Larry Fink just compared AI chip financing to mortgage-backed securities. The deal turns Nvidia's chips into loan collateral, letting customers borrow rather than pay upfront, and positions six of the largest capital allocators on earth as the underwriters of a new AI credit market. But the direction is clear: Wall Street is building the securitization infrastructure to put debt under AI capex at industrial scale. Nvidia benefits from selling chips and, per CNBC, has the option of backstopping 25% of every loan funding those sales. AI chips are the asset class of this moment.