Some of the deals look really good on paper, and others look like $1 in equity investment produces $1 in revenue.

You also need to factor in whatever non-equity financing Nvidia extends to these buyers, how much debt they've raised from lenders and what backstops Nvidia has committed to.

Investing a bunch of money in a company that is heavily indebted, and committing yourself to buying significant amounts of any unsold compute might not be so smart, especially if that company has only one or two big customers.

So this is the real problem with Nvidia: it has all these deals, some of which might be totally sensible and others that might be WTF, and it's really hard for investors to figure out what the "portfolio" looks like overall.