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Using Nvidia GPUs as collateral is spreading.

Crusoe Energy, a former crypto miner turned AI server landlord, reportedly raised $200 million to buy Nvidia’s H100 chips and will use the hot commodity as collateral. Bill Libby, CEO of Upper90, which provided the loan to Crusoe Energy, said Nvidia chips are a “new asset class.”

The Verge’s Elizabeth Lopatto reported in August on another company doing the same thing: CoreWeave, which also uses H100 chips as collateral to get debt to buy more H100 chips. An Ouroboros of AI chips, if you will.