If they were buying GPUs with equity then it wouldn't show up on Nvidia's quarterly report as revenue, even if the net trade is GPUs for equity. This is the poi

If they were buying GPUs with equity then it wouldn't show up on Nvidia's quarterly report as revenue, even if the net trade is GPUs for equity. This is the point of the structure, to make cash flows show up as top line revenue. Furthermore, the structure pushes the liabilities off-balance sheet. This means if the flows slow down, in-flows rapidly become out-flows as Nvidia has to cover its liabilities. This is the problem with the trade, it puts everything on a knife's edge.