Claim and evidence register

Original: OpenAI → Oracle · Stargate cloud, 5 yrs
Monitor: OpenAI / Oracle · >$300B announced partnership over five years (Sep 2025); not exact spend

OpenAI September 23, 2025 announcement explicitly describes a partnership exceeding $300B over five years and up to 4.5GW additional capacity. This is an announced lower bound, not exactly $300B, current backlog, cash spent or delivered capacity. Do not add it to the umbrella Stargate investment target. Current utilization and amendments remain unverified. · Published: 2025-09-23 · Event/as of: 2025-09-23 · Inspected: 2026-09-21

Original: OpenAI → Microsoft · Azure capacity
Monitor: OpenAI → Microsoft · $250B incremental Azure services announced Oct 2025; not current remaining backlog

October 28, 2025 issuer announcement supports incremental $250B contracted Azure services and a then roughly27% as-converted diluted stake. Stake is historical, not current after later financing. April27,2026 amendment changes exclusivity/IP/revenue-share terms without restating this amount: https://blogs.microsoft.com/blog/2026/04/27/the-next-phase-of-the-microsoft-openai-partnership/. No current balance, annual rate or remaining term inferred. · Published: 2025-10-28 · Event/as of: 2025-10-28 · Inspected: 2026-09-21

Original: 120
Monitor: 105

Dated source supports this correction; remaining context is unverified. · Published: 2026-08-17 · Event/as of: 2026-08-17 · Inspected: 2026-09-14

Original: Nvidia → OpenAI · lease-payment backstop (cut from $250B)
Monitor: NVIDIA → SB Energy · initial contingent guaranty cap; defined lease/power obligations, not cash paid

Effective with the applicable leases and subject to service-readiness conditions and specified tenant defaults. Coverage declines over the lease terms and can terminate under stated conditions. This is not the whole campus cost, cash paid, or equity. Exact affiliate identities, later amendments, activation and payments remain unresolved. · Published: 2026-08-26 · Event/as of: 2026-08-17 · Inspected: 2026-10-06

• Scope, readiness and termination conditions · 2026-08-26 ↗
• Dated initial capacity and optional expansion · 2026-08-17 ↗

Original: true
Monitor: false

Dated source supports this correction; remaining context is unverified. · Published: 2026-08-17 · Event/as of: 2026-08-17 · Inspected: 2026-09-14

Original: 100
Monitor: 30

Dated source supports this correction; remaining context is unverified. · Published: 2026-02-27 · Event/as of: 2026-02-27 · Inspected: 2026-09-14

Original: Nvidia → OpenAI · equity tied to 10GW LOI
Monitor: NVIDIA → OpenAI · announced equity commitment; cash funding unverified

February 27 issuer announcement supports $30B participation. March 31 round closure reports committed capital, not investor-specific cash receipts: https://openai.com/index/accelerating-the-next-phase-ai/. Reinspection does not establish NVIDIA cash funding or expiry/replacement of every prior LOI term. Retain equity-commitment classification and $30B amount; do not sum with guaranties. · Published: 2026-02-27 · Event/as of: 2026-02-27 · Inspected: 2026-09-21

Original: 38
Monitor: 138

Dated source supports this correction; remaining context is unverified. · Published: 2026-02-27 · Event/as of: 2026-02-27 · Inspected: 2026-09-14

Original: OpenAI → AWS · multi-year compute
Monitor: OpenAI → AWS · $138B combined announced agreements; different start dates/terms, not cash paid

February 27 expansion announcement supports an additional $100B over eight years. Original November 3, 2025 $38B agreement described seven years: https://openai.com/index/aws-and-openai-partnership/. $138B is combined announced contract value across different start dates, not annual spend, paid cash or remaining backlog. Actual spend/delivery not verified. · Published: 2026-02-27 · Event/as of: 2026-02-27 · Inspected: 2026-09-21

Original: Anthropic → Azure · compute commitment
Monitor: Anthropic → Azure · $30B commitment announced Nov 2025; not spend or current remaining balance

Individual funded balances and compute delivery remain unresolved. Series G includes portions of these investments. The Azure and NVIDIA capacity descriptions are not independently additive; their detailed mapping is unresolved. The three newsroom copies are one joint announcement. · Published: 2025-11-18 · Event/as of: 2025-11-18 · Inspected: 2026-10-05

• Previously announced investments included in Series G · 2026-02-12 ↗

Original: OpenAI → CoreWeave · contracts thru 2029
Monitor: OpenAI → CoreWeave · up to approximately $22.4B (Sep 2025 agreements); not current backlog

September25,2025 issuer release states up to approximately $22.4B total across successive agreements (11.9+4+6.5, rounded), not revenue received. September23 order runs through May31,2031 subject to service/delivery and termination conditions: https://www.sec.gov/Archives/edgar/data/1769628/000119312525216497/d17274d8k.htm . The old through2029 label cannot describe all orders. Current residual backlog not established. · Published: 2025-09-25 · Event/as of: 2025-09-25 · Inspected: 2026-09-21

Original: Microsoft → Nebius · dedicated capacity
Monitor: Microsoft → Nebius · $17.4B base / potential $19.4B; capacity-tranche delivery reported Aug 2026, not full-term payment

This issuer-reported deployment milestone does not mean the multi-year service term is complete or all payments were received. The earlier $17.4B base and potential $19.4B ceiling remain historical contract values; current remaining obligations and optional-capacity reconciliation are unresolved. · Published: 2026-08-12 · Event/as of: 2026-08-12 · Inspected: 2026-10-06

• Original phased agreement and conditions · 2025-09-08 ↗

Original: Nvidia + Microsoft → Anthropic · equity, up to
Monitor: NVIDIA + Microsoft → Anthropic · combined $15B equity ceiling; portions included in Series G

Individual funded balances and compute delivery remain unresolved. Series G includes portions of these investments. The Azure and NVIDIA capacity descriptions are not independently additive; their detailed mapping is unresolved. The three newsroom copies are one joint announcement. · Published: 2025-11-18 · Event/as of: 2025-11-18 · Inspected: 2026-10-05

• Previously announced investments included in Series G · 2026-02-12 ↗

Original: Earlier editorial wording qualified; retained in research history.
Monitor: Microsoft → IREN · bundled $9.7B capacity figure; source, date and economic basis not reconciled in this monitor

October 9 editorial audit of retained research. Unsupported comparative or causal wording is withheld or recast as a research question. No new external source inspection, refreshed observation or calibrated forecast is claimed. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: AMD → Anthropic · strategic equity
Monitor: AMD → Anthropic · up to $5B future equity; funded balance unverified

The equity ceiling does not establish cash paid, ownership or an independently priced hardware contract. Deployment timing is a target; delivery and funded amounts remain unverified. · Published: 2026-07-22 · Event/as of: 2026-07-22 · Inspected: 2026-10-05

Original: Nvidia → SSI · reported
Monitor: NVIDIA → SSI · investment announced as made July 27; $5B reported, issuer amount undisclosed

July 27 issuer release says NVIDIA has made an investment; it does not disclose the amount. Historical $5B reporting retained as reported, not issuer-confirmed funding. No current ownership or later financing inference. Excluded from modeled cash cycles. · Published: 2026-07-27 · Event/as of: 2026-07-27 · Inspected: 2026-09-29

Original: true
Monitor: false

July 27 issuer release says NVIDIA has made an investment; it does not disclose the amount. Historical $5B reporting retained as reported, not issuer-confirmed funding. No current ownership or later financing inference. Excluded from modeled cash cycles. · Published: 2026-07-27 · Event/as of: 2026-07-27 · Inspected: 2026-09-29

Original: Azure frontier capacity — $250B OpenAI commitment
Monitor: OpenAI contracted an incremental $250B of Azure services (Oct 28, 2025 announcement); current remaining balance and delivery unverified.

October 28, 2025 issuer announcement supports incremental $250B contracted Azure services and a then roughly27% as-converted diluted stake. Stake is historical, not current after later financing. April27,2026 amendment changes exclusivity/IP/revenue-share terms without restating this amount: https://blogs.microsoft.com/blog/2026/04/27/the-next-phase-of-the-microsoft-openai-partnership/. No current balance, annual rate or remaining term inferred. · Published: 2025-10-28 · Event/as of: 2025-10-28 · Inspected: 2026-09-21

Original: Stargate 4.5GW+ — $300B contract over 5 yrs
Monitor: Oracle / OpenAI: historical >$300B, five-year partnership and up to 4.5GW additional capacity. Oracle separately reports Abilene delivery progress; overall fulfillment and spending remain unresolved.

Issuer-reported site progress; the percentage has no stated capacity denominator here. It is not 75% of the broader 4.5GW agreement or the announced dollar value, and it does not establish customer payments or utilization. Page publication date is unspecified. · Published: unknown · Event/as of: 2026-09 · Inspected: 2026-10-06

• Retained agreement announcement · 2025-09-23 ↗

Original: Google Cloud capacity deal
Monitor: OpenAI lists Google Cloud Platform as cloud infrastructure in its subprocessor list (updated July 9, 2026); contract terms, capacity, delivery and payments unresolved.

July 9 is the page’s update date, not a contract signing or service start date. The listing does not establish the contracting Google/OpenAI entities, price, term, capacity, hardware, accepted delivery or payments. Listed countries do not measure capacity or prove a particular customer’s routing. Open-weight model availability is a separate claim. Web text was inspected; original-page capture returned HTTP 403 and was not retried. · Published: unknown · Event/as of: 2026-07-09 · Inspected: 2026-10-09

Original: AWS multi-year compute — $38B
Monitor: AWS compute: $38B original agreement (Nov 2025, seven years) plus $100B expansion (Feb 2026, eight years). Announced values; spend to date unverified.

February 27 expansion announcement supports an additional $100B over eight years. Original November 3, 2025 $38B agreement described seven years: https://openai.com/index/aws-and-openai-partnership/. $138B is combined announced contract value across different start dates, not annual spend, paid cash or remaining backlog. Actual spend/delivery not verified. · Published: 2026-02-27 · Event/as of: 2026-02-27 · Inspected: 2026-09-21

Original: $22B+ of contracts through 2029
Monitor: OpenAI / CoreWeave: up to approximately $22.4B across agreements announced by Sep 2025; latest $6.5B order through May 2031, subject to conditions.

September25,2025 issuer release states up to approximately $22.4B total across successive agreements (11.9+4+6.5, rounded), not revenue received. September23 order runs through May31,2031 subject to service/delivery and termination conditions: https://www.sec.gov/Archives/edgar/data/1769628/000119312525216497/d17274d8k.htm . The old through2029 label cannot describe all orders. Current residual backlog not established. · Published: 2025-09-25 · Event/as of: 2025-09-25 · Inspected: 2026-09-21

Original: Multi-year GPU capacity
Monitor: CoreWeave / Microsoft: historical customer relationship; approximately 67% of FY2025 revenue. Current customer share, payments and remaining obligations unresolved.

Do not assign the later percentages to Microsoft or OpenAI. Revenue is not cash collected; Microsoft-specific current revenue share, remaining obligations and payments are unresolved. · Published: 2026-08-11 · Event/as of: 2026-06-30 · Inspected: 2026-10-06

• Named historical customer concentration · 2026-03-02 ↗

Original: $6.3B unused-capacity backstop sale to Nvidia
Monitor: NVIDIA residual-capacity purchase obligation: initial $6.3B order (Sep 2025), through Apr 2032; delivery, availability and termination conditions apply.

September9,2025 order disclosed September15: initial value $6.3B; NVIDIA purchases residual unsold capacity through April13,2032, subject to delivery/availability and termination. Not an unconditional $6.3B receipt or equity investment. Excluded from unconditional cash-flow cycle model; no incremental addition to contract totals. · Published: 2025-09-15 · Event/as of: 2025-09-09 · Inspected: 2026-09-21

Original: Dedicated capacity — up to $19.4B
Monitor: Microsoft / Nebius: $17.4B base, potentially $19.4B through 2031. Nebius reports all contract capacity tranches delivered by Aug 12, 2026; service obligations and payments remain unresolved.

This issuer-reported deployment milestone does not mean the multi-year service term is complete or all payments were received. The earlier $17.4B base and potential $19.4B ceiling remain historical contract values; current remaining obligations and optional-capacity reconciliation are unresolved. · Published: 2026-08-12 · Event/as of: 2026-08-12 · Inspected: 2026-10-06

• Original phased agreement and conditions · 2025-09-08 ↗

Original: ~200k GB300s across sites
Monitor: Nscale / Microsoft: approximately 200,000 GB300 GPUs in a phased four-country plan (Oct 15, 2025), including earlier UK/Norway plans; actual delivery and payments unresolved.

The release schedules Portugal from Q1 2026, Texas from Q3 2026 and the UK from Q1 2027; the additional Texas phase is an option. These are dated plans, not proof of delivery today. Do not add earlier announcements again or convert GPUs into an inferred dollar contract. · Published: 2025-10-15 · Event/as of: 2025-10-15 · Inspected: 2026-10-06

Original: Azure — $30B Anthropic compute commitment
Monitor: Anthropic: $30B Azure compute commitment announced Nov 18, 2025, plus up to 1GW additional capacity; spending and delivery unverified.

