The biggest names in finance are leaning even further into the AI data center boom through a huge new agreement with Nvidia.

Apollo Global Management, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR signed memorandums of understanding with the chipmaker to deploy at least $500B of third-party capital for the development of artificial intelligence infrastructure, the companies jointly announced Monday.

The companies didn't detail how the financing deals would be structured, but they said they would provide capital "at attractive rates" for Nvidia's customers. And the release says the deals would "establish the first compute financing platforms of their kind at global scale to enable the AI infrastructure buildout across Nvidia's ecosystem, including frontier AI labs, enterprises and AI clouds."

Nvidia has ridden the AI wave to become the world's most valuable company, with a $5.3T market cap. Its traditional business centers on selling the graphics processing unit chips that fuel AI computing, but it has expanded to fund the companies that buy its chips and the data centers that host them.

This expansion has spurred some concerns that it is engaging in the type of circular financing that occurred during the dot-com bubble, and the increase of debt in the data center build-out has exacerbated fears of a potential bubble burst.

Monday's announcement — and the lack of specifics on the timing and structure — led to some panic among bond traders about the company increasing its exposure to the Big Tech spending spree, Bloomberg reported. But Nvidia CEO Jensen Huang calmed the markets with a social media post saying the company would only finance "up to 25% of an opportunity, assessed carefully on a project-by-project basis."

Huang said in Monday's announcement that this financing deal represents an "important milestone" in the company's expansion and will help its customers access computing power that has become scarce.

"We began by building chips; today, we are helping create a new class of productive, investable infrastructure: AI factories," Huang said in a statement.

These financing agreements represent an even deeper dive into the AI infrastructure space for the asset management giants that have already been pouring money into data center development.

Blackstone has grown its data center portfolio to more than $150B since acquiring developer QTS in 2021.

"We continue to be enormous investors globally across the NVIDIA ecosystem, and this announcement further underscores our confidence in their platform and the future of AI infrastructure," Blackstone President Jon Gray said in Monday's release.

BlackRock last month executed $57B in data center deals by closing its acquisition of data center provider Aligned, in partnership with two other firms, and leading a $12B debt sale for a Meta campus in Texas.

KKR last week closed a $19.2B fund that it plans to invest in data centers and other AI infrastructure.

Brookfield has grown its presence in the sector through its ownership of Compass Datacenters and its backing of Csquare, which went public in July but fell short of its $1.35B target.

"With demand for large-scale AI compute growing significantly as adoption scales across industries, compute is fast becoming the essential layer of infrastructure and a core pillar of the Brookfield AI infrastructure strategy," Brookfield CEO Bruce Flatt said in the release.