{
  "schema_version": 1,
  "as_of": "2026-09-09",
  "unit": "USD millions",
  "selection": "Four selected companies and their latest reported fiscal quarters, not a representative industry sample. Quarter-end dates and asset-purchase scopes differ. No AI-only cash-flow allocation is inferred.",
  "definitions": {
    "cash_asset_purchases": "Signed cash outflow for the named investing-section asset purchase line. Financing-section principal payments are excluded and separately identified where used.",
    "cfo_plus_cash_asset_purchases": "A mechanical subtraction, not a standardized free-cash-flow measure or cash available for distribution.",
    "deferred_revenue_adjustment": "Indirect cash-flow statement adjustment, not gross advance receipts or the counterfactual CFO without prepayments.",
    "other_cash_bridge": "Reported FX effect when separately disclosed; zero for Broadcom, NVIDIA and CoreWeave is the arithmetic residual after reported CFO, CFI and CFF, not an assertion that gross FX effects were zero."
  },
  "sources": {
    "AVGO_Q3_RELEASE": {"url":"https://investors.broadcom.com/news-releases/news-release-details/broadcom-inc-announces-third-quarter-fiscal-year-2026-financial","published":"2026-09-02","location":"Condensed consolidated statements of cash flows; first column, fiscal quarter ended August 2, 2026"},
    "NVDA_Q2_RELEASE": {"url":"https://www.sec.gov/Archives/edgar/data/1045810/000104581026000073/q2fy27pr.htm","published":"2026-08-26","location":"Condensed consolidated statements of cash flows, three months ended July 26, 2026; free cash flow reconciliation"},
    "NVDA_H1_10Q": {"url":"https://www.sec.gov/Archives/edgar/data/1045810/000104581026000075/nvda-20260726.htm","location":"Part I Item 1, cash flow statement, six months ended July 26, 2026"},
    "NVDA_Q1_10Q": {"url":"https://www.sec.gov/Archives/edgar/data/1045810/000104581026000052/nvda-20260426.htm","location":"Part I Item 1, cash flow statement, three months ended April 26, 2026"},
    "CRWV_Q2_RELEASE": {"url":"https://www.sec.gov/Archives/edgar/data/1769628/000176962826000362/coreweave2q26earningspress.htm","published":"2026-08-11","location":"Condensed consolidated statements of cash flows, Q2 2026 and H1 2026 columns"},
    "CRWV_Q1_10Q": {"url":"https://www.sec.gov/Archives/edgar/data/1769628/000176962826000222/crwv-20260331.htm","location":"Cash flow statement and Note 2 Contract Balances"},
    "CRWV_Q2_10Q": {"url":"https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm","location":"Cash flow statement; Note 2 Contract Balances; Equity Financing"},
    "NBIS_Q2_RELEASE": {"url":"https://www.sec.gov/Archives/edgar/data/1513845/000110465926094568/tm2622968d1_ex99-1.htm","published":"2026-08-12","location":"Selected consolidated cash flow data, Q2 2026"},
    "NBIS_H1_STATEMENTS": {"url":"https://www.sec.gov/Archives/edgar/data/1513845/000110465926094844/nbis-20260812xex99d2.htm","location":"Cash flows F-7 to F-8; Note 4 Deferred Revenue"},
    "NBIS_Q1_STATEMENTS": {"url":"https://www.sec.gov/Archives/edgar/data/1513845/000110465926064092/nbis-20260331xex99d2.htm","location":"Cash flows F-6 to F-7; description of business and NVIDIA pre-funded warrants"}
  },
  "snapshots": [
    {
      "company":"Broadcom", "ticker":"AVGO", "period":"FY2026 Q3", "period_end":"2026-08-02",
      "scope":"Consolidated semiconductor and infrastructure software businesses",
      "cash_scope":"Cash and cash equivalents",
      "asset_scope":"Property, plant and equipment",
      "primary_source":"AVGO_Q3_RELEASE",
      "basis":"Quarter directly reported",
      "cash_flows":{"cfo":14197,"cash_asset_purchases":-532,"cfi":-1113,"cff":-8737,"other_cash_bridge":0,"cash_change":4347},
      "cash_balances":{"beginning":19628,"ending":23975},
      "selected_cash_flow_line_items":{"debt_repayments":-5628,"dividends":-3103,"debt_issuance_proceeds":0,"program_share_repurchases":0,"investment_purchases":-619,"investment_sales":37},
      "derived":{"cfo_plus_cash_asset_purchases":13665},
      "company_reported_fcf":13665,
      "limitations":["No standalone AI or semiconductor CFO disclosed here.","Reported FCF is not discretionary or distributable cash.","Investment purchases are not automatically investments in AI customers."]
