The US energy regulator FERC has ordered six major grid operators to fast-track connections for new AI data centres, a move that plays straight into Nvidia’s evolving strategy. The chip giant is no longer content to just sell processors; it is co-developing “AI factories” that generate their own power and respond to electricity market fluctuations in real time. The first commercial project, a 96-megawatt facility in Virginia, is set to go live this year, leveraging the Vera Rubin DSX design and software that links servers directly to the grid.
Not all regulatory news is so supportive. Senator Elizabeth Warren, a senior Democrat on the Banking Committee, has set Nvidia a hard deadline of 18 June to explain how it monitors chip exports to China. The request follows several Justice Department cases suggesting that Nvidia products—including H100 and H200 chips worth roughly $160 million—were illegally diverted to China via Southeast Asia. The committee wants to know whether Nvidia’s board classified these incidents as material risks.
While Nvidia fields questions from Washington, its biggest customers are turning into rivals. Google is using so-called circular financing structures, offering data-centre operators multibillion-dollar guarantees on the condition they use Google’s own Tensor Processing Units rather than Nvidia’s GPUs. Amazon is pushing its Trainium chips as a direct alternative. The goal for both hyperscalers is clear: reduce dependence on Nvidia’s expensive hardware and take greater control of their AI stacks.
Despite these headwinds, Nvidia’s financial firepower remains formidable. On 18 June the company closed a $25 billion bond issuance that drew orders of around $85 billion—more than three times oversubscribed. The longest tranches run until 2056. Part of the proceeds will go into a $54 million funding round for Verse, a startup that uses on-site battery storage to bypass the five-to-seven-year wait for grid connections. Verse can bring facilities online up to three years early.
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That capital is also backing the next hardware cycle. Nvidia’s Rubin platform has already entered mass production, with partners including Amazon, Google and Microsoft expected to roll out the first systems in the second half of 2026. The company projects that cloud giants will invest a combined $1 trillion in AI infrastructure by 2027. Revenue in the latest quarter surged 85% year on year.
The stock is holding up reasonably well. At €182.10 per share, it sits about 10% below the May all-time high of €202.50, but it has maintained the important 50-day moving average (€182.00). Year to date, the shares have gained roughly 13%, though on a 12-month view the advance is around 45%.
All eyes will be on the virtual annual general meeting on 24 June. The agenda includes seven items, among them the election of board members and several shareholder proposals calling for reports on greenhouse gas emissions and diversity policies. However, the discussion is likely to be dominated by China compliance and the competitive threat from Google and Amazon—two challenges that are forcing Nvidia to reinvent itself from a pure chip supplier into an architect of flexible, grid-integrated AI infrastructure.
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