Hello Reader, Monday the CEO of BlackRock compared Nvidia's new financing structure to the invention of mortgage-backed securities. He meant it as a compliment. Nvidia had just signed six agreements to put over $500 billion of outside money behind AI infrastructure, and the pitch was that GPUs are collateral now. Four days later Nvidia cut the guarantee it was willing to put behind OpenAI's Ohio campus from $250 billion to under $120 billion. Let's get into it. Macro Nvidia Cut Its Own...