Nvidia may backstop Oracle data centers, TD Cowen reports

Nvidia might be lending Oracle more than chips. It might be lending its balance sheet. TD Cowen analyst Michael Elias suggested on October 20, 2026 that Nvidia may be financially supporting Oracle’s AI data center buildout. Neither company has confirmed it. What TD Cowen is describing Elias outlined two possible shapes for the arrangement. Both are about making lenders comfortable. The first is a credit guarantee. Nvidia would stand behind Oracle’s lease payments on data center facilities. The second option has Nvidia leasing the facilities itself. Oracle would then sublease the space from Nvidia. Either version, according to the analyst, could reassure lenders. That matters because Oracle needs construction financing to get these facilities built in the first place. There’s a notable gap in the picture. The size of any Nvidia support has not been quantified, so nobody outside the two companies knows whether this would be a modest assist or a major commitment. Why Oracle needs the room Oracle’s cloud infrastructure revenue rose 121% year-over-year to $7.4 billion in its latest quarter. The analyst tied the potential Nvidia arrangement to a reported $7 billion deal between Oracle an...