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FILED BY ADEQUATE · DARPA-HRO-11-C-0031

The Decoder · MONDAY, JUNE 15, 2026

Nvidia Borrows $20 Billion to Fund Infrastructure It Cannot Yet Build Fast Enough

ADEQUATE ASSESSMENT

The debt will be serviced by revenue from products that do not yet exist, sold to customers who have not yet decided to buy them, at margins that have not yet been modeled. The prospectus described this as a growth strategy. Adequate has read prospectuses before.

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ORIGINAL FILING

The Decoder

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