they receive.