Individual funded balances and compute delivery remain unresolved. Series G includes portions of these investments. The Azure and NVIDIA capacity descriptions are not independently additive; their detailed mapping is unresolved. The three newsroom copies are one joint announcement. · Published: 2025-11-18 · Event/as of: 2025-11-18 · Inspected: 2026-10-05

• Previously announced investments included in Series G · 2026-02-12 ↗

Original: TPU deal — up to 1M chips, >1GW in 2026
Monitor: Google / Broadcom: 5GW of next-generation TPU capacity, expected to start in 2027; delivery and overlap with earlier targets unresolved.

The October 2025 plan for up to 1M TPUs and well over 1GW in 2026 is a separate historical milestone. Overlap, delivery, payments and current remaining obligations are unresolved; the targets are not summed. · Published: 2026-04-06 · Event/as of: 2026-04-06 · Inspected: 2026-10-05

• 5GW specification · 2026-05-28 ↗
• Earlier TPU target · 2025-10-23 ↗

Original: Project Rainier — Trainium at scale
Monitor: Anthropic / AWS: >$100B over ten years, up to 5GW new capacity; nearly 1GW targeted by end-2026. Spending and delivery unverified (Apr 20 announcement).

These are spending and capacity commitments, not verified receipts or delivered capacity. Equity is separate: the retained June 30 investment record is newer than this announcement. No post-quarter funded balance is established. · Published: 2026-04-20 · Event/as of: 2026-04-20 · Inspected: 2026-10-05

Original: Compute resale ≈ $920M / month
Monitor: Google / SpaceX: $920M/month scheduled for Oct 2026–Jun 2029. Delivery conditions apply; separate 90-day termination right after Dec 31, 2026. Current delivery and payments unresolved.

Reuters separately reports either party may terminate on 90 days’ notice after December 31, 2026. The slide uses June 5 filing information; its own publication date is not established. October’s arrival does not prove delivery, acceptance or full-rate payments. Current amendments and the executing affiliate remain unresolved; no realized revenue or combined contract total is inferred. · Published: unknown · Event/as of: 2026-06-05 · Inspected: 2026-10-06

• Reuters · delivery and termination conditions · 2026-06-05 ↗

Original: Compute resale ≈ $1.25B / month
Monitor: Anthropic / SpaceX: $1.25B/month through May 2029 for Colossus I and II capacity; reduced May–June ramp fees and 90-day termination after an initial three-month period. Actual receipts unresolved.

This corrects the narrower Colossus I-only label. Earlier capacity announcements are not additional contracts to sum. The roadshow’s June 5 source basis is not an independently established publication date. The grouped SpaceX/xAI node does not establish the executing subsidiary; accepted capacity, actual receipts and later amendments remain unresolved. · Published: unknown · Event/as of: 2026-06-05 · Inspected: 2026-10-06

• SpaceX prospectus · ramp and termination terms · 2026-06-05 ↗

Original: Stargate power supply
Monitor: SB Energy / OpenAI: PORTS-Pike campus under a 20-year lease; initial 4.25 IT-GW, optional 3.75 IT-GW. Phases expected from 2028 at announcement; delivery and payments unresolved.

A dated campus plan, not delivered service. IT load and power-generation capacity are different measures. The optional expansion is not part of the initial guaranteed capacity; other SB Energy projects are not added here. · Published: 2026-08-17 · Event/as of: 2026-08-17 · Inspected: 2026-10-06

Original: Claude models power Cursor
Monitor: Cursor lists Anthropic models in its documentation inspected Oct 6, 2026. Account availability and commercial terms are separate; current supplier payments unresolved.

A provider listing supports an available integration, not guaranteed service for every account, an exclusive supplier relationship or a disclosed wholesale contract. Anthropic-specific spending, routing share, remaining obligations and future availability remain unresolved. The page does not provide a fixed publication date. · Published: unknown · Event/as of: 2026-10-06 · Inspected: 2026-10-06

Original: Model supply
Monitor: OpenAI direct model supply: wind-down planned, November 12 proposed; final termination date unconfirmed in help page inspected Oct 6. Separate access routes remain distinct.

This is a dated reading of an undated, changeable help page, not proof of uninterrupted service. Direct bundled access differs from separately billed API-key, gateway or Codex-extension access described by OpenAI. No account-level availability, final cutoff or continuing commercial terms are independently established. · Published: unknown · Event/as of: 2026-10-06 · Inspected: 2026-10-06

Original: Model supply
Monitor: Harvey reports OpenAI models within a multi-model platform; Azure OpenAI use is separately documented. Usage shares, direct billing and payments unresolved.

These are dated product and delivery accounts. They do not establish current usage shares, direct lab billing, prices, minimum commitments, contractual exclusivity or payments. Model choice does not prove weak customer loyalty or the absence of provider dependence. Regional and customer availability vary; claimed quality and resilience are issuer descriptions, not independently measured results. · Published: 2026-03-10 · Event/as of: 2026-03-10 · Inspected: 2026-10-07

• Harvey model expansion · May 13, 2025 · ↗
• Microsoft Azure customer account · December 3, 2024 · ↗

Original: ~27% stake — $13B+ invested
Monitor: Microsoft reported roughly 27% of OpenAI on an as-converted diluted basis after Oct 2025 recapitalization; current ownership unverified.

Historical equity percentage, not voting power or a current stake. Later funding-round dilution and any updated holding require a matching share basis; no percentage is calculated from financing headlines. The April 27, 2026 amendment identifies a major shareholder without an updated percentage. · Published: 2025-10-28 · Event/as of: 2025-10-28 · Inspected: 2026-10-05

Original: Up to $100B tied to 10GW LOI
Monitor: $30B announced investment in the 2026 round; individual cash funding not independently established

February 27 issuer announcement supports $30B participation. March 31 round closure reports committed capital, not investor-specific cash receipts: https://openai.com/index/accelerating-the-next-phase-ai/. Reinspection does not establish NVIDIA cash funding or expiry/replacement of every prior LOI term. Retain equity-commitment classification and $30B amount; do not sum with guaranties. · Published: 2026-02-27 · Event/as of: 2026-02-27 · Inspected: 2026-09-21

Original: oai
Monitor: sbe

Dated source supports this correction; remaining context is unverified. · Published: 2026-08-17 · Event/as of: 2026-08-17 · Inspected: 2026-09-14

Original: ≈$120B lease-payment backstop — cut from $250B after investor pushback (WSJ, Aug 16); phase 1 ≈5GW
Monitor: NVIDIA → SB Energy affiliates: $105B aggregate initial guaranty cap for defined OpenAI lease and power obligations. Effective with applicable leases; conditional on readiness and specified tenant defaults. Separate from equity.

Effective with the applicable leases and subject to service-readiness conditions and specified tenant defaults. Coverage declines over the lease terms and can terminate under stated conditions. This is not the whole campus cost, cash paid, or equity. Exact affiliate identities, later amendments, activation and payments remain unresolved. · Published: 2026-08-26 · Event/as of: 2026-08-17 · Inspected: 2026-10-06

• Scope, readiness and termination conditions · 2026-08-26 ↗
• Dated initial capacity and optional expansion · 2026-08-17 ↗

Original: true
Monitor: false

Dated source supports this correction; remaining context is unverified. · Published: 2026-08-17 · Event/as of: 2026-08-17 · Inspected: 2026-09-14

Original: $30B+ — led the $40B round
Monitor: SoftBank / Vision Fund 2: $30B 2026 follow-on completed; $64.6B cumulative investment and approximately 13% ownership reported Oct 1, 2026.

SoftBank’s October 1 disclosure reports completion through Vision Fund 2. $64.6B is cumulative invested capital, not current fair value; approximately 13% is issuer-reported ownership at that date, not a voting-power calculation. Earlier round totals and this cumulative figure must not be added together. · Published: 2026-10-01 · Event/as of: 2026-10-01 · Inspected: 2026-10-05

Original: Warrants up to ~10% of AMD equity
Monitor: OpenAI holds a warrant for up to 160M AMD shares, conditional on deployment, purchase, share-price, technical and commercial milestones. Vesting and exercise unverified; not AMD cash invested in OpenAI.

This is a right to AMD shares, not AMD cash invested in OpenAI or proof of exercised ownership. The announced initial deployment window is H2 2026; actual deployment, vesting and exercise remain unverified. · Published: 2025-10-06 · Event/as of: 2025-10-06 · Inspected: 2026-10-05

Original: Up to $10B
Monitor: NVIDIA: up to $10B equity commitment (Nov 18, 2025); a portion included in Series G. Individual funded balance unverified.

Individual funded balances and compute delivery remain unresolved. Series G includes portions of these investments. The Azure and NVIDIA capacity descriptions are not independently additive; their detailed mapping is unresolved. The three newsroom copies are one joint announcement. · Published: 2025-11-18 · Event/as of: 2025-11-18 · Inspected: 2026-10-05

• Previously announced investments included in Series G · 2026-02-12 ↗

Original: Up to $5B
Monitor: Microsoft: up to $5B equity commitment (Nov 18, 2025); a portion included in Series G. Individual funded balance unverified.

Individual funded balances and compute delivery remain unresolved. Series G includes portions of these investments. The Azure and NVIDIA capacity descriptions are not independently additive; their detailed mapping is unresolved. The three newsroom copies are one joint announcement. · Published: 2025-11-18 · Event/as of: 2025-11-18 · Inspected: 2026-10-05

• Previously announced investments included in Series G · 2026-02-12 ↗

Original: ~14% across rounds
Monitor: Google: historical non-voting shares and convertible notes documented in 2024; current percentage and funded balance unverified.

This historical record does not establish a current stake, funded balance or present control assessment. The earlier approximately 14% figure is not carried forward as current ownership. Later reported financing terms remain unreconciled. · Published: 2024-12-24 · Event/as of: 2024-08 · Inspected: 2026-10-05

Original: $8B+ in convertibles
Monitor: Amazon invested $18B through June 30, 2026: $8B earlier notes plus $5B Series G and $5B Series H. Remaining facility: up to $15B, subject to delivery milestones and draw conditions; not funded capital. Reviewed Sep 21, 2026.

Note 2: $8B invested through 2025 plus two $5B investments in Q2 2026 = $18B historical invested cost, not fair value. The $20B facility was reduced to $15B by Series H participation; do not add $20B again. No post-quarter funding assertion. Investment is separate from the >$100B compute commitment. Selected contract subtotal excludes equity and undrawn facilities. · Published: unknown · Event/as of: 2026-06-30 · Inspected: 2026-09-21

Original: $5B strategic partnership (Jul 2026)
Monitor: AMD: up to $5B future equity commitment (July 22, 2026); cash funding and ownership unverified.

The equity ceiling does not establish cash paid, ownership or an independently priced hardware contract. Deployment timing is a target; delivery and funded amounts remain unverified. · Published: 2026-07-22 · Event/as of: 2026-07-22 · Inspected: 2026-10-05

Original: Colossus 2 SPV participant
Monitor: Apollo, Jan 7, 2026: NVIDIA is an anchor limited partner in VCI, which leases compute to an xAI subsidiary; individual contribution undisclosed.

This establishes announced fund participation, not a direct NVIDIA payment to xAI. NVIDIA’s contribution, exact investment date, ownership share, lessee identity and paid amounts are undisclosed here. Do not infer a $1.9B contribution by subtraction, sum these amounts with Series E, or treat the announcement as current delivery or lease performance. · Published: 2026-01-07 · Event/as of: 2026-01-07 · Inspected: 2026-10-09

Original: Equity stake (~5%)
Monitor: NVIDIA invested $2B in CoreWeave Class A shares at $87.20 per share, announced Jan 26, 2026. Current ownership percentage unverified.

Issuer announcement supports this completed investment. Replaces stale approximately 5% label. Retained C-NVDA-CRWV records 11.5% of Class A as of Jan 23 via a filing mirror; that historical denominator is not a current total-equity ownership percentage. No extra contract-total entry. Historical proxy context: 10.66% of Class A and 3.27% of total voting power are the April proxy table presentation. Footnote 12 uses NVIDIA’s 47,213,353-share holding reported as of January 23; outstanding shares are dated April 15. October 6 follow-up: NVIDIA’s August 14 filing supplies the same 47,213,353-share holding as of June 30. CoreWeave’s June 30 outstanding counts are rounded to millions; exact July 31 counts have a different date. Neither supplies an exact current percentage. Current ownership remains unresolved; these are not total-equity percentages. · Published: 2026-01-26 · Event/as of: 2026-01-26 · Inspected: 2026-10-04

• 2026 proxy statement · 2026-04-22 ↗
• Second-quarter 2026 report · 2026-08-11 ↗
• NVIDIA June 30 holdings · filed August 14, 2026 · 2026-08-14 ↗

Original: 9.3% stake — 13G filed Jul 2026
Monitor: Nebius reports NVIDIA’s $2B pre-funded warrant investment funded in Q1 2026. Current ownership percentage and later warrant exercise remain unverified.

