Nvidia, with quarterly free cash flow up 18x over the past three years to $48.5B, is using its balance sheet and credit rating to build an AI capital moat (Ari Levy/CNBC)

Nvidia’s free cash flow has surged 18-fold over the past three years to $48.5 billion, strengthening its balance sheet and credit rating. The company is leveraging this financial position to invest heavily in AI infrastructure, creating a durable capital advantage that underpins its rapid expansion in the artificial-intelligence market.