Financing needs across Nvidia’s AI infrastructure ecosystem were central to Aletheia Capital’s Monday decision to cut the stock to Hold and withdraw its $340 target.
Analyst Stefan Chang connected about $105 billion to a major Ohio data-center project. He estimated commitments tied to Nvidia’s AI Computing Partner program at $165 billion.
For Nvidia’s wider ecosystem, Chang put possible financing needs at $450 billion to $500 billion by 2030. His 12-to-15-month estimate for combined needs at CoreWeave, Nebius and IREN reached as much as $124 billion.
Aletheia cited financing exposure in AI infrastructure as its concern, rather than weaker demand for Nvidia chips.
The firm upgraded Nvidia to Buy in February 2026 with a $250 target, then raised it to $270 in May. It later set the target at $340 before withdrawing it with Monday’s move to Hold.