This advances the investment from announced intent to issuer-reported funding. The first-half proceeds include Q1 funding; they are not another $2B raise. Funding does not establish warrant exercise or shares issued on exercise. Retained canon’s historical 9.3% is separately matched to the July beneficial-ownership filing; current ownership percentage and later exercise remain unverified. The Q1 letter was inspected as web text; its original PDF could not be retained. · Published: 2026-08-12 · Event/as of: 2026-03-31 · Inspected: 2026-10-06

• Nebius Q1 shareholder letter · May 13, 2026 · ↗
• NVIDIA Nebius Schedule 13G · July 20, 2026 · ↗

Original: Series B backer
Monitor: NVIDIA named in Nscale Series B/C; September 2026 convertible includes a $1B commitment expected to fund in November. Current ownership unresolved.

The $1B is included in $3.36B, not added again. A completed closing and cash received are not independently established here. The notes are to convert at an IPO, into non-voting shares for NVIDIA; conversion and current ownership are unresolved. The September IPO filing announcement does not establish a completed listing. · Published: 2026-09-25 · Event/as of: 2026-09-25 · Inspected: 2026-10-06

• Nscale proposed IPO announcement · September 18, 2026 · ↗
• Nscale Series B · September 25, 2025 · ↗
• Nscale Series C · March 9, 2026 · ↗

Original: $5B stake + x86 co-design
Monitor: NVIDIA paid $5B for 214,776,632 Intel common shares; closed Dec 26, 2025. Current ownership unresolved; x86 collaboration is separate.

This establishes the historical purchase, not a current ownership percentage, present fair value or product revenue. The September announcement and December closing are stages of the same investment. Later holdings and a matching outstanding-share denominator remain unresolved; no additional amount enters modeled totals. · Published: 2025-12-29 · Event/as of: 2025-12-26 · Inspected: 2026-10-06

Original: $2B stake
Monitor: SoftBank Group paid $2B for 86,956,522 Intel common shares; closed Sept 26, 2025. Current ownership unresolved.

The closing report gives August 28 as the agreement date, while the annual equity note gives August 18. That discrepancy remains unresolved; both support the September 26 closing. Purchase cost is not current fair value or ownership. Later holdings and a matching share denominator remain unresolved. · Published: 2025-09-29 · Event/as of: 2025-09-26 · Inspected: 2026-10-06

• Intel FY2025 · equity note and corroborating closing date · ↗

Original: Series C participant (€1.7B round)
Monitor: NVIDIA named in Mistral’s September 8, 2026 Series D; individual allocation and current ownership unresolved.

Above €21B is a lower bound, not an exact price or a USD value. The round total does not establish NVIDIA’s contribution, current ownership or a secondary-market exit price. No USD conversion or addition to financial totals is made. · Published: 2026-09-08 · Event/as of: 2026-09-08 · Inspected: 2026-10-07

• Mistral news index · announcement date · ↗

Original: Series B/C participant
Monitor: NVIDIA named in Figure Series B and Series C; Series C describes committed capital. Individual allocation and current ownership unresolved.

Committed capital does not establish that every dollar was paid. NVIDIA’s allocation, later holdings and current ownership remain unresolved. The $39B is a dated valuation, not financing proceeds or a current mark. · Published: 2025-09-16 · Event/as of: 2025-09-16 · Inspected: 2026-10-06

• Figure Series B · February 29, 2024 · ↗

Original: Series B participant
Monitor: Microsoft named in Figure’s February 2024 Series B. Individual allocation, later participation and current ownership unresolved.

The round total is not either investor’s individual contribution or present holding. Current ownership and later participation remain unresolved. Microsoft’s absence from the later Series C announcement does not prove an exit or non-participation. · Published: 2024-02-29 · Event/as of: 2024-02-29 · Inspected: 2026-10-06

Original: Series D participant
Monitor: Historical Cursor financing relationship; current ownership exposure unverified

Dated source supports this correction; remaining context is unverified. · Published: 2026-08-14 · Event/as of: 2026-08-14 · Inspected: 2026-09-14

Original: Series D participant
Monitor: Historical Cursor financing relationship; current ownership exposure unverified

Dated source supports this correction; remaining context is unverified. · Published: 2026-08-14 · Event/as of: 2026-08-14 · Inspected: 2026-09-14

Original: OpenAI Startup Fund
Monitor: OpenAI Startup Fund → Harvey: dated investment participation, including February 2025 Series D. Fund allocation and current ownership unresolved.

The round total is not the fund’s individual contribution. Its investment vehicle, allocation, current ownership, voting rights and later participation remain unresolved. These are dated participation records, not an operating-company investment by OpenAI or evidence of a current controlling stake. · Published: 2025-02-12 · Event/as of: 2025-02-12 · Inspected: 2026-10-07

• Fund’s first investments · December 1, 2022 · ↗
• Fund identity · undated About page · ↗

Original: Startup Fund participant
Monitor: OpenAI Startup Fund → Ambience: Series B co-lead and July 2025 Series C participant. Fund allocation and current ownership unresolved.

These are total round amounts, not the fund’s allocation or ownership. The Series C issuer announcement does not disclose a valuation. The displayed $1.25B remains a historical, secondary-reported July 2025 mark with its earlier inspection date. Exact investing vehicles, current holdings, model suppliers, payment terms and closing receipts remain unresolved; investment participation alone does not establish a model-supply contract. · Published: 2025-07-29 · Event/as of: 2025-07-29 · Inspected: 2026-10-07

• Ambience Series B · February 6, 2024 · ↗
• Fund identity · undated About page · ↗

Original: ≈$5B — reported Jul 27
Monitor: July 27, 2026: NVIDIA announced it had invested in SSI. Approximately $5B is secondary-reported; issuer amount undisclosed.

July 27 issuer release says NVIDIA has made an investment; it does not disclose the amount. Historical $5B reporting retained as reported, not issuer-confirmed funding. No current ownership or later financing inference. Excluded from modeled cash cycles. · Published: 2026-07-27 · Event/as of: 2026-07-27 · Inspected: 2026-09-29

Original: true
Monitor: false

July 27 issuer release says NVIDIA has made an investment; it does not disclose the amount. Historical $5B reporting retained as reported, not issuer-confirmed funding. No current ownership or later financing inference. Excluded from modeled cash cycles. · Published: 2026-07-27 · Event/as of: 2026-07-27 · Inspected: 2026-09-29

Original: GB / Vera Rubin systems — 10GW roadmap
Monitor: NVIDIA / OpenAI: 3GW inference and 2GW training capacity announced Feb 27, 2026; delivered capacity and payments unresolved.

Retained September 14 source review, not freshly reopened. Announced capacity is not delivered usable capacity or traced payments; overlap with earlier roadmaps and intermediary cloud arrangements remains unresolved. · Published: 2026-02-27 · Event/as of: 2026-02-27 · Inspected: 2026-09-14

Original: GPU fleets for Azure
Monitor: Azure reports a GB300 NVL72 production cluster (Oct 9, 2025); current total fleet and supplier payments unresolved.

The initial cluster and wider rollout are different stages. This review does not convert the announcement’s cluster wording into a rack or GPU inventory, establish today’s capacity, or infer direct purchase terms and payments. · Published: 2025-10-09 · Event/as of: 2025-10-09 · Inspected: 2026-10-07

Original: GPU supply for Google Cloud
Monitor: Google A4X with NVIDIA GB200 NVL72: May 29, 2025 availability update; procurement quantities and payments unresolved.

Availability of a cloud service does not establish total GPUs purchased, allocation to a particular customer, utilization or payments. The May availability date is distinct from the original February publication date. · Published: 2025-02-19 · Event/as of: 2025-05-29 · Inspected: 2026-10-07

Original: GPU supply for AWS
Monitor: AWS P6e-GB300 service launch (Dec 2, 2025); current capacity and supplier payments unresolved.

General availability does not promise capacity in every region or account. Fleet size, current reservation availability, procurement affiliates, pricing terms and actual supplier payments remain unresolved. · Published: 2025-12-02 · Event/as of: 2025-12-02 · Inspected: 2026-10-07

Original: GB300 fleets for Stargate sites
Monitor: OCI reports GB300/B300 platform validation (Aug 22, 2026); Stargate site hardware allocation unresolved.

This platform-level report does not locate those systems at specific Stargate sites or identify the hardware behind the separately reviewed Abilene capacity milestone. Validation is not evidence of a paid purchase, full delivery or current inventory. Web text was inspected; original-page capture returned HTTP 403 and was not retried. · Published: 2026-08-22 · Event/as of: 2026-08-22 · Inspected: 2026-10-07

Original: Grace Blackwell / Vera Rubin — up to 1GW
Monitor: NVIDIA / Anthropic: initially up to 1GW of Grace Blackwell / Vera Rubin capacity in the Nov 18, 2025 joint partnership; delivery unverified.

Individual funded balances and compute delivery remain unresolved. Series G includes portions of these investments. The Azure and NVIDIA capacity descriptions are not independently additive; their detailed mapping is unresolved. The three newsroom copies are one joint announcement. · Published: 2025-11-18 · Event/as of: 2025-11-18 · Inspected: 2026-10-05

• Previously announced investments included in Series G · 2026-02-12 ↗

Original: Colossus GB200 / GB300 fleets
Monitor: NVIDIA describes Colossus 2 expansion plans (Oct 28, 2025); current GB200/GB300 fleet mix and delivery unresolved.

That statement does not specify a GB200/GB300 mix or prove present delivery. GPU-equivalent capacity, physical chips, racks and power are different measures. Later SpaceX service agreements remain separately reviewed; no current fleet total, new payment or duplicate capacity is inferred. · Published: 2025-10-28 · Event/as of: 2025-10-28 · Inspected: 2026-10-07

Original: Priority GPU allocation
Monitor: CoreWeave reports initial GB300 deployment (July 3, 2025); preferential allocation rights unestablished.

An early deployment does not establish preferential contractual allocation. Current fleet size, procurement counterparties, prices and payments remain unresolved. Issuer web text was inspected; the original-page capture returned HTTP 403 and was not retried. · Published: 2025-07-03 · Event/as of: 2025-07-03 · Inspected: 2026-10-07

Original: GPU allocation
Monitor: Nebius reports GB300 production deployment in Finland (Dec 17, 2025); current allocation and payments unresolved.

This supports a dated deployment report, not a current allocation quota, preferential supply right or independently measured utilization. It does not attribute this Finland capacity to Microsoft or Meta contracts. Purchase amounts and payments remain unresolved. · Published: 2025-12-17 · Event/as of: 2025-12-17 · Inspected: 2026-10-07

Original: 6GW of Instinct (MI450 era)
Monitor: AMD / OpenAI: multi-generation 6GW agreement; initial 1GW MI450 rollout planned for H2 2026. Accepted delivery and payments unresolved.

The initial 1GW is part of the 6GW scope, not an additional amount. Neither the calendar nor software preparation proves accepted delivery, utilization, payment or warrant vesting. AMD’s Chinese-language account of its July 23, 2026 event still describes an expected partner-led Helios rollout in H2 2026; no fixed publication date was established for that page. Its web text was inspected but original capture timed out. · Published: 2025-10-06 · Event/as of: 2025-10-06 · Inspected: 2026-10-07

• AMD · July 2026 event account · Chinese-language text; publication date unestablished · ↗

Original: 18k GPUs — Mistral Compute
Monitor: NVIDIA / Mistral Compute: dated infrastructure plans; exact current GPU count, delivery and payments unresolved.

Neither account establishes an exact current NVIDIA GPU count, individual purchase terms, accepted deliveries or payments. Regional inference service availability does not prove completion of the broader infrastructure plan. Do not restore the original 18,000-GPU count as current. · Published: 2025-06-11 · Event/as of: 2025-06-11 · Inspected: 2026-10-07

• Mistral · regional services and compute coalition · 2026-08-11 ↗

Original: GR00T stack + compute
Monitor: NVIDIA identifies Figure use of Cosmos, Isaac Sim and Isaac Lab (March 2026). Direct hardware economics and GR00T adoption unestablished.

These sources do not establish Figure-specific GR00T production adoption, direct GPU purchase terms, delivered quantities or receipts. The relationship shows technology use and a future compute plan; it does not establish a realized demand wave or a traced payment cycle. · Published: 2026-03-16 · Event/as of: 2026-03-16 · Inspected: 2026-10-06

• Figure’s future compute plan · September 3, 2026 · ↗

Original: Optical fiber / co-packaged optics supply
Monitor: NVIDIA / Corning: optical-connectivity partnership and planned US manufacturing expansion (May 6, 2026). Warrant economics reviewed separately; delivery remains unresolved.

May 6 manufacturing announcement; financing instruments and supply accounting are separately reviewed in the linked Corning context. Manufacturing targets do not establish delivered products, pricing power or a qualified payment cycle. · Published: 2026-05-06 · Event/as of: 2026-05-06 · Inspected: 2026-10-06

Original: Azure frontier capacity — $250B OpenAI commitment
Monitor: OpenAI contracted an incremental $250B of Azure services (Oct 28, 2025 announcement); current remaining balance and delivery unverified.

