Nvidia announced a new revenue-sharing model for cloud computing resources on July 3, allowing cloud providers to sell Nvidia-powered services while giving Nvidia a cut of cloud earnings. Bank of America projects global cloud and AI infrastructure spending to reach $1.5 trillion（約240兆円） with 40–50% year-over-year growth, driven by token expansion, autonomous agents, and hardware constraints—a tailwind for Nvidia's business.
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On July 3, Nvidia confirmed it is offering cloud computing resources through a revenue-sharing credit support model, allowing AI cloud providers to sell Nvidia-powered cloud services. Under this arrangement, Nvidia receives standard product revenue and a share of cloud earnings.
Why it matters
Bank of America expects global cloud and AI infrastructure capital expenditure to soar to $1.5 trillion（約240兆円）, representing a 40% to 50% year-over-year increase. This growth is expected to be driven by token expansion, agent adoption (AI systems that can operate autonomously), and supply-constrained infrastructure—positioning Nvidia to capture upside from this spending wave.
What to watch
Bank of America expects hyperscalers (large cloud providers) to continue prioritizing utilization and growth over depreciation optimization, which could sustain demand for Nvidia's hardware and services in the near term.
Nvidia's new revenue-sharing model represents a shift in how the company monetizes its dominant position in AI infrastructure. Rather than selling only hardware or computing capacity outright, the company is now capturing both direct product revenue and a share of upstream cloud earnings—effectively giving it a stake in the profitability of cloud providers that build on its technology. This move aligns with Bank of America's forecast that cloud and AI infrastructure spending will reach $1.5 trillion（約240兆円） with 40–50% year-over-year growth.
The research firm attributes this expected surge to three drivers: token expansion (larger AI model contexts), agent adoption (AI systems that operate autonomously), and hardware supply constraints. Bank of America also notes that hyperscalers (large cloud operators like Amazon, Google, and Microsoft) are prioritizing utilization and growth over cost optimization, which suggests sustained appetite for infrastructure investment and Nvidia's products. By moving to a revenue-sharing model, Nvidia positions itself to benefit not only from the initial hardware sale but also from the value those systems generate once deployed, reducing its exposure to the risk that cloud providers might optimize away demand for new hardware.
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