Nvidia stepped back from the AI-cloud revenue-sharing financing programme it launched in July, reportedly after its own employees flagged antitrust exposure and raised concerns about how far it could dictate customers' business operations. This is the first evidence on this thread that Nvidia is retreating from the circular structure voluntarily — a materially different signal from a customer failing, which is what the thread has been braced for. Nvidia's spokesperson did not deny the pause, saying only that "the new business model we introduced in July... is still in place and continues to evolve due to high demand." ⚠️ WSJ-sourced and paywalled; no primary Nvidia statement or filing beyond the secondhand spokesperson quote. (Yahoo Finance, WSJ-sourced, Reuters via Yahoo) SharonAI Holdings fell 4.2% to $56.73 with its $4.88bn Nvidia Master Cloud Services Agreement reported in limbo — six years, up to 40,000 Grace Blackwell GB300 GPUs, 72MW of Australian capacity. The customer balance sheet is where the pullback becomes visible, and it is the first named deal this thread can point to as directly contingent on the financing programme continuing. (TechStock²) Nvidia-backed Lambda raised about $1bn of JPMorgan-arranged private debt for GPUs tied to a Microsoft collaboration, at up to 3.75 points over the benchmark on a 4.4-year maturity against the ~7 years typical for the format. The short tenor is the signal, not the size — lenders declining to take GPU depreciation risk over a normal loan life is the credit market asking the same question this thread asks from the equity side. Distinct from Lambda's separate $926M term loan B that closed 08-12. (Bloomberg)