October 28, 2025 issuer announcement supports incremental $250B contracted Azure services and a then roughly27% as-converted diluted stake. Stake is historical, not current after later financing. April27,2026 amendment changes exclusivity/IP/revenue-share terms without restating this amount: https://blogs.microsoft.com/blog/2026/04/27/the-next-phase-of-the-microsoft-openai-partnership/. No current balance, annual rate or remaining term inferred. · Published: 2025-10-28 · Event/as of: 2025-10-28 · Inspected: 2026-09-21

Original: Stargate 4.5GW+ — $300B contract over 5 yrs
Monitor: Oracle / OpenAI: historical >$300B, five-year partnership and up to 4.5GW additional capacity. Oracle separately reports Abilene delivery progress; overall fulfillment and spending remain unresolved.

Issuer-reported site progress; the percentage has no stated capacity denominator here. It is not 75% of the broader 4.5GW agreement or the announced dollar value, and it does not establish customer payments or utilization. Page publication date is unspecified. · Published: unknown · Event/as of: 2026-09 · Inspected: 2026-10-06

• Retained agreement announcement · 2025-09-23 ↗

Original: Google Cloud capacity deal
Monitor: OpenAI lists Google Cloud Platform as cloud infrastructure in its subprocessor list (updated July 9, 2026); contract terms, capacity, delivery and payments unresolved.

July 9 is the page’s update date, not a contract signing or service start date. The listing does not establish the contracting Google/OpenAI entities, price, term, capacity, hardware, accepted delivery or payments. Listed countries do not measure capacity or prove a particular customer’s routing. Open-weight model availability is a separate claim. Web text was inspected; original-page capture returned HTTP 403 and was not retried. · Published: unknown · Event/as of: 2026-07-09 · Inspected: 2026-10-09

Original: AWS multi-year compute — $38B
Monitor: AWS compute: $38B original agreement (Nov 2025, seven years) plus $100B expansion (Feb 2026, eight years). Announced values; spend to date unverified.

February 27 expansion announcement supports an additional $100B over eight years. Original November 3, 2025 $38B agreement described seven years: https://openai.com/index/aws-and-openai-partnership/. $138B is combined announced contract value across different start dates, not annual spend, paid cash or remaining backlog. Actual spend/delivery not verified. · Published: 2026-02-27 · Event/as of: 2026-02-27 · Inspected: 2026-09-21

Original: $22B+ of contracts through 2029
Monitor: OpenAI / CoreWeave: up to approximately $22.4B across agreements announced by Sep 2025; latest $6.5B order through May 2031, subject to conditions.

September25,2025 issuer release states up to approximately $22.4B total across successive agreements (11.9+4+6.5, rounded), not revenue received. September23 order runs through May31,2031 subject to service/delivery and termination conditions: https://www.sec.gov/Archives/edgar/data/1769628/000119312525216497/d17274d8k.htm . The old through2029 label cannot describe all orders. Current residual backlog not established. · Published: 2025-09-25 · Event/as of: 2025-09-25 · Inspected: 2026-09-21

Original: Multi-year GPU capacity
Monitor: CoreWeave / Microsoft: historical customer relationship; approximately 67% of FY2025 revenue. Current customer share, payments and remaining obligations unresolved.

Do not assign the later percentages to Microsoft or OpenAI. Revenue is not cash collected; Microsoft-specific current revenue share, remaining obligations and payments are unresolved. · Published: 2026-08-11 · Event/as of: 2026-06-30 · Inspected: 2026-10-06

• Named historical customer concentration · 2026-03-02 ↗

Original: $6.3B unused-capacity backstop sale to Nvidia
Monitor: NVIDIA residual-capacity purchase obligation: initial $6.3B order (Sep 2025), through Apr 2032; delivery, availability and termination conditions apply.

September9,2025 order disclosed September15: initial value $6.3B; NVIDIA purchases residual unsold capacity through April13,2032, subject to delivery/availability and termination. Not an unconditional $6.3B receipt or equity investment. Excluded from unconditional cash-flow cycle model; no incremental addition to contract totals. · Published: 2025-09-15 · Event/as of: 2025-09-09 · Inspected: 2026-09-21

Original: Dedicated capacity — up to $19.4B
Monitor: Microsoft / Nebius: $17.4B base, potentially $19.4B through 2031. Nebius reports all contract capacity tranches delivered by Aug 12, 2026; service obligations and payments remain unresolved.

This issuer-reported deployment milestone does not mean the multi-year service term is complete or all payments were received. The earlier $17.4B base and potential $19.4B ceiling remain historical contract values; current remaining obligations and optional-capacity reconciliation are unresolved. · Published: 2026-08-12 · Event/as of: 2026-08-12 · Inspected: 2026-10-06

• Original phased agreement and conditions · 2025-09-08 ↗

Original: ~200k GB300s across sites
Monitor: Nscale / Microsoft: approximately 200,000 GB300 GPUs in a phased four-country plan (Oct 15, 2025), including earlier UK/Norway plans; actual delivery and payments unresolved.

The release schedules Portugal from Q1 2026, Texas from Q3 2026 and the UK from Q1 2027; the additional Texas phase is an option. These are dated plans, not proof of delivery today. Do not add earlier announcements again or convert GPUs into an inferred dollar contract. · Published: 2025-10-15 · Event/as of: 2025-10-15 · Inspected: 2026-10-06

Original: Azure — $30B Anthropic compute commitment
Monitor: Anthropic: $30B Azure compute commitment announced Nov 18, 2025, plus up to 1GW additional capacity; spending and delivery unverified.

Individual funded balances and compute delivery remain unresolved. Series G includes portions of these investments. The Azure and NVIDIA capacity descriptions are not independently additive; their detailed mapping is unresolved. The three newsroom copies are one joint announcement. · Published: 2025-11-18 · Event/as of: 2025-11-18 · Inspected: 2026-10-05

• Previously announced investments included in Series G · 2026-02-12 ↗

Original: TPU deal — up to 1M chips, >1GW in 2026
Monitor: Google / Broadcom: 5GW of next-generation TPU capacity, expected to start in 2027; delivery and overlap with earlier targets unresolved.

The October 2025 plan for up to 1M TPUs and well over 1GW in 2026 is a separate historical milestone. Overlap, delivery, payments and current remaining obligations are unresolved; the targets are not summed. · Published: 2026-04-06 · Event/as of: 2026-04-06 · Inspected: 2026-10-05

• 5GW specification · 2026-05-28 ↗
• Earlier TPU target · 2025-10-23 ↗

Original: Project Rainier — Trainium at scale
Monitor: Anthropic / AWS: >$100B over ten years, up to 5GW new capacity; nearly 1GW targeted by end-2026. Spending and delivery unverified (Apr 20 announcement).

These are spending and capacity commitments, not verified receipts or delivered capacity. Equity is separate: the retained June 30 investment record is newer than this announcement. No post-quarter funded balance is established. · Published: 2026-04-20 · Event/as of: 2026-04-20 · Inspected: 2026-10-05

Original: Compute resale ≈ $920M / month
Monitor: Google / SpaceX: $920M/month scheduled for Oct 2026–Jun 2029. Delivery conditions apply; separate 90-day termination right after Dec 31, 2026. Current delivery and payments unresolved.

Reuters separately reports either party may terminate on 90 days’ notice after December 31, 2026. The slide uses June 5 filing information; its own publication date is not established. October’s arrival does not prove delivery, acceptance or full-rate payments. Current amendments and the executing affiliate remain unresolved; no realized revenue or combined contract total is inferred. · Published: unknown · Event/as of: 2026-06-05 · Inspected: 2026-10-06

• Reuters · delivery and termination conditions · 2026-06-05 ↗

Original: Compute resale ≈ $1.25B / month
Monitor: Anthropic / SpaceX: $1.25B/month through May 2029 for Colossus I and II capacity; reduced May–June ramp fees and 90-day termination after an initial three-month period. Actual receipts unresolved.

This corrects the narrower Colossus I-only label. Earlier capacity announcements are not additional contracts to sum. The roadshow’s June 5 source basis is not an independently established publication date. The grouped SpaceX/xAI node does not establish the executing subsidiary; accepted capacity, actual receipts and later amendments remain unresolved. · Published: unknown · Event/as of: 2026-06-05 · Inspected: 2026-10-06

• SpaceX prospectus · ramp and termination terms · 2026-06-05 ↗

Original: Stargate power supply
Monitor: SB Energy / OpenAI: PORTS-Pike campus under a 20-year lease; initial 4.25 IT-GW, optional 3.75 IT-GW. Phases expected from 2028 at announcement; delivery and payments unresolved.

A dated campus plan, not delivered service. IT load and power-generation capacity are different measures. The optional expansion is not part of the initial guaranteed capacity; other SB Energy projects are not added here. · Published: 2026-08-17 · Event/as of: 2026-08-17 · Inspected: 2026-10-06

Original: Claude models power Cursor
Monitor: Cursor lists Anthropic models in its documentation inspected Oct 6, 2026. Account availability and commercial terms are separate; current supplier payments unresolved.

A provider listing supports an available integration, not guaranteed service for every account, an exclusive supplier relationship or a disclosed wholesale contract. Anthropic-specific spending, routing share, remaining obligations and future availability remain unresolved. The page does not provide a fixed publication date. · Published: unknown · Event/as of: 2026-10-06 · Inspected: 2026-10-06

Original: Model supply
Monitor: OpenAI direct model supply: wind-down planned, November 12 proposed; final termination date unconfirmed in help page inspected Oct 6. Separate access routes remain distinct.

This is a dated reading of an undated, changeable help page, not proof of uninterrupted service. Direct bundled access differs from separately billed API-key, gateway or Codex-extension access described by OpenAI. No account-level availability, final cutoff or continuing commercial terms are independently established. · Published: unknown · Event/as of: 2026-10-06 · Inspected: 2026-10-06

Original: Model supply
Monitor: Harvey reports OpenAI models within a multi-model platform; Azure OpenAI use is separately documented. Usage shares, direct billing and payments unresolved.

These are dated product and delivery accounts. They do not establish current usage shares, direct lab billing, prices, minimum commitments, contractual exclusivity or payments. Model choice does not prove weak customer loyalty or the absence of provider dependence. Regional and customer availability vary; claimed quality and resilience are issuer descriptions, not independently measured results. · Published: 2026-03-10 · Event/as of: 2026-03-10 · Inspected: 2026-10-07

• Harvey model expansion · May 13, 2025 · ↗
• Microsoft Azure customer account · December 3, 2024 · ↗

Original: ~27% stake — $13B+ invested
Monitor: Microsoft reported roughly 27% of OpenAI on an as-converted diluted basis after Oct 2025 recapitalization; current ownership unverified.

Historical equity percentage, not voting power or a current stake. Later funding-round dilution and any updated holding require a matching share basis; no percentage is calculated from financing headlines. The April 27, 2026 amendment identifies a major shareholder without an updated percentage. · Published: 2025-10-28 · Event/as of: 2025-10-28 · Inspected: 2026-10-05

Original: Up to $100B tied to 10GW LOI
Monitor: $30B announced investment in the 2026 round; individual cash funding not independently established

February 27 issuer announcement supports $30B participation. March 31 round closure reports committed capital, not investor-specific cash receipts: https://openai.com/index/accelerating-the-next-phase-ai/. Reinspection does not establish NVIDIA cash funding or expiry/replacement of every prior LOI term. Retain equity-commitment classification and $30B amount; do not sum with guaranties. · Published: 2026-02-27 · Event/as of: 2026-02-27 · Inspected: 2026-09-21

Original: oai
Monitor: sbe

Dated source supports this correction; remaining context is unverified. · Published: 2026-08-17 · Event/as of: 2026-08-17 · Inspected: 2026-09-14

Original: ≈$120B lease-payment backstop — cut from $250B after investor pushback (WSJ, Aug 16); phase 1 ≈5GW
Monitor: NVIDIA → SB Energy affiliates: $105B aggregate initial guaranty cap for defined OpenAI lease and power obligations. Effective with applicable leases; conditional on readiness and specified tenant defaults. Separate from equity.

Effective with the applicable leases and subject to service-readiness conditions and specified tenant defaults. Coverage declines over the lease terms and can terminate under stated conditions. This is not the whole campus cost, cash paid, or equity. Exact affiliate identities, later amendments, activation and payments remain unresolved. · Published: 2026-08-26 · Event/as of: 2026-08-17 · Inspected: 2026-10-06

• Scope, readiness and termination conditions · 2026-08-26 ↗
• Dated initial capacity and optional expansion · 2026-08-17 ↗

Original: true
Monitor: false

Dated source supports this correction; remaining context is unverified. · Published: 2026-08-17 · Event/as of: 2026-08-17 · Inspected: 2026-09-14

Original: $30B+ — led the $40B round
Monitor: SoftBank / Vision Fund 2: $30B 2026 follow-on completed; $64.6B cumulative investment and approximately 13% ownership reported Oct 1, 2026.

