AI Market · Forecast desk · hit · capital
70% · hit
At least one major equity research firm or audit-grade publication explicitly frames NVIDIA's 2026 customer-equity stakes (CoreWeave + IREN, plus any subsequent counterparty) as a circular-financing risk in a written report or audit qualifier.
Outcome
JPMorgan equity research on IREN (May 11) kept an Underweight rating while flagging the NVIDIA partnership's "circular nature" and undefined GPU access as tempering the deal — a major sell-side written report explicitly framing an NVIDIA 2026 customer-equity counterparty as circular-financing risk, which is what the trigger asked for. Recorded with a caveat: the JPMorgan note itself is subscriber-only, so the citation is contemporaneous coverage quoting it rather than the primary document. Holding out for the PDF would make sell-side predictions effectively unresolvable, but the weaker evidence chain is noted.