S&P Affirms Nvidia ‘AA’ Credit Rating

A 'AA' affirmation from S&P is a statement about durability, not momentum: it signals that the rating agency sees Nvidia's cash generation as resilient enough to withstand a less exuberant AI spending cycle. The read-across matters most for counterparties and suppliers exposed to the AI supply chain, who effectively price Nvidia's credit strength into their own planning. What is worth watching is whether the growth assumptions embedded in that rating hold if AI infrastructure demand normalizes — that, rather than the rating itself, is the open question.