SoftBank’s October 1 disclosure reports completion through Vision Fund 2. $64.6B is cumulative invested capital, not current fair value; approximately 13% is issuer-reported ownership at that date, not a voting-power calculation. Earlier round totals and this cumulative figure must not be added together. · Published: 2026-10-01 · Event/as of: 2026-10-01 · Inspected: 2026-10-05

Original: Warrants up to ~10% of AMD equity
Monitor: OpenAI holds a warrant for up to 160M AMD shares, conditional on deployment, purchase, share-price, technical and commercial milestones. Vesting and exercise unverified; not AMD cash invested in OpenAI.

This is a right to AMD shares, not AMD cash invested in OpenAI or proof of exercised ownership. The announced initial deployment window is H2 2026; actual deployment, vesting and exercise remain unverified. · Published: 2025-10-06 · Event/as of: 2025-10-06 · Inspected: 2026-10-05

Original: Up to $10B
Monitor: NVIDIA: up to $10B equity commitment (Nov 18, 2025); a portion included in Series G. Individual funded balance unverified.

Individual funded balances and compute delivery remain unresolved. Series G includes portions of these investments. The Azure and NVIDIA capacity descriptions are not independently additive; their detailed mapping is unresolved. The three newsroom copies are one joint announcement. · Published: 2025-11-18 · Event/as of: 2025-11-18 · Inspected: 2026-10-05

• Previously announced investments included in Series G · 2026-02-12 ↗

Original: Up to $5B
Monitor: Microsoft: up to $5B equity commitment (Nov 18, 2025); a portion included in Series G. Individual funded balance unverified.

Individual funded balances and compute delivery remain unresolved. Series G includes portions of these investments. The Azure and NVIDIA capacity descriptions are not independently additive; their detailed mapping is unresolved. The three newsroom copies are one joint announcement. · Published: 2025-11-18 · Event/as of: 2025-11-18 · Inspected: 2026-10-05

• Previously announced investments included in Series G · 2026-02-12 ↗

Original: ~14% across rounds
Monitor: Google: historical non-voting shares and convertible notes documented in 2024; current percentage and funded balance unverified.

This historical record does not establish a current stake, funded balance or present control assessment. The earlier approximately 14% figure is not carried forward as current ownership. Later reported financing terms remain unreconciled. · Published: 2024-12-24 · Event/as of: 2024-08 · Inspected: 2026-10-05

Original: $8B+ in convertibles
Monitor: Amazon invested $18B through June 30, 2026: $8B earlier notes plus $5B Series G and $5B Series H. Remaining facility: up to $15B, subject to delivery milestones and draw conditions; not funded capital. Reviewed Sep 21, 2026.

Note 2: $8B invested through 2025 plus two $5B investments in Q2 2026 = $18B historical invested cost, not fair value. The $20B facility was reduced to $15B by Series H participation; do not add $20B again. No post-quarter funding assertion. Investment is separate from the >$100B compute commitment. Selected contract subtotal excludes equity and undrawn facilities. · Published: unknown · Event/as of: 2026-06-30 · Inspected: 2026-09-21

Original: $5B strategic partnership (Jul 2026)
Monitor: AMD: up to $5B future equity commitment (July 22, 2026); cash funding and ownership unverified.

The equity ceiling does not establish cash paid, ownership or an independently priced hardware contract. Deployment timing is a target; delivery and funded amounts remain unverified. · Published: 2026-07-22 · Event/as of: 2026-07-22 · Inspected: 2026-10-05

Original: Colossus 2 SPV participant
Monitor: Apollo, Jan 7, 2026: NVIDIA is an anchor limited partner in VCI, which leases compute to an xAI subsidiary; individual contribution undisclosed.

This establishes announced fund participation, not a direct NVIDIA payment to xAI. NVIDIA’s contribution, exact investment date, ownership share, lessee identity and paid amounts are undisclosed here. Do not infer a $1.9B contribution by subtraction, sum these amounts with Series E, or treat the announcement as current delivery or lease performance. · Published: 2026-01-07 · Event/as of: 2026-01-07 · Inspected: 2026-10-09

Original: Equity stake (~5%)
Monitor: NVIDIA invested $2B in CoreWeave Class A shares at $87.20 per share, announced Jan 26, 2026. Current ownership percentage unverified.

Issuer announcement supports this completed investment. Replaces stale approximately 5% label. Retained C-NVDA-CRWV records 11.5% of Class A as of Jan 23 via a filing mirror; that historical denominator is not a current total-equity ownership percentage. No extra contract-total entry. Historical proxy context: 10.66% of Class A and 3.27% of total voting power are the April proxy table presentation. Footnote 12 uses NVIDIA’s 47,213,353-share holding reported as of January 23; outstanding shares are dated April 15. October 6 follow-up: NVIDIA’s August 14 filing supplies the same 47,213,353-share holding as of June 30. CoreWeave’s June 30 outstanding counts are rounded to millions; exact July 31 counts have a different date. Neither supplies an exact current percentage. Current ownership remains unresolved; these are not total-equity percentages. · Published: 2026-01-26 · Event/as of: 2026-01-26 · Inspected: 2026-10-04

• 2026 proxy statement · 2026-04-22 ↗
• Second-quarter 2026 report · 2026-08-11 ↗
• NVIDIA June 30 holdings · filed August 14, 2026 · 2026-08-14 ↗

Original: 9.3% stake — 13G filed Jul 2026
Monitor: Nebius reports NVIDIA’s $2B pre-funded warrant investment funded in Q1 2026. Current ownership percentage and later warrant exercise remain unverified.

This advances the investment from announced intent to issuer-reported funding. The first-half proceeds include Q1 funding; they are not another $2B raise. Funding does not establish warrant exercise or shares issued on exercise. Retained canon’s historical 9.3% is separately matched to the July beneficial-ownership filing; current ownership percentage and later exercise remain unverified. The Q1 letter was inspected as web text; its original PDF could not be retained. · Published: 2026-08-12 · Event/as of: 2026-03-31 · Inspected: 2026-10-06

• Nebius Q1 shareholder letter · May 13, 2026 · ↗
• NVIDIA Nebius Schedule 13G · July 20, 2026 · ↗

Original: Series B backer
Monitor: NVIDIA named in Nscale Series B/C; September 2026 convertible includes a $1B commitment expected to fund in November. Current ownership unresolved.

The $1B is included in $3.36B, not added again. A completed closing and cash received are not independently established here. The notes are to convert at an IPO, into non-voting shares for NVIDIA; conversion and current ownership are unresolved. The September IPO filing announcement does not establish a completed listing. · Published: 2026-09-25 · Event/as of: 2026-09-25 · Inspected: 2026-10-06

• Nscale proposed IPO announcement · September 18, 2026 · ↗
• Nscale Series B · September 25, 2025 · ↗
• Nscale Series C · March 9, 2026 · ↗

Original: $5B stake + x86 co-design
Monitor: NVIDIA paid $5B for 214,776,632 Intel common shares; closed Dec 26, 2025. Current ownership unresolved; x86 collaboration is separate.

This establishes the historical purchase, not a current ownership percentage, present fair value or product revenue. The September announcement and December closing are stages of the same investment. Later holdings and a matching outstanding-share denominator remain unresolved; no additional amount enters modeled totals. · Published: 2025-12-29 · Event/as of: 2025-12-26 · Inspected: 2026-10-06

Original: $2B stake
Monitor: SoftBank Group paid $2B for 86,956,522 Intel common shares; closed Sept 26, 2025. Current ownership unresolved.

The closing report gives August 28 as the agreement date, while the annual equity note gives August 18. That discrepancy remains unresolved; both support the September 26 closing. Purchase cost is not current fair value or ownership. Later holdings and a matching share denominator remain unresolved. · Published: 2025-09-29 · Event/as of: 2025-09-26 · Inspected: 2026-10-06

• Intel FY2025 · equity note and corroborating closing date · ↗

Original: Series C participant (€1.7B round)
Monitor: NVIDIA named in Mistral’s September 8, 2026 Series D; individual allocation and current ownership unresolved.

Above €21B is a lower bound, not an exact price or a USD value. The round total does not establish NVIDIA’s contribution, current ownership or a secondary-market exit price. No USD conversion or addition to financial totals is made. · Published: 2026-09-08 · Event/as of: 2026-09-08 · Inspected: 2026-10-07

• Mistral news index · announcement date · ↗

Original: Series B/C participant
Monitor: NVIDIA named in Figure Series B and Series C; Series C describes committed capital. Individual allocation and current ownership unresolved.

Committed capital does not establish that every dollar was paid. NVIDIA’s allocation, later holdings and current ownership remain unresolved. The $39B is a dated valuation, not financing proceeds or a current mark. · Published: 2025-09-16 · Event/as of: 2025-09-16 · Inspected: 2026-10-06

• Figure Series B · February 29, 2024 · ↗

Original: Series B participant
Monitor: Microsoft named in Figure’s February 2024 Series B. Individual allocation, later participation and current ownership unresolved.

The round total is not either investor’s individual contribution or present holding. Current ownership and later participation remain unresolved. Microsoft’s absence from the later Series C announcement does not prove an exit or non-participation. · Published: 2024-02-29 · Event/as of: 2024-02-29 · Inspected: 2026-10-06

Original: Series D participant
Monitor: Historical Cursor financing relationship; current ownership exposure unverified

Dated source supports this correction; remaining context is unverified. · Published: 2026-08-14 · Event/as of: 2026-08-14 · Inspected: 2026-09-14

Original: Series D participant
Monitor: Historical Cursor financing relationship; current ownership exposure unverified

Dated source supports this correction; remaining context is unverified. · Published: 2026-08-14 · Event/as of: 2026-08-14 · Inspected: 2026-09-14

Original: OpenAI Startup Fund
Monitor: OpenAI Startup Fund → Harvey: dated investment participation, including February 2025 Series D. Fund allocation and current ownership unresolved.

The round total is not the fund’s individual contribution. Its investment vehicle, allocation, current ownership, voting rights and later participation remain unresolved. These are dated participation records, not an operating-company investment by OpenAI or evidence of a current controlling stake. · Published: 2025-02-12 · Event/as of: 2025-02-12 · Inspected: 2026-10-07

• Fund’s first investments · December 1, 2022 · ↗
• Fund identity · undated About page · ↗

Original: Startup Fund participant
Monitor: OpenAI Startup Fund → Ambience: Series B co-lead and July 2025 Series C participant. Fund allocation and current ownership unresolved.

These are total round amounts, not the fund’s allocation or ownership. The Series C issuer announcement does not disclose a valuation. The displayed $1.25B remains a historical, secondary-reported July 2025 mark with its earlier inspection date. Exact investing vehicles, current holdings, model suppliers, payment terms and closing receipts remain unresolved; investment participation alone does not establish a model-supply contract. · Published: 2025-07-29 · Event/as of: 2025-07-29 · Inspected: 2026-10-07

• Ambience Series B · February 6, 2024 · ↗
• Fund identity · undated About page · ↗

Original: ≈$5B — reported Jul 27
Monitor: July 27, 2026: NVIDIA announced it had invested in SSI. Approximately $5B is secondary-reported; issuer amount undisclosed.

July 27 issuer release says NVIDIA has made an investment; it does not disclose the amount. Historical $5B reporting retained as reported, not issuer-confirmed funding. No current ownership or later financing inference. Excluded from modeled cash cycles. · Published: 2026-07-27 · Event/as of: 2026-07-27 · Inspected: 2026-09-29

Original: true
Monitor: false

July 27 issuer release says NVIDIA has made an investment; it does not disclose the amount. Historical $5B reporting retained as reported, not issuer-confirmed funding. No current ownership or later financing inference. Excluded from modeled cash cycles. · Published: 2026-07-27 · Event/as of: 2026-07-27 · Inspected: 2026-09-29

Original: GB / Vera Rubin systems — 10GW roadmap
Monitor: NVIDIA / OpenAI: 3GW inference and 2GW training capacity announced Feb 27, 2026; delivered capacity and payments unresolved.

Retained September 14 source review, not freshly reopened. Announced capacity is not delivered usable capacity or traced payments; overlap with earlier roadmaps and intermediary cloud arrangements remains unresolved. · Published: 2026-02-27 · Event/as of: 2026-02-27 · Inspected: 2026-09-14

Original: GPU fleets for Azure
Monitor: Azure reports a GB300 NVL72 production cluster (Oct 9, 2025); current total fleet and supplier payments unresolved.

The initial cluster and wider rollout are different stages. This review does not convert the announcement’s cluster wording into a rack or GPU inventory, establish today’s capacity, or infer direct purchase terms and payments. · Published: 2025-10-09 · Event/as of: 2025-10-09 · Inspected: 2026-10-07

Original: GPU supply for Google Cloud
Monitor: Google A4X with NVIDIA GB200 NVL72: May 29, 2025 availability update; procurement quantities and payments unresolved.

Availability of a cloud service does not establish total GPUs purchased, allocation to a particular customer, utilization or payments. The May availability date is distinct from the original February publication date. · Published: 2025-02-19 · Event/as of: 2025-05-29 · Inspected: 2026-10-07

Original: GPU supply for AWS
Monitor: AWS P6e-GB300 service launch (Dec 2, 2025); current capacity and supplier payments unresolved.

