$250 billion in proposed Nvidia support for OpenAI's Ohio data-center project prompted Jim Cramer to warn that AI financing is taking on dot-com-era traits that can unravel when customers run short of cash.
The guarantee under discussion would back lease and construction debt for a planned 10-gigawatt campus, extending a pattern in which Nvidia funds companies that also buy or rent its AI chips.
Nvidia shares fell more than 4% Monday, dragging semiconductor stocks lower, as investors weighed the risk that suppliers become exposed when customer spending depends on continued capital-market access.
OpenAI, valued at more than $800 billion in March, confidentially filed for an IPO in June; Cramer said Nvidia remains strong but warned the broader AI buildout could suffer if markets stop funding new data centers.