Nvidia, in its most recent 10Q, disclosed $530B of gross off-balance sheet guarantees across six different line items – a jump from $184B of obligations disclosed in the prior quarter. The main drivers were increases in Supply Commitments - primarily commitments to buy memory, Datacenter backstops for SB Energy's PORTS-Pike campus in Ohio for OpenAI, as well as two new items - $36B of AI Cloud Agreements representing Neocloud Backstops and $20B of datacenter leases that Nvidia has taken out to later assign to Neocloud offtakers. (1/4)🧵