General availability does not promise capacity in every region or account. Fleet size, current reservation availability, procurement affiliates, pricing terms and actual supplier payments remain unresolved. · Published: 2025-12-02 · Event/as of: 2025-12-02 · Inspected: 2026-10-07

Original: GB300 fleets for Stargate sites
Monitor: OCI reports GB300/B300 platform validation (Aug 22, 2026); Stargate site hardware allocation unresolved.

This platform-level report does not locate those systems at specific Stargate sites or identify the hardware behind the separately reviewed Abilene capacity milestone. Validation is not evidence of a paid purchase, full delivery or current inventory. Web text was inspected; original-page capture returned HTTP 403 and was not retried. · Published: 2026-08-22 · Event/as of: 2026-08-22 · Inspected: 2026-10-07

Original: Grace Blackwell / Vera Rubin — up to 1GW
Monitor: NVIDIA / Anthropic: initially up to 1GW of Grace Blackwell / Vera Rubin capacity in the Nov 18, 2025 joint partnership; delivery unverified.

Individual funded balances and compute delivery remain unresolved. Series G includes portions of these investments. The Azure and NVIDIA capacity descriptions are not independently additive; their detailed mapping is unresolved. The three newsroom copies are one joint announcement. · Published: 2025-11-18 · Event/as of: 2025-11-18 · Inspected: 2026-10-05

• Previously announced investments included in Series G · 2026-02-12 ↗

Original: Colossus GB200 / GB300 fleets
Monitor: NVIDIA describes Colossus 2 expansion plans (Oct 28, 2025); current GB200/GB300 fleet mix and delivery unresolved.

That statement does not specify a GB200/GB300 mix or prove present delivery. GPU-equivalent capacity, physical chips, racks and power are different measures. Later SpaceX service agreements remain separately reviewed; no current fleet total, new payment or duplicate capacity is inferred. · Published: 2025-10-28 · Event/as of: 2025-10-28 · Inspected: 2026-10-07

Original: Priority GPU allocation
Monitor: CoreWeave reports initial GB300 deployment (July 3, 2025); preferential allocation rights unestablished.

An early deployment does not establish preferential contractual allocation. Current fleet size, procurement counterparties, prices and payments remain unresolved. Issuer web text was inspected; the original-page capture returned HTTP 403 and was not retried. · Published: 2025-07-03 · Event/as of: 2025-07-03 · Inspected: 2026-10-07

Original: GPU allocation
Monitor: Nebius reports GB300 production deployment in Finland (Dec 17, 2025); current allocation and payments unresolved.

This supports a dated deployment report, not a current allocation quota, preferential supply right or independently measured utilization. It does not attribute this Finland capacity to Microsoft or Meta contracts. Purchase amounts and payments remain unresolved. · Published: 2025-12-17 · Event/as of: 2025-12-17 · Inspected: 2026-10-07

Original: 6GW of Instinct (MI450 era)
Monitor: AMD / OpenAI: multi-generation 6GW agreement; initial 1GW MI450 rollout planned for H2 2026. Accepted delivery and payments unresolved.

The initial 1GW is part of the 6GW scope, not an additional amount. Neither the calendar nor software preparation proves accepted delivery, utilization, payment or warrant vesting. AMD’s Chinese-language account of its July 23, 2026 event still describes an expected partner-led Helios rollout in H2 2026; no fixed publication date was established for that page. Its web text was inspected but original capture timed out. · Published: 2025-10-06 · Event/as of: 2025-10-06 · Inspected: 2026-10-07

• AMD · July 2026 event account · Chinese-language text; publication date unestablished · ↗

Original: 18k GPUs — Mistral Compute
Monitor: NVIDIA / Mistral Compute: dated infrastructure plans; exact current GPU count, delivery and payments unresolved.

Neither account establishes an exact current NVIDIA GPU count, individual purchase terms, accepted deliveries or payments. Regional inference service availability does not prove completion of the broader infrastructure plan. Do not restore the original 18,000-GPU count as current. · Published: 2025-06-11 · Event/as of: 2025-06-11 · Inspected: 2026-10-07

• Mistral · regional services and compute coalition · 2026-08-11 ↗

Original: GR00T stack + compute
Monitor: NVIDIA identifies Figure use of Cosmos, Isaac Sim and Isaac Lab (March 2026). Direct hardware economics and GR00T adoption unestablished.

These sources do not establish Figure-specific GR00T production adoption, direct GPU purchase terms, delivered quantities or receipts. The relationship shows technology use and a future compute plan; it does not establish a realized demand wave or a traced payment cycle. · Published: 2026-03-16 · Event/as of: 2026-03-16 · Inspected: 2026-10-06

• Figure’s future compute plan · September 3, 2026 · ↗

Original: Optical fiber / co-packaged optics supply
Monitor: NVIDIA / Corning: optical-connectivity partnership and planned US manufacturing expansion (May 6, 2026). Warrant economics reviewed separately; delivery remains unresolved.

May 6 manufacturing announcement; financing instruments and supply accounting are separately reviewed in the linked Corning context. Manufacturing targets do not establish delivered products, pricing power or a qualified payment cycle. · Published: 2026-05-06 · Event/as of: 2026-05-06 · Inspected: 2026-10-06

Original: HBM3E/HBM4 lead supply — $500B+ multi-year LOI (Jul 2026); 20–26 wk lead times
Monitor: SK hynix / NVIDIA: long-term AI memory partnership announced July 2026; HBM volumes, deliveries and payments unresolved.

The wider $500B-plus initiative is not an HBM order value or cash paid. SK Telecom’s proposed AI factory is a separate scope. Binding volumes, product acceptance, shipments, prices and payment remain unresolved. · Published: 2026-07-25 · Event/as of: 2026-07-25 · Inspected: 2026-10-06

Original: HBM + advanced DRAM supply
Monitor: Samsung: HBM4 in mass production, designed for NVIDIA Vera Rubin (March 2026); customer quantities and payments unresolved.

A product and platform milestone does not identify customer-specific accepted units, realized prices, deployment or payments. HBM4E display specifications are not evidence of volume shipment. · Published: 2026-03-17 · Event/as of: 2026-03-17 · Inspected: 2026-10-06

Original: HBM3E ramp into Blackwell/Rubin
Monitor: Micron: HBM4 36GB 12H volume shipments began calendar Q1 2026, designed for NVIDIA Vera Rubin; customer-specific acceptance and payments unresolved.

The announcement does not establish NVIDIA-specific accepted quantities, realized prices, deployment or cash receipts. HBM3E, HBM4 and different stack configurations must not be treated as a single price series. · Published: 2026-03-16 · Event/as of: 2026-03-16 · Inspected: 2026-10-06

Original: HBM for MI-series accelerators
Monitor: SK hynix → AMD: historical 24GB 12-layer HBM3 samples (2023); current MI-series supply and payments unresolved.

This is historical sampling evidence. It does not establish current MI-series qualification, production supply, shipment volume or payment. A dated supplier and accelerator-generation match remains required. · Published: 2023-05-19 · Event/as of: 2023-04 · Inspected: 2026-10-06

Original: HBM for MI-series accelerators
Monitor: AMD names Samsung and Micron for MI350-series HBM3E (June 2025); supplier shares and payments unresolved.

288GB describes memory per accelerator, not shipment volume or a single stack. Supplier shares, later generations, contract values and cash payments remain unresolved. Micron is retained here as additional context; no new priced edge is inferred. · Published: 2025-06-12 · Event/as of: 2025-06-12 · Inspected: 2026-10-06

Original: Stargate wafer LOI — memory prepay
Monitor: Samsung Electronics / OpenAI: Stargate memory letter of intent; allocation, delivery and prepayment not established.

The figure is projected OpenAI demand, not a Samsung allocation, delivered chips or prepayment. Other Samsung affiliates have different roles. Binding supply volumes, timing and payments are unresolved; this publication’s date is October 3, 2025. · Published: 2025-10-03 · Event/as of: 2025-10-03 · Inspected: 2026-10-06

Original: Stargate wafer LOI — memory prepay
Monitor: SK hynix / OpenAI: Stargate HBM letter of intent; supply arrangements and prepayment not established.

Its reference to demand of up to 900,000 DRAM wafers per month does not establish contracted SK hynix volume or prepayment. Do not add the SK and Samsung demand references together. SK Telecom’s data-center MOU is a separate scope. · Published: 2025-10-01 · Event/as of: 2025-10-01 · Inspected: 2026-10-06

Original: Acquired by Nvidia for ≈$12.93B (closed Sep 2026); terms reportedly pay out rival chipmakers and reserve ≈$1B for staff retention. Nvidia now owns the open-model distribution layer — candidate nvda→hf edge in the next structural batch.
Monitor: Definitive acquisition agreement signed September 2; expected closing in 1H 2027 subject to approvals. Purchase price about $11.9B, plus up to $1B employee retention.

Dated source supports this correction; remaining context is unverified. · Published: 2026-09-03 · Event/as of: 2026-09-02 · Inspected: 2026-09-14

Original: Earlier editorial wording qualified; retained in research history.
Monitor: IREN is a research lead. Bundled Microsoft contract and NVIDIA capacity figures, their dates and economic basis remain unverified; no competitive ranking is established.

October 9 editorial audit of retained research. Unsupported comparative or causal wording is withheld or recast as a research question. No new external source inspection, refreshed observation or calibrated forecast is claimed. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Earlier editorial wording qualified; retained in research history.
Monitor: TSMC is a research lead for fabrication and packaging exposure. Dependence across every graph relationship and a binding capacity constraint have not been established.

October 9 editorial audit of retained research. Unsupported comparative or causal wording is withheld or recast as a research question. No new external source inspection, refreshed observation or calibrated forecast is claimed. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: The conspicuous absentee — ~$4.3T of capital with no load-bearing edge in this web. Optionality, or indictment.
Monitor: Apple: approximately $4.85T vendor market cap at September 11 close; no load-bearing edge included.

Vendor estimate; share basis unresolved. · Published: unknown · Event/as of: 2026-09-11 · Inspected: 2026-09-14

Original: HBM3E/HBM4 lead supply — $500B+ multi-year LOI (Jul 2026); 20–26 wk lead times
Monitor: SK hynix / NVIDIA: long-term AI memory partnership announced July 2026; HBM volumes, deliveries and payments unresolved.

The wider $500B-plus initiative is not an HBM order value or cash paid. SK Telecom’s proposed AI factory is a separate scope. Binding volumes, product acceptance, shipments, prices and payment remain unresolved. · Published: 2026-07-25 · Event/as of: 2026-07-25 · Inspected: 2026-10-06

Original: HBM + advanced DRAM supply
Monitor: Samsung: HBM4 in mass production, designed for NVIDIA Vera Rubin (March 2026); customer quantities and payments unresolved.

A product and platform milestone does not identify customer-specific accepted units, realized prices, deployment or payments. HBM4E display specifications are not evidence of volume shipment. · Published: 2026-03-17 · Event/as of: 2026-03-17 · Inspected: 2026-10-06

Original: HBM3E ramp into Blackwell/Rubin
Monitor: Micron: HBM4 36GB 12H volume shipments began calendar Q1 2026, designed for NVIDIA Vera Rubin; customer-specific acceptance and payments unresolved.

The announcement does not establish NVIDIA-specific accepted quantities, realized prices, deployment or cash receipts. HBM3E, HBM4 and different stack configurations must not be treated as a single price series. · Published: 2026-03-16 · Event/as of: 2026-03-16 · Inspected: 2026-10-06

Original: HBM for MI-series accelerators
Monitor: SK hynix → AMD: historical 24GB 12-layer HBM3 samples (2023); current MI-series supply and payments unresolved.

This is historical sampling evidence. It does not establish current MI-series qualification, production supply, shipment volume or payment. A dated supplier and accelerator-generation match remains required. · Published: 2023-05-19 · Event/as of: 2023-04 · Inspected: 2026-10-06

Original: HBM for MI-series accelerators
Monitor: AMD names Samsung and Micron for MI350-series HBM3E (June 2025); supplier shares and payments unresolved.

288GB describes memory per accelerator, not shipment volume or a single stack. Supplier shares, later generations, contract values and cash payments remain unresolved. Micron is retained here as additional context; no new priced edge is inferred. · Published: 2025-06-12 · Event/as of: 2025-06-12 · Inspected: 2026-10-06

Original: Stargate wafer LOI — memory prepay
Monitor: Samsung Electronics / OpenAI: Stargate memory letter of intent; allocation, delivery and prepayment not established.

The figure is projected OpenAI demand, not a Samsung allocation, delivered chips or prepayment. Other Samsung affiliates have different roles. Binding supply volumes, timing and payments are unresolved; this publication’s date is October 3, 2025. · Published: 2025-10-03 · Event/as of: 2025-10-03 · Inspected: 2026-10-06

Original: Stargate wafer LOI — memory prepay
Monitor: SK hynix / OpenAI: Stargate HBM letter of intent; supply arrangements and prepayment not established.

