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In fact, it is not surprising that President Trump takes the new rich of this century into such consideration given the stratospheric figures they manage. The joint capitalization of the 'Magnificent Seven' - namely, Nvidia, Apple, Alphabet, Microsoft, Amazon, Meta and Tesla - is close to 27 trillion dollars if SpaceX is added, the company that debuted last June on the Nasdaq, and looks face to face at the GDP of the entire US economy, with much less debt for the moment.

The strong capital needs are a major issue for investors who have been warning for months about the very large financing needs of companies to undertake the next steps in artificial intelligence. American technology companies, large holders of cash, have changed their strategy in the last year, willing to carry out billion-dollar debt issuances to the market. Added to this are the financing needs of two IPOs that have been delayed a few months by the major players in artificial intelligence: Anthropic - scheduled for this fall - and OpenAI, facing 2027. Between both placements, they could require around 130,000 million dollars for firms that aspire to billion-dollar capitalizations. This has led investors to question whether there will be enough capital in the market to cover all of these issuances.

For the moment, the fears of a few months ago have been dispelled. According to the 'Manager Survey' prepared monthly by Bank of America, fewer and fewer professionals expect one of the large hyperscalers to announce a cut in their investment this year. It is also true that there is less and less time to be able to do it... However, there continues to be an increase in managers who consider that the systemic risk of a debt crisis may come, precisely, from a scare in the very large financing needs of the large American technology companies in their race to develop artificial intelligence. And, what's more, a disappointment in the quarterly figures presented by these companies is also understood as the greatest cause for concern for world stock markets.

Nvidia announced this summer that it will participate in a kind of banking pool to finance the growth of semiconductor companies and companies linked to artificial intelligence. Its alliance with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR, which represent the largest American banks and investment funds, will put half a billion dollars on the table for this purpose. Nvidia has committed to limiting its participation to 25%, which means supporting this initiative with a maximum of $125 billion.

One of the arguments in favor of supporting Nvidia is the announcement made at the end of September to increase its share buyback program to $150 billion. It is the highest in the history of the stock markets and represents a coup d'état and confidence for the company in its own strategic plan. In fact, for shareholders of American technology companies it is a novelty considering that only Apple recurrently carries out share buybacks, since it is usual for them to reinvest all the cash in their own growth.