    },
    {
      "company":"NVIDIA", "ticker":"NVDA", "period":"FY2027 Q2", "period_end":"2026-07-26",
      "scope":"NVIDIA Corporation and subsidiaries, consolidated",
      "cash_scope":"Cash and cash equivalents; excludes marketable securities",
      "asset_scope":"Combined property and equipment and intangible assets; not separable as PP&E-only",
      "primary_source":"NVDA_Q2_RELEASE",
      "basis":"Quarter directly reported; independently reconciled to H1 minus Q1",
      "cash_flows":{"cfo":24077,"cash_asset_purchases":-2677,"cfi":-8695,"cff":-6176,"other_cash_bridge":0,"cash_change":9206},
      "cash_balances":{"beginning":13237,"ending":22443},
      "selected_cash_flow_line_items":{"debt_issuance_proceeds_net_of_costs":24896,"share_repurchases":-19732,"dividends":-6047,"employee_stock_plan_taxes":-2402,"groq_inc_payment_reported_in_financing_activities":-2944,"asset_principal_payments":-59,"other_financing":112,"equity_security_purchases":-15822,"equity_security_sales":7215},
      "derived":{"cfo_plus_cash_asset_purchases":21400,"share_repurchases_plus_dividends":-25779},
      "company_reported_fcf":21341,
      "fcf_reconciliation":"24077 - 2677 - 59 = 21341; the 59 principal-payment line is in financing activities",
      "period_crosscheck":{"sources":["NVDA_H1_10Q","NVDA_Q1_10Q"],"h1":{"cfo":74421,"cash_asset_purchases":-4434,"cfi":-35124,"cff":-27459,"cash_change":11838},"q1":{"cfo":50344,"cash_asset_purchases":-1757,"cfi":-26429,"cff":-21283,"cash_change":2632}},
      "limitations":["Consolidated CFO is not AI-only CFO.","Net financing outflow does not mean no borrowing: debt issuance and shareholder distributions coexist.","Equity-security purchases include multiple investments and are not a traced transfer to particular customers.","Commitments and repurchase authorizations are not current cash payments."]
    },
    {
      "company":"CoreWeave", "ticker":"CRWV", "period":"2026 Q2", "period_end":"2026-06-30",
      "scope":"CoreWeave Inc., consolidated",
      "cash_scope":"Cash, cash equivalents and restricted cash",
      "asset_scope":"Property and equipment including capitalized internal-use software",
      "primary_source":"CRWV_Q2_RELEASE",
      "basis":"Quarter directly reported; independently reconciled to H1 minus Q1",
      "cash_flows":{"cfo":679,"cash_asset_purchases":-6422,"cfi":-7166,"cff":10071,"other_cash_bridge":0,"cash_change":3584},
      "cash_balances":{"beginning":3320,"ending":6904},
      "selected_cash_flow_line_items":{"debt_issuance_proceeds_net":13457,"debt_repayments":-3884,"capped_call_purchases":-492,"private_placement_stock_proceeds_net":997,"other_financing":-7},
      "operating_adjustments":{"deferred_revenue":790,"accounts_receivable":-435,"accounts_payable_and_accrued_expenses":-656},
      "derived":{"cfo_plus_cash_asset_purchases":-5743,"cfo_less_deferred_revenue_adjustment":-111},
      "period_crosscheck":{"sources":["CRWV_Q2_RELEASE","CRWV_Q1_10Q"],"h1":{"cfo":3663,"cash_asset_purchases":-14117,"cfi":-14874,"cff":13985,"cash_change":2774,"deferred_revenue_adjustment":1365},"q1":{"cfo":2984,"cash_asset_purchases":-7695,"cfi":-7708,"cff":3914,"cash_change":-810,"deferred_revenue_adjustment":575}},
      "limitations":["Subtracting the deferred-revenue adjustment is a decomposition, not CFO without prepayments.","Cash-flow adjustment, deferred-revenue balance change, and gross customer cash received are distinct.","Cash purchases are not an accrual-based capex measure.","Restricted cash must not be treated as freely available general liquidity."]
    },
    {
      "company":"Nebius", "ticker":"NBIS", "period":"2026 Q2", "period_end":"2026-06-30",
      "scope":"Consolidated continuing operations; 2026 discontinued-operation cash flows are zero",
      "cash_scope":"Cash, cash equivalents, restricted cash and restricted cash equivalents",
      "asset_scope":"Combined property and equipment and intangible assets; not PP&E-only",
      "primary_source":"NBIS_Q2_RELEASE",
      "basis":"CFO and asset purchases directly reported; CFI, CFF, FX and quarterly cash movement derived from H1 minus Q1",
      "cash_flows":{"cfo":2246.1,"cash_asset_purchases":-5657.4,"cfi":-5645.7,"cff":2864.9,"other_cash_bridge":5.9,"cash_change":-528.8},
      "cash_balances":{"beginning":9626.9,"ending":9098.1,"unrestricted_beginning":9298.2,"unrestricted_ending":8042.1,"restricted_beginning":328.7,"restricted_ending":1056.0},
      "selected_cash_flow_line_items":{"treasury_share_proceeds_gross":2846.7,"treasury_share_issuance_costs":-35.6,"share_option_proceeds":53.8},
      "operating_adjustments":{"deferred_revenue":1197.0,"accounts_receivable":1186.8},
      "deferred_revenue_balances":{"beginning":4778.1,"ending":5975.2},
      "derived":{"cfo_plus_cash_asset_purchases":-3411.3,"cfo_less_deferred_revenue_adjustment":1049.1},
      "period_crosscheck":{"sources":["NBIS_H1_STATEMENTS","NBIS_Q1_STATEMENTS"],"h1":{"cfo":4504.1,"cash_asset_purchases":-8130.3,"cfi":-8288.8,"cff":9160.4,"other_cash_bridge":0.8,"cash_change":5376.5,"deferred_revenue_adjustment":4395.0,"accounts_receivable_adjustment":427.9},"q1":{"cfo":2258.0,"cash_asset_purchases":-2472.9,"cfi":-2643.1,"cff":6295.5,"other_cash_bridge":-5.1,"cash_change":5905.3,"deferred_revenue_adjustment":3198.0,"accounts_receivable_adjustment":-758.9}},
      "limitations":["The group also includes businesses beyond AI cloud.","The $8bn cash headline excludes restricted cash.","The 0.1 difference between balance movement and CF adjustment is not forced to reconcile or assigned a proved cause.","Gross Q2 customer prepayment cash receipts are not independently disclosed in these lines.","Deal-cohort prepayment coverage of associated capex is not group-quarter cash capex coverage."]
    }
  ]
}