> Why is it a big deal? Nvidia invested $2b into CoreWeave for 9% equity stake.

Depends if they actually got the $2b in real money. There's a difference.

It's a big deal if no money was involved. Nothing even entered the company directly. Some deals have structured with Special Purpose Vehicles where money goes to the SPV. The SPV buys GPUs with it (from Nvidia). GPUs is loaned back to the company involved. So this company is stuck with this GPU rental, which may or may not be what they want and not $2b.

This sounds like a bad deal? So Nvidia had to sweeten the deal and promise min utilization on those GPUs by renting it themselves even if they don't need it.

So what's income and what's expense here?

That's the problem. It's inflated and messed up.