Its reference to demand of up to 900,000 DRAM wafers per month does not establish contracted SK hynix volume or prepayment. Do not add the SK and Samsung demand references together. SK Telecom’s data-center MOU is a separate scope. · Published: 2025-10-01 · Event/as of: 2025-10-01 · Inspected: 2026-10-06

Original: 1050
Monitor: unavailable / withheld

KRX page reports 1,288.63T KRW with September 28 15:00 KST quote, not a verified closing auction. SKHY USD pages disagree on capitalization/share basis. Undated $1.05T bundle estimate removed from USD aggregate pending reconciliation. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: true
Monitor: true

KRX page reports 1,288.63T KRW with September 28 15:00 KST quote, not a verified closing auction. SKHY USD pages disagree on capitalization/share basis. Undated $1.05T bundle estimate removed from USD aggregate pending reconciliation. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: HBM leader (~50–55% share), sold out into 2027; Nasdaq ADS listed Jul 10 (≈$28B raise); $500B+ multi-year Nvidia LOI (Jul). Chairman: shortage may run past 2030. Korea-concentration risk.
Monitor: Dated NVIDIA memory partnership and Stargate letter of intent; historical AMD sampling. Current allocations, sold-out horizon and payments remain unresolved.

The wider $500B-plus initiative is not an HBM order value or cash paid. SK Telecom’s proposed AI factory is a separate scope. Binding volumes, product acceptance, shipments, prices and payment remain unresolved. · Published: 2026-07-25 · Event/as of: 2026-07-25 · Inspected: 2026-10-06

Original: 1100
Monitor: 1270

September 28 cap history explicitly reports $1.27T. Page’s $140 share quote is dated April 16 and was not used for calculation. FX and common/preferred-share aggregation not independently reconstructed. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: true
Monitor: true

September 28 cap history explicitly reports $1.27T. Page’s $140 share quote is dated April 16 and was not used for calculation. FX and common/preferred-share aggregation not independently reconstructed. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: Earlier editorial wording qualified; retained in research history.
Monitor: Samsung Electronics has dated HBM4 / NVIDIA and HBM3E / AMD product context, plus a Stargate memory letter of intent. Quantities, prices and payments remain unresolved.

A product and platform milestone does not identify customer-specific accepted units, realized prices, deployment or payments. HBM4E display specifications are not evidence of volume shipment. · Published: 2026-03-17 · Event/as of: 2026-03-17 · Inspected: 2026-10-06

Original: 1000
Monitor: 1190

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: true
Monitor: true

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: US pure-play and the earliest fiscal read each quarter (FQ4 report ≈Sep 22). HBM sold out through 2027; ≈$1T cap. Its P/B is this module's weekly froth thermometer.
Monitor: Fiscal 2026 results published September 30. Dated HBM4 shipment and AMD supplier context are distinct from the unverified monthly price/book series and sold-out horizon.

Fiscal results, calendar product milestones and hypothetical monthly prices have different bases. Company-wide deposits or revenue do not identify a specific customer payment. This review does not validate the monitor’s price curves, sold-out horizons or forecasting skill. · Published: 2026-09-30 · Event/as of: 2026-09-03 · Inspected: 2026-10-06

Original: -12.9
Monitor: -16.7

Dated source supports this correction; remaining context is unverified. · Published: 2026-08-26 · Event/as of: 2026-08-26 · Inspected: 2026-09-14

Original: Aug 16
Monitor: Aug 17

Dated source supports this correction; remaining context is unverified. · Published: 2026-08-17 · Event/as of: 2026-08-17 · Inspected: 2026-09-14

Original: Nvidia ≈$120B OpenAI lease-payment backstop (cut from $250B, WSJ) via SPV securitization with 25% residual-chip guarantee — vendor financing, compute leg
Monitor: NVIDIA → SB Energy: signed contingent guaranty; initial aggregate cap $105B, not funded equity.

August 17 8-K Item 1.01; corroborated by Q2 FY27 10-Q Note 10: https://www.sec.gov/Archives/edgar/data/1045810/000104581026000075/nvda-20260726.htm. Signed contingent support, not funded capital; no subsequent payment verified. Historical talks are not a current pending deal. · Published: 2026-08-17 · Event/as of: 2026-08-17 · Inspected: 2026-09-21

Original: 56.7
Monitor: 55.441

Dated source supports this correction; remaining context is unverified. · Published: 2026-07-29 · Event/as of: 2026-06-30 · Inspected: 2026-09-14

Original: 37.1
Monitor: 35.802

Dated source supports this correction; remaining context is unverified. · Published: 2026-07-29 · Event/as of: 2026-06-30 · Inspected: 2026-09-14

Original: 19.6
Monitor: 19.639

Dated source supports this correction; remaining context is unverified. · Published: 2026-07-29 · Event/as of: 2026-06-30 · Inspected: 2026-09-14

Original: FQ4'26 · depreciation life 15→25y change flagged
Monitor: FY26 Q4 ended June 30 · cash PP&E; FCF derived as OCF minus cash PP&E

Dated source supports this correction; remaining context is unverified. · Published: 2026-07-29 · Event/as of: 2026-06-30 · Inspected: 2026-09-14

Original: 48
Monitor: 45.387

Dated source supports this correction; remaining context is unverified. · Published: 2026-07-30 · Event/as of: 2026-06-30 · Inspected: 2026-09-14

Original: 55
Monitor: 53.076

Dated source supports this correction; remaining context is unverified. · Published: 2026-07-30 · Event/as of: 2026-06-30 · Inspected: 2026-09-14

Original: -7
Monitor: -7.689

Dated source supports this correction; remaining context is unverified. · Published: 2026-07-30 · Event/as of: 2026-06-30 · Inspected: 2026-09-14

Original: guide → ≈$220B explicitly citing memory · TTM FCF −$7.6B
Monitor: Q2 ended June 30 · net cash PP&E (54.208 minus 1.132); FCF derived

Dated source supports this correction; remaining context is unverified. · Published: 2026-07-30 · Event/as of: 2026-06-30 · Inspected: 2026-09-14

Original: 33.8
Monitor: 31.862

Dated source supports this correction; remaining context is unverified. · Published: 2026-07-29 · Event/as of: 2026-06-30 · Inspected: 2026-09-14

Original: 33
Monitor: 31.078

Dated source supports this correction; remaining context is unverified. · Published: 2026-07-29 · Event/as of: 2026-06-30 · Inspected: 2026-09-14

Original: 0.8
Monitor: 0.784

Dated source supports this correction; remaining context is unverified. · Published: 2026-07-29 · Event/as of: 2026-06-30 · Inspected: 2026-09-14

Original: cash balance −91% y/y · guide floor $130–145B
Monitor: Q2 ended June 30 · capex includes finance-lease principal; reported FCF 0.784B; cash/securities 90.26B

Dated source supports this correction; remaining context is unverified. · Published: 2026-07-29 · Event/as of: 2026-06-30 · Inspected: 2026-09-14

Original: capex > OCF — already crossed (Epoch)
Monitor: MODEL PLACEHOLDER — no matched fiscal quarter; excluded from factual cash-flow comparisons

Dated source supports this correction; remaining context is unverified. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: 17
Monitor: unavailable / withheld

Scenario retained. Numerical odds and changes withheld until an observation date, source and reproducible estimation method are established; no calibrated probability claim. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: polymarket
Monitor: unverified

No matching, reproducible contract observation at cutoff. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: -7
Monitor: 0

Scenario retained. Numerical odds and changes withheld until an observation date, source and reproducible estimation method are established; no calibrated probability claim. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Yes 16.8% / No 83.3%, ≈$2.3M volume (Jul 16). Down from 24% in early June.
Monitor: Cutoff probability unavailable. Post-cutoff observations excluded; old July quote and delta withheld.

Dated source supports this correction; remaining context is unverified. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Earlier editorial wording qualified; retained in research history.
Monitor: Scenario question: which relationships could be exposed to repricing? A synchronized response across all hardware and investment relationships is not established.

October 9 editorial audit of retained research. Unsupported comparative or causal wording is withheld or recast as a research question. No new external source inspection, refreshed observation or calibrated forecast is claimed. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: 4
Monitor: unavailable / withheld

Scenario retained. Numerical odds and changes withheld until an observation date, source and reproducible estimation method are established; no calibrated probability claim. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: polymarket
Monitor: unverified

No matching, reproducible contract observation at cutoff. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: -66
Monitor: 0

Scenario retained. Numerical odds and changes withheld until an observation date, source and reproducible estimation method are established; no calibrated probability claim. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Confidential filing Jun 8, then delay to 2027 confirmed; near-term contracts went to near-zero.
Monitor: Cutoff probability and historical delta unavailable; listing timeline unverified.

Dated source supports this correction; remaining context is unverified. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Earlier editorial wording qualified; retained in research history.
Monitor: Scenario only: a listing could change liquidity subject to share rights and sale restrictions; timing and price remain unverified.

Unsupported comparative, causal or current-operating assertion qualified. A question or scenario is not a verified finding. Existing dated relationship evidence remains separately linked. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: 74
Monitor: unavailable / withheld

Scenario retained. Numerical odds and changes withheld until an observation date, source and reproducible estimation method are established; no calibrated probability claim. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Earlier editorial wording qualified; retained in research history.
Monitor: unverified

Unsupported comparative, causal or current-operating assertion qualified. A question or scenario is not a verified finding. Existing dated relationship evidence remains separately linked. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: 0
Monitor: 0

Scenario retained. Numerical odds and changes withheld until an observation date, source and reproducible estimation method are established; no calibrated probability claim. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Earlier editorial wording qualified; retained in research history.
Monitor: Illustrative scenario; a current filing, listing timetable and probability estimate have not been established.

Unsupported comparative, causal or current-operating assertion qualified. A question or scenario is not a verified finding. Existing dated relationship evidence remains separately linked. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Earlier editorial wording qualified; retained in research history.
Monitor: A listing could provide an OpenAI market price. It would not validate other companies’ private financing marks.

Unsupported comparative, causal or current-operating assertion qualified. A question or scenario is not a verified finding. Existing dated relationship evidence remains separately linked. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: 11
Monitor: unavailable / withheld

Scenario retained. Numerical odds and changes withheld until an observation date, source and reproducible estimation method are established; no calibrated probability claim. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: polymarket
Monitor: unverified

No matching, reproducible contract observation at cutoff. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: 0
Monitor: 0

Scenario retained. Numerical odds and changes withheld until an observation date, source and reproducible estimation method are established; no calibrated probability claim. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Private-company contract live since May 19 alongside OpenAI and SpaceX markets.
Monitor: No matching debut-cap contract established. Valuation-by-date and IPO-closing-cap contracts are different questions.

Dated source supports this correction; remaining context is unverified. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Earlier editorial wording qualified; retained in research history.
Monitor: Scenario question: how might a listing affect comparable-company pricing? It would not validate every private financing mark.

October 9 editorial audit of retained research. Unsupported comparative or causal wording is withheld or recast as a research question. No new external source inspection, refreshed observation or calibrated forecast is claimed. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Nvidia–OpenAI backstop closes at ≥$100B
Monitor: Retired: NVIDIA / SB Energy guaranty signing

August 17 8-K Item 1.01; corroborated by Q2 FY27 10-Q Note 10: https://www.sec.gov/Archives/edgar/data/1045810/000104581026000075/nvda-20260726.htm. Signed contingent support, not funded capital; no subsequent payment verified. Historical talks are not a current pending deal. · Published: 2026-08-17 · Event/as of: 2026-08-17 · Inspected: 2026-09-21

Original: 60
Monitor: unavailable / withheld

Scenario retained. Numerical odds and changes withheld until an observation date, source and reproducible estimation method are established; no calibrated probability claim. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: est
Monitor: unverified

No matching, reproducible contract observation at cutoff. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: 0
Monitor: 0

Scenario retained. Numerical odds and changes withheld until an observation date, source and reproducible estimation method are established; no calibrated probability claim. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: In talks per Jul 27 reports. Street reads it as bullish for neoclouds, bearish for Nvidia's balance sheet optics.
Monitor: Retired question: the initial SB Energy guaranties were signed August 17; payment remains contingent. No probability assigned.

August 17 8-K Item 1.01; corroborated by Q2 FY27 10-Q Note 10: https://www.sec.gov/Archives/edgar/data/1045810/000104581026000075/nvda-20260726.htm. Signed contingent support, not funded capital; no subsequent payment verified. Historical talks are not a current pending deal. · Published: 2026-08-17 · Event/as of: 2026-08-17 · Inspected: 2026-09-21

Original: Deepens the NVDA↔OpenAI loop; CDS market is already voting.
Monitor: Scenario only: tenant default could trigger conditional guaranty payments; no current CDS inference is verified.

