Nvidia Purchase Obligations

## What this measures

Nvidia's purchase obligations at each balance-sheet date, in U.S. dollars (billions), as first reported. Supply, capacity and cloud-service commitments: the purchase-obligation total until mid-2025, then the supply-and-capacity and cloud-service rows of the commitments table (investment, capital-expenditure and lease rows are left out). Readings start in the quarter to October 2021, when the tag became the total; fiscal years end in late January.

## Why it matters

The AI build-out is financed three ways: cash, debt and commitments that stay off the balance sheet until the asset arrives. Leases signed for data centers that are not yet built, and purchase commitments for chips and capacity, are obligations a company has already taken on.

## How to read it

Readings are dated at the company's own quarter ends (Nvidia's end in late April, July, October and January). Compare the level with the company's total debt: these commitments can be larger.

## What it does not say

Amounts are undiscounted future payments as the company discloses them; tagging differs between companies, so compare each company with its own history before comparing companies. A filing that does not disclose the line gives no reading.

## Source

U.S. Securities and Exchange Commission, EDGAR: the XBRL instance document of each 10-Q and 10-K, which carries the dimensioned and company-extension facts SEC's companyfacts API leaves out; calculated by Palanor. SEC filings are public information: "Information presented on sec.gov is considered public information and may be copied or further distributed by users of the web site without the SEC's permission" (sec.gov/privacy).