SITUATION EXPLAINED: Why is Nvidia guaranteeing OpenAI's data center? • Frontier labs have extraordinary compute demand but are growing faster than their balance sheets can support • So they can't secure land, power, and shell on their own the way hyperscalers do • In return, Nvidia becomes exclusive compute provider at PORTS-Pike, takes a $1.5 billion stake in SB Energy, and gets an option on the site's remaining 3.75 gigawatts • Initial deployment is 4.25 gigawatts, roughly four times the…