# Aletheia Cuts Nvidia to Hold Over $165 Billion in AI Computing Partner Program Financing

By Token Post

Canonical URL: https://www.tokenpost.com/news/insights/52792
Published: 2026-11-10T04:03:04.000Z
Updated: 2026-11-10T04:03:04.000Z
Section: Insights & Views

> Analyst Stefan Chang estimated about $105 billion is tied to a major Ohio data-center project and put partner financing needs at as much as $124 billion over the next 12 to 15 months.

Aletheia Capital downgraded Nvidia from Buy to Hold and withdrew its $340 price target Monday, Nov. 9, as analyst Stefan Chang estimated $165 billion in financing commitments tied to Nvidia’s AI Computing Partner program.

Chang linked about $105 billion of the commitments to a major data-center project in Ohio. His analysis also estimated that CoreWeave, Nebius and IREN may need as much as $124 billion combined over the next 12 to 15 months.

Financing needs across Nvidia’s broader ecosystem could reach $450 billion to $500 billion by 2030, Chang estimated. The concern behind the downgrade centers on financing exposure from the AI infrastructure buildout, rather than weak demand for Nvidia chips.

The move reverses Aletheia’s February 2026 upgrade of Nvidia to Buy. The firm set an initial $250 price target with that upgrade and raised it to $270 in May, citing demand forecasts. By Nov. 9, its target had reached $340, which it withdrew with the downgrade.