Nvidia’s off-balance-sheet commitments and guarantees climbed to $530 billion in fiscal Q2, up from $184 billion one quarter earlier, according to its Form 10-Q and an analysis by SemiAnalysis. Supply and capacity commitments account for nearly $279 billion, with 96% due by fiscal 2029. Nvidia also guaranteed up to $105 billion in leases for SB Energy’s Ohio campus, which is leased to an OpenAI affiliate. AI cloud agreements, mainly take-or-pay commitments, total $36 billion, while data center leases expected to be reassigned represent approximately $20 billion. These commitments create potential future obligations and expose Nvidia to financing, concentration, and excess-capacity risks.
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