Views can change. The record should remain clear.

October 11, 2026: NVIDIA remedy deferral

The Balance Sheet Behind the Backstop now identifies the Deferral Option as a postponement of exercising specified remedies, subject to required payments. The filed form sets an outside limit of one year after expiration of the defined Verification Period; this is not an unconditional holiday from every guarantee payment.

Both language editions and the downloadable clause register were clarified using sections 1(i), 12(a)(iv) and 12(a)(v)(E) of NVIDIA’s filed Residual Value Guaranty form. The original research dates and the independent twelve-month numerical example are unchanged.

October 6, 2026: Publication and contact links

The closing publication links in The AI Capital Stack now point to the live free research letter and research-inquiry pages. We removed pre-launch wording in both languages and a legacy founding-institution pilot invitation in the English edition.

This is a publication-copy correction, not a new financial review. Financing facts, model assumptions, historical research dates and the October 5 Helix supplement are unchanged.

September 25, 2026: DDTL 5.5 maturity year

The Chinese summary table in How Contracts Become Credit incorrectly gave the DDTL 5.5 legal maturity as September 1, 2026. The correct date is September 1, 2031, as stated in CoreWeave’s August 10, 2026 Form 8-K, Item 1.01, and the executed credit agreement’s Term Maturity Date definition.

The report’s detailed discussion and English edition already used 2031. This correction fixes the Chinese table; it is not a change in the loan terms or a new finding that the facility has matured. The original research cutoff is preserved.

September 5, 2026 editorial revision

The launch series was revised to clarify the difference between approximate debt descriptions and tabular balances, correct the IREN quarterly-filing label, distinguish task demand from equipment requirements, and state the conditions behind a refinancing-gap example.

We also tightened the use of convexity language and made the assumptions behind fixed-cash-flow guarantee comparisons explicit. The original research cutoff remains August 30, 2026 for the three launch studies.

New research

Who Captures the Returns from AI? adds a framework for productivity, pricing, profit allocation, and capital returns. Its source review is dated September 5, 2026.

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