{
  "checked_on": "2026-09-21",
  "scope": "Public issuer disclosures and a redacted form agreement; not a complete contract model or an industry financing total",
  "sources": {
    "broadcom_q3": {"url": "https://investors.broadcom.com/static-files/96641754-401f-4090-a4ab-210728c83a28", "period_end": "2026-08-02", "locator": "Note 10, printed page 21 / PDF page 23; MD&A printed page 24 / PDF page 26", "filing_date": null, "date_note": "IR PDF title says filed 09/10/2026; SEC filing index not independently retrieved"},
    "broadcom_platform": {"url": "https://investors.broadcom.com/news-releases/news-release-details/broadcom-apollo-and-blackstone-establish-landmark-strategic", "announcement_date": "2026-06-09"},
    "nvidia_q2": {"url": "https://www.sec.gov/Archives/edgar/data/1045810/000104581026000075/nvda-20260726.htm", "period_end": "2026-07-26", "filed_on": "2026-08-26", "locator": "Notes 8 and 10; the SB Energy arrangement is an August subsequent event"},
    "nvidia_ports_8k": {"url": "https://www.sec.gov/Archives/edgar/data/1045810/000104581026000069/nvda-20260817.htm", "event_date": "2026-08-17", "locator": "Items 1.01 and 2.03"},
    "nvidia_form": {"url": "https://www.sec.gov/Archives/edgar/data/1045810/000104581026000075/nvda2027q2ex101.htm", "filed_on": "2026-08-26", "document_kind": "Redacted Form of Residual Value Guaranty; execution date and some parties left blank"}
  },
  "measurements": [
    {"issuer": "Broadcom", "object": "AI XPV initial capital transaction announced", "usd_billions": 35, "basis": "Platform announcement, not cash advanced by Broadcom", "source": "broadcom_platform"},
    {"issuer": "Broadcom", "object": "Maximum potential backstop liability on deployment of all racks", "usd_billions": 29, "approximate": true, "basis": "Undiscounted potential liability, not current funding; no backstop amounts paid as of the reported period", "source": "broadcom_q3"},
    {"issuer": "Broadcom", "object": "Conditional customer-issued convertible promissory notes", "usd_billions": 42, "basis": "Aggregate principal limit subject to conditions; none issued as of 2026-08-02; not an additional completed financing", "source": "broadcom_q3"},
    {"issuer": "NVIDIA", "object": "Existing AI-cloud land/power/shell guarantee notional", "usd_billions": 3.529, "as_of": "2026-07-26", "basis": "Note 8 notional; 0.712bn partner escrow is not netted in the reported notional", "source": "nvidia_q2"},
    {"issuer": "NVIDIA", "object": "Initial PORTS aggregate guarantee cap", "usd_billions": 105, "event_date": "2026-08-17", "basis": "Conditional future support over phases, not July-end funding or a current cash payment", "source": "nvidia_ports_8k"},
    {"issuer": "NVIDIA", "object": "AI-cloud capacity service commitments", "usd_billions": 36, "as_of": "2026-07-26", "typical_years": 6, "basis": "MD&A explicitly gives 36bn; distinct capacity-purchase mechanism. Commitments decline with third-party use or NVIDIA use, and qualifying third-party sales can create revenue sharing. Not cash already advanced or a residual-value guarantee.", "source": "nvidia_q2"}
  ],
  "mechanisms": {
    "broadcom": {"lease_years": 5, "default_calculation_summary": "Positive shortfall between 85% of outstanding amounts on the lease backstop and rack sale value; use issuer language, not 85% of gross project cost", "activation_amortization": "Support rises with rack delivery/deployment and falls with lease payments", "remedies": "Lease assumption, conditional fixed-price resale, or arranging sale", "limits": "Full operative agreement not retrieved; no conversion of immaterial reported fair value to zero economic cost"},
    "nvidia_ports": {"initial_it_gw": 4.25, "optional_additional_it_gw": 3.8, "optional_additional_support_usd": null, "activation": "Generally at relevant lease commencement, subject to ready-for-service conditions", "form_locators": ["1(i)", "2(a)-(c)", "5", "8", "12(a)(iii)-(v)", "13"], "deferral_max_years_after_verification": 1, "key_distinction": "Covered Loss Amount is not payable during a valid deferral or qualifying assumption, but the form provides for separate applicable payments", "redacted": ["Covered Loss Amount formula", "Discount Rate", "GMV schedule", "some Project Agreement Costs and cap treatment", "verification/cure periods", "replacement-credit thresholds"], "limits": "Do not infer all-in cash exposure beyond or equal to a headline cap from partially redacted clauses; specific project costs and their treatment remain unresolved"}
  },
  "no_double_counting": "Do not sum initial financing, guarantee liability, unissued note limits and capacity-purchase commitments into a single AI financing total. NVIDIA's rounded 108.5bn table includes its August subsequent event and is not all a July 26 balance."
}