Jeff Gundlach said Wall Street's effort to turn AI chips into an investable asset class could be a sign that risk markets are nearing a peak, criticizing Nvidia's newly announced financing partnerships with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR. Nvidia said last week it had signed memoranda of understanding with the six firms to create financing platforms that could mobilize more than $500 billion for customer access to its chips and broader "AI factories," framing compute as infrastructure suitable for institutional investors. Gundlach, the DoubleLine Capital CEO and chief investment officer known as the "Bond King," argued the model relies on a mismatch between long-term borrowing and the uncertain useful life of rapidly evolving AI processors, writing that the consortium plan "will not likely age well." In a separate post, he said investors should watch for claims of "new asset classes" built on financial innovation and "questionable" ratings near market tops. Mark Cuban offered a similarly skeptical comparison, saying, "Chips as an asset class will be the new crypto." The criticism adds to broader debate over whether financing AI hardware can unlock infrastructure growth or create the kind of excess capacity and valuation risk often associated with late-cycle markets.