August 17 8-K Item 1.01; corroborated by Q2 FY27 10-Q Note 10: https://www.sec.gov/Archives/edgar/data/1045810/000104581026000075/nvda-20260726.htm. Signed contingent support, not funded capital; no subsequent payment verified. Historical talks are not a current pending deal. · Published: 2026-08-17 · Event/as of: 2026-08-17 · Inspected: 2026-09-21

Original: 58
Monitor: unavailable / withheld

Scenario retained. Numerical odds and changes withheld until an observation date, source and reproducible estimation method are established; no calibrated probability claim. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: -10
Monitor: 0

Scenario retained. Numerical odds and changes withheld until an observation date, source and reproducible estimation method are established; no calibrated probability claim. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Gap to Alphabet compressed to ≈$4.75T vs $4.31T; one bad print flips the ranking.
Monitor: Model estimate only. Vendor capitalization estimates have differing share bases; no verified end-2026 contract.

Dated source supports this correction; remaining context is unverified. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Earlier editorial wording qualified; retained in research history.
Monitor: Scenario question: could index rules and investor allocation affect flows? Direction and magnitude have not been established.

October 9 editorial audit of retained research. Unsupported comparative or causal wording is withheld or recast as a research question. No new external source inspection, refreshed observation or calibrated forecast is claimed. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: 12
Monitor: unavailable / withheld

Scenario retained. Numerical odds and changes withheld until an observation date, source and reproducible estimation method are established; no calibrated probability claim. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: 4
Monitor: 0

Scenario retained. Numerical odds and changes withheld until an observation date, source and reproducible estimation method are established; no calibrated probability claim. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: CRWV −55% from high on $25B debt; GPU/memory cost inflation; SpaceX + Meta entering supply.
Monitor: Model estimate only; historical drawdown and debt figures withheld pending reconciliation. Meta compute-resale activity and any effect on supply or pricing remain unverified.

Scenario, not a verified current credit assessment. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Earlier editorial wording qualified; retained in research history.
Monitor: Scenario question: which customer or financing obligations could be affected? A neocloud credit event does not by itself trigger NVIDIA’s separate SB Energy guaranty.

October 9 editorial audit of retained research. Unsupported comparative or causal wording is withheld or recast as a research question. No new external source inspection, refreshed observation or calibrated forecast is claimed. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: 68
Monitor: unavailable / withheld

Scenario retained. Numerical odds and changes withheld until an observation date, source and reproducible estimation method are established; no calibrated probability claim. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: 8
Monitor: 0

Scenario retained. Numerical odds and changes withheld until an observation date, source and reproducible estimation method are established; no calibrated probability claim. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Cited in the Jul 27 selloff; margin migrates from renters to Nvidia and memory makers.
Monitor: Model estimate only; price inflation and selloff causation are separate claims.

Dated source supports this correction; remaining context is unverified. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Earlier editorial wording qualified; retained in research history.
Monitor: Scenario question: how could price changes affect providers and suppliers? Margin effects depend on contract terms, costs and pass-through; no comparative benefit is established.

October 9 editorial audit of retained research. Unsupported comparative or causal wording is withheld or recast as a research question. No new external source inspection, refreshed observation or calibrated forecast is claimed. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: 34
Monitor: unavailable / withheld

Scenario retained. Numerical odds and changes withheld until an observation date, source and reproducible estimation method are established; no calibrated probability claim. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: 0
Monitor: 0

Scenario retained. Numerical odds and changes withheld until an observation date, source and reproducible estimation method are established; no calibrated probability claim. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Earlier editorial wording qualified; retained in research history.
Monitor: Scenario only. Historical price-series assumptions, spot premiums and capacity timelines are unverified; no comparable observed price series or dated probability method is established.

October 9 editorial audit of retained research. Unsupported comparative or causal wording is withheld or recast as a research question. No new external source inspection, refreshed observation or calibrated forecast is claimed. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Earlier editorial wording qualified; retained in research history.
Monitor: Scenario question: how could lower memory prices affect supplier and customer margins? No uniform effect across service relationships is established.

October 9 editorial audit of retained research. Unsupported comparative or causal wording is withheld or recast as a research question. No new external source inspection, refreshed observation or calibrated forecast is claimed. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: 56
Monitor: unavailable / withheld

Scenario retained. Numerical odds and changes withheld until an observation date, source and reproducible estimation method are established; no calibrated probability claim. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: 0
Monitor: 0

Scenario retained. Numerical odds and changes withheld until an observation date, source and reproducible estimation method are established; no calibrated probability claim. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: BofA: top-8 ≈ −$64B for '26. Epoch crossover ≈ Q3'26. Q2 aggregate ≈ +$2.5B and falling.
Monitor: Model estimate only. Calendar-year cash flow cannot be inferred from a mixed-fiscal-quarter demonstration.

Dated source supports this correction; remaining context is unverified. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Earlier editorial wording qualified; retained in research history.
Monitor: Scenario question: how could a funding shortfall affect financing or compute agreements? Mixed-period cash-flow inputs do not establish a calendar-year shortfall or a required financing response.

October 9 editorial audit of retained research. Unsupported comparative or causal wording is withheld or recast as a research question. No new external source inspection, refreshed observation or calibrated forecast is claimed. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: 5300
Monitor: 5530

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: -5.27
Monitor: unavailable / withheld

Remove mixed-session returns; no complete common-session set. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: reported
Monitor: unverified

Remove mixed-session returns; no complete common-session set. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: true
Monitor: true

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: Sun of the system — sells the shovels, finances the diggers, backstops the mines. Q2 FY27 (Aug 26): $96.2B rev, +106% y/y; guided FY28 growth ≈70%; +15% price hike to largest customers.
Monitor: Q2 FY27: revenue $96.2B, +106% y/y; GAAP EPS $2.46, non-GAAP EPS $2.22. FY28 guidance and reported system-price increases require separate attribution.

Dated source supports this correction; remaining context is unverified. · Published: 2026-08-26 · Event/as of: 2026-08-26 · Inspected: 2026-09-14

Original: 4310
Monitor: 4190

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: Earlier editorial wording qualified; retained in research history.
Monitor: Cloud, model and accelerator relationships are represented in this map. Comparative NVIDIA dependence has not been established.

Unsupported comparative, causal or current-operating assertion qualified. A question or scenario is not a verified finding. Existing dated relationship evidence remains separately linked. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: 2860
Monitor: 3780

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: ~27% of OpenAI plus an Anthropic hedge; quietly shipping in-house MAI models.
Monitor: Microsoft reported roughly 27% of OpenAI on an as-converted diluted basis after the Oct 2025 recapitalization. Historical ownership basis; later dilution and current stake not verified.

October 28, 2025 issuer announcement supports incremental $250B contracted Azure services and a then roughly27% as-converted diluted stake. Stake is historical, not current after later financing. April27,2026 amendment changes exclusivity/IP/revenue-share terms without restating this amount: https://blogs.microsoft.com/blog/2026/04/27/the-next-phase-of-the-microsoft-openai-partnership/. No current balance, annual rate or remaining term inferred. · Published: 2025-10-28 · Event/as of: 2025-10-28 · Inspected: 2026-09-21

Original: 2570
Monitor: 2660

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: Trainium + Anthropic anchor; AWS now also sells $38B of compute to OpenAI.
Monitor: AWS compute: $38B original agreement (Nov 2025, seven years) plus $100B expansion (Feb 2026, eight years). Announced values; spend to date unverified.

February 27 expansion announcement supports an additional $100B over eight years. Original November 3, 2025 $38B agreement described seven years: https://openai.com/index/aws-and-openai-partnership/. $138B is combined announced contract value across different start dates, not annual spend, paid cash or remaining backlog. Actual spend/delivery not verified. · Published: 2026-02-27 · Event/as of: 2026-02-27 · Inspected: 2026-09-21

Original: 1800
Monitor: 1970

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: Earlier editorial wording qualified; retained in research history.
Monitor: SpaceX discloses compute agreements with Google and Anthropic. Contract schedules and grouped SpaceX/xAI identity do not establish current delivered capacity or cash receipts.

Reuters separately reports either party may terminate on 90 days’ notice after December 31, 2026. The slide uses June 5 filing information; its own publication date is not established. October’s arrival does not prove delivery, acceptance or full-rate payments. Current amendments and the executing affiliate remain unresolved; no realized revenue or combined contract total is inferred. · Published: unknown · Event/as of: 2026-06-05 · Inspected: 2026-10-06

• Reuters · delivery and termination conditions · 2026-06-05 ↗

Original: 852
Monitor: 852

Retained B-OAI-VAL canon and existing correction. OpenAI access policy remains blocked; no new request. Does not certify September freshness. · Published: 2026-03-31 · Event/as of: 2026-03-31 · Inspected: 2026-09-14

Original: Largest capital sink in the web. IPO prep toward ~$1T; Nvidia backstop cut to ≈$120B (WSJ, Aug 16); custom 'Jalapeño' inference chip with Broadcom benchmarked above GB300.
Monitor: March 31 round closed at $852B post-money. NVIDIA credit support for SB Energy’s Ohio campus is a separate contingent guaranty; see the edge terms.

Dated source supports this correction; remaining context is unverified. · Published: 2026-03-31 · Event/as of: 2026-03-31 · Inspected: 2026-09-14

Original: 786
Monitor: 992.33

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: -7.67
Monitor: unavailable / withheld

Remove mixed-session returns; no complete common-session set. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: reported
Monitor: unverified

Remove mixed-session returns; no complete common-session set. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Broke the one-supplier story: OpenAI warrant deal, now a $5B Anthropic stake.
Monitor: AMD committed up to $5B of strategic equity in Anthropic; this is a ceiling, not proof of cash paid.

Dated source supports this correction; remaining context is unverified. · Published: 2026-07-22 · Event/as of: 2026-07-22 · Inspected: 2026-09-14

Original: 544
Monitor: 609.68

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: true
Monitor: true

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: Earlier editorial wording qualified; retained in research history.
Monitor: Intel reports completed NVIDIA and SoftBank share purchases in 2025. Product collaboration, government escrow and conditional warrants have separate evidence and dates.

This establishes the historical purchase, not a current ownership percentage, present fair value or product revenue. The September announcement and December closing are stages of the same investment. Later holdings and a matching outstanding-share denominator remain unresolved; no additional amount enters modeled totals. · Published: 2025-12-29 · Event/as of: 2025-12-26 · Inspected: 2026-10-06

Original: 416
Monitor: 401.98

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: Stargate landlord. The $300B OpenAI contract is both the moat and the concentration risk.
Monitor: Stargate infrastructure partner. OpenAI described a >$300B, five-year partnership in Sep 2025; this is not verified current backlog or realized spending.

OpenAI September 23, 2025 announcement explicitly describes a partnership exceeding $300B over five years and up to 4.5GW additional capacity. This is an announced lower bound, not exactly $300B, current backlog, cash spent or delivered capacity. Do not add it to the umbrella Stargate investment target. Current utilization and amendments remain unverified. · Published: 2025-09-23 · Event/as of: 2025-09-23 · Inspected: 2026-09-21

Original: 380
Monitor: 965

Dated financing mark; not present realizable value or confirmation that no later financing exists. · Published: 2026-05-28 · Event/as of: 2026-05-28 · Inspected: 2026-09-29

Original: Q2 2026 revenue >$11.5B (Q1: $4.73B; yr-ago $787M); run-rate ≈$65B by late July; adj. operating income positive. IPO prep. $2T chatter is rumor — last official mark $350–380B.
Monitor: Series H post-money valuation $965B (May 28, 2026). Other revenue and IPO claims remain unverified.

Dated source supports this correction; remaining context is unverified. · Published: 2026-05-28 · Event/as of: 2026-05-28 · Inspected: 2026-09-14

Original: 200
Monitor: 226.07

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: true
Monitor: true

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: Earlier editorial wording qualified; retained in research history.
Monitor: SoftBank reports $64.6B cumulative investment in OpenAI and approximately 13% ownership as of October 1, 2026; its $30B 2026 follow-on is complete.

SoftBank’s October 1 disclosure reports completion through Vision Fund 2. $64.6B is cumulative invested capital, not current fair value; approximately 13% is issuer-reported ownership at that date, not a voting-power calculation. Earlier round totals and this cumulative figure must not be added together. · Published: 2026-10-01 · Event/as of: 2026-10-01 · Inspected: 2026-10-05

Original: 39
Monitor: 46.92

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: First neocloud: $99B backlog vs $25B debt. Nvidia equity above, Nvidia backstop below.
Monitor: Neocloud operator. Bundled backlog and debt figures withheld pending matching dates and debt definitions.

Do not substitute an unreconciled debt total. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: 40
Monitor: 63.56

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: Nvidia disclosed 9.3% in July. Microsoft anchor tenant; Reflection AI signed $1B.
Monitor: NVIDIA pre-funded warrant investment reported funded in Q1 2026; current ownership and later exercise unresolved. Microsoft anchor tenant; bundled Reflection AI $1B claim remains unverified.

This advances the investment from announced intent to issuer-reported funding. The first-half proceeds include Q1 funding; they are not another $2B raise. Funding does not establish warrant exercise or shares issued on exercise. Retained canon’s historical 9.3% is separately matched to the July beneficial-ownership filing; current ownership percentage and later exercise remain unverified. The Q1 letter was inspected as web text; its original PDF could not be retained. · Published: 2026-08-12 · Event/as of: 2026-03-31 · Inspected: 2026-10-06

• Nebius Q1 shareholder letter · May 