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NewsMacro · NVDA

Nvidia's circular SPV history in focus as open-source shift tests the $500 billion market cap

In focus for NVDA: the company's prior use of circular special purpose vehicles, which coincided with the peak of the tokenization trend, has drawn scrutiny. A shift toward open-source models has since changed the backdrop. Questions have emerged about whether Nvidia's $500 billion market capitalization remains sustainable in the current environment.

By Renata OstrowskiMacro DeskAugust 15, 20262 min readNVDA
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Key takeaways

  • Nvidia's prior use of circular special purpose vehicles (SPVs), which coincided with the peak of the tokenization trend, has drawn scrutiny.
  • A shift toward open-source AI models has changed the backdrop against which Nvidia's valuation is being measured.
  • Questions have emerged about whether Nvidia's $500 billion market capitalization remains sustainable in the current environment.
  • The circular SPVs were part of Nvidia's operations during the tokenization cycle, a period the article says is now behind the market.
  • Key things to watch are any disclosure that directly addresses the SPV arrangements and the next earnings release.

In focus for NVDA: the company's prior use of circular special purpose vehicles, which coincided with the peak of the tokenization trend, has drawn scrutiny. A shift toward open-source models has since changed the backdrop. Questions have emerged about whether Nvidia's $500 billion market capitalization remains sustainable in the current environment.

The $500 billion figure is the number the setup rests on. Circular SPVs were part of Nvidia's operations during the tokenization cycle, a period now behind the market. Open-source model adoption has moved to the center of the AI conversation, and the demand assumptions that built Nvidia's valuation in the tokenization era are now being measured against what that shift has produced.

The setup from here is what the open-source move does to the revenue picture the market priced at $500 billion. What to watch: any disclosure that addresses the SPV arrangements directly, and the next earnings release, where the $500 billion number will have a fresh set of figures behind it.

Related reading

About this story

Filed by the macro desk of MarketPR on August 15, 2026. Source: MarketPR newsroom. Indicative figures are not investment advice.

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Frequently asked

Why is Nvidia's $500 billion market cap under scrutiny?

Its valuation was built on demand assumptions from the tokenization era, and the shift toward open-source models is now testing whether that $500 billion figure remains sustainable.

What are the circular SPVs mentioned in the story?

They are circular special purpose vehicles that were part of Nvidia's operations during the tokenization cycle, a period now behind the market, and their prior use has drawn scrutiny.

What changed the backdrop for Nvidia's valuation?

A shift toward open-source AI models moved to the center of the AI conversation, altering the demand assumptions that built Nvidia's valuation during the tokenization era.

What should investors watch next?

Any disclosure that directly addresses the SPV arrangements and Nvidia's next earnings release, where the $500 billion figure will have fresh figures behind it.