Key Takeaways for Nvidia Stock as of September 2026
- Customer Capital: Nvidia is reportedly considering up to $10B for Anthropic’s IPO, extending its financial ties to a major customer.
- Earnings Price: Nvidia stock closed September 11 at $218.29 and trades at 18.12x next-twelve-month normalized earnings.
- Collection Watch: Accounts receivable reached $63.06B at July 26, while management reported longer payment terms for certain investment-grade customers.
- Cash Capacity: Nvidia generated $134.36B of operating cash over the latest twelve months, before capital expenditure and strategic investments.
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Nvidia’s Anthropic Talks Put Customer Financing in Focus
Nvidia (NVDA) is considering investing up to $10 billion in Anthropic’s planned initial public offering, Reuters reported on September 11. The discussions remain preliminary, but they bring a larger question into focus: how much financial support will Nvidia provide to customers buying its computing infrastructure?
That question matters for Nvidia stock at 18.12 times expected normalized earnings. The multiple prices an earnings stream, while the developing business model also involves equity investments and commitments that help customers finance purchases. Those arrangements can expand sales, but their cash requirements and risks extend beyond shipping hardware.
The underlying demand remains substantial. On the Q2 2026 earnings call, CFO Colette Kress said Nvidia expects approximately 70% revenue growth in fiscal 2028, constrained by available supply. At the September 10 Goldman Sachs conference, CEO Jensen Huang reiterated that confidence and described financing as another way to bring computing capacity into service.
The investment case therefore turns on whether customer support creates durable, profitable demand at an acceptable cost to Nvidia’s shareholders.
Revenue Sharing Gives Nvidia More to Earn and More to Underwrite
The financing effort already extends well beyond a possible Anthropic investment. Nvidia’s August 10 announcement outlined partnerships with six financial institutions to mobilize more than $500 billion of third-party capital over time. The announcement made the partnerships subject to final agreements. The headline amount is a fundraising ambition for independent platforms, not cash Nvidia has spent or a measure of its maximum loss.
Alongside that initiative, Kress described an arrangement with independent AI cloud operators, commonly called neoclouds. Nvidia makes a take-or-pay commitment for part of a facility’s capacity, giving lenders a minimum revenue floor. In exchange, Nvidia receives a share of the operator’s revenue above that floor.
That can make otherwise difficult projects financeable. A facility opens, Nvidia sells the equipment, and subsequent rental activity can generate another income stream. Kress summarized the appeal on the call: “we get paid twice.”
But the revenue floor has economic substance. Nvidia commits to paying for agreed capacity even when its own need for that capacity falls short, subject to the contract’s terms. Independent lenders supply financing, yet Nvidia still accepts an obligation that can require cash.
Management’s defense rests on the usefulness of its systems across customers and AI workloads. Huang argues that equipment can move to another user when demand changes. That flexibility should improve recovery options, but it cannot guarantee rental prices or eliminate the possibility that several customers weaken together.
The exposure also has strategic significance. Kress said AI labs for which Nvidia expects to use its balance sheet would contribute roughly a quarter of next year’s business. That is a revenue expectation, not a guarantee-loss estimate. It nevertheless makes the financial health of supported customers relevant to the growth forecast.
Strong Annual Cash Generation Masks a Sharper Quarterly Collection Test
Nvidia has the cash-generating capacity to pursue that strategy. Operating cash flow reached $134.36 billion over the latest twelve months. Still, operating cash is measured before capital expenditure and investment purchases; it cannot all fund customer support without competing with other uses.
The latest quarter shows why collections deserve attention. Nvidia’s published cash-flow statement reports $24.08 billion of operating cash against $59.69 billion of net income. Receivables absorbed $22.35 billion, inventory absorbed another $5.78 billion, and the cash-flow reconciliation removed $7.77 billion of equity-security gains from earnings.
These figures measure different things. Investment gains can lift accounting profit without representing customer cash receipts. Receivables reflect sales awaiting collection, while inventory spending prepares products for delivery. Together, they explain much of the distance between reported earnings and cash generated during the quarter.
Accounts receivable stood at $63.06 billion on July 26, compared with $38.47 billion at the January fiscal year-end. On the earnings call, Kress said days sales outstanding had risen to 60, reflecting extended terms for certain investment-grade customers making large purchases across multiple quarters.
That explanation gives the increase a commercial rationale. It does not establish that receivables are impaired, and rapid sales growth itself expands the balance. Nor should those customers automatically be equated with the AI labs receiving separate financing support.
Even so, longer terms delay when Nvidia can redeploy the proceeds. If collections catch up, the cash burden eases. If payment periods keep lengthening while customer commitments expand, shareholders must assess a larger funding requirement alongside the revenue growth. The next earnings call, scheduled for November 17 according to management, offers a chance to check that progression.
Nvidia Stock’s 18x Multiple Still Depends on Future Earnings
Nvidia stock’s 18.12x next-twelve-month normalized P/E makes expected earnings central to the valuation debate. It should not be compared casually with a trailing GAAP multiple: the time horizon and treatment of earnings differ.
For the growth case, financing can help customers secure infrastructure that would otherwise constrain purchases. Revenue sharing could then extend Nvidia’s participation beyond the initial equipment sale. Those benefits would support the earnings denominator as more capacity enters service.
But operating pressure remains alongside the financing question. Kress expects gross margins to bottom at 71%–72% in the fourth quarter, then settle at 72%–73% in fiscal 2028 as price increases take effect. Rising memory costs therefore limit how much of the revenue expansion reaches profit.
A slowdown could work in the opposite direction on both sides of the investment case: weaker customer activity could reduce equipment orders and rental income while increasing the burden of commitments. A low-looking P/E would offer less protection if expected earnings fell at the same time.
Nvidia stock deserves credit for its growth potential. The multiple alone cannot establish that the additional financial exposure is adequately priced.
Nvidia’s Next Test Is Whether Collections Keep Pace With Commitments
Nvidia’s financing strategy has a credible commercial purpose: help customers bring productive infrastructure online, then earn from equipment sales and subsequent usage. The unresolved issue is the return shareholders receive for accepting that additional exposure.
November’s results should clarify whether collection periods stabilize and whether management provides more detail on the timing and cash implications of customer support. Margin guidance will show whether the operating business remains on its stated path while those commitments develop.
Improving collections and projects attracting independent capital would strengthen the case that Nvidia can expand sales efficiently. Longer payment periods or greater support obligations without corresponding cash generation would weaken it. At 18.12x expected earnings, Nvidia stock merits serious attention, but calling it a bargain requires confidence in both the profits and the cash available after funding the strategy.
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Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
