CNBC: Nvidia's AI Moat Shifts From Chips to Capital as Quarterly Free Cash Flow Hits $48.5B

CNBC reports Nvidia's quarterly free cash flow reached $48.5 billion, up 18-fold over the past three years, as the company leans on its balance sheet and credit rating to secure chip supply, land, and power. The piece argues Nvidia is reframing GPUs as 'a new asset class akin to real estate' and reducing dependence on cloud hyperscalers, building a capital moat on top of its silicon lead.