NVIDIA Corporation (NVDA) SEC Filings & Earnings Calls

Regulatory risk from potential government restrictions on open-source AI models.

“Governments may impose new or additional requirements governing the development, training, release, distribution, access, transfer, deployment or use of AI models, including open-source models.” · word for word

Guidance assumes no Data Center compute revenue from China, highlighting geopolitical risk.

“NVIDIA is not assuming any Data Center compute revenue from China in its outlook.” · word for word

Gross margin expected to decline to 74.0% in Q3 FY27, indicating potential cost pressures or mix shift.

“GAAP and non-GAAP gross margins are expected to be 74.0%, plus or minus 50 basis points, down from 75.0%.”

Export Control Risk

“Export controls have already and may in the future encourage customers outside China and other impacted regions to 'design-out' certain U.S. semiconductors from their products.” · word for word

Customer Concentration

“One direct customer represented 16% of total revenue for Q2 FY2027.” · word for word

Supply Chain Risk

“The scale and size of our production needs and the complexity of producing our data center systems has caused and could in the future cause delays in production.” · word for word

Guarantee Exposure

“In August 2026, we entered into guarantees, capped at a total of $105 billion, to provide credit support on a land, power, and shell buildout with affiliates of SB Energy Corp.” · word for word

NVIDIA's payment obligations are subject to conditions and contingent on OpenAI's performance.

“NVIDIA’s payment obligations are subject to specified conditions, including among other things, that the Lessor has satisfied applicable ready-for-service conditions...In the event of OpenAI’s insolvency...NVIDIA will pay an amount generally equal to any shortfall.” · word for word

Massive contingent liability of up to $105B if OpenAI defaults.

“NVIDIA’s aggregate payment obligation is cumulatively capped at $105 billion for its initial commitment under the Agreements.” · word for word

Increased leverage and interest expense from $25B debt issuance

“Issued $25B in notes with coupons ranging from 4.250% to 5.625%, adding ~$1.2B annual interest cost.”

China revenue exclusion from guidance; geopolitical risk.

“NVIDIA is not assuming any Data Center compute revenue from China in its outlook.” · word for word

Customer concentration

“Three direct customers represented 21%, 17%, and 16% of total revenue”

Supply chain commitments

“Manufacturing commitments $119B, cloud service commitments $30B”

Export control pressure

“China revenue declined to $4,550M from $9,659M YoY”

Export Control Risk

“Our original Fiscal 2026 Stretch Compensation Plan revenue goal of $190.0 billion was automatically adjusted to $160.0 billion, and our original Fiscal 2026 Stretch Compensation Plan Non-GAAP Operating Income goal of $120.0 billion was automatically adjusted to $96.0 billion, due to the imposition of additional export controls on the Company’s H20 products d” · word for word

Gross Margin Pressure

“Gross margin was 71.1% (down 3.9 points year on year)”

Transition risk minimal as outgoing CAO remains as VP Finance until July 1, 2026

“Robertson will remain with the Company as VP, Finance to support various projects until July 1, 2026”

China revenue exclusion from guidance

“NVIDIA is not assuming any Data Center compute revenue from China in its outlook.” · word for word

Stock-based compensation inclusion in non-GAAP starting FY27

“Beginning in Q1 FY27, NVIDIA will include stock-based compensation expense in non-GAAP financial measures.”

AI regulation increasing R&D costs

“Compliance with existing and proposed government regulation of AI... may further increase the cost of related research and development.” · word for word

Data privacy compliance costs and penalties

“If we are found not to comply, we could be subject to penalties of up to €20 million or 4% of worldwide revenue.” · word for word

Board member departure, but no disagreement or material impact.

“Resignation effective immediately; no disagreement with company.”

Export Control Pressure

“We are subject to U.S. export controls that restrict our ability to sell certain products to China and other countries, which could harm our business.”

Supply Chain Concentration

“We depend on a limited number of third-party suppliers for manufacturing, and any disruption could impact our ability to meet demand.”

Litigation Liability

“We are subject to securities class action and derivative lawsuits related to historical disclosures about channel inventory and cryptocurrency mining.”

No China revenue in guidance; export control risk.

“No explicit mention of China in this filing, but prior filings note H20 restrictions.”