"AI-Era Financial Innovation": The "Seller Guarantee" Model Behind Broadcom's Sharp Decline

Affected by market repricing triggered by credit risks from "seller guarantees," Broadcom's stock price fell sharply. As traditional cloud giants' capital expenditures approach their limits, Broadcom and Nvidia have successively entered the fray, securitizing computing power by providing guarantees for SPVs to leverage private credit funds. While this move extends AI capital expenditures, concerns over debt scale, chip residual value, and customer concentration have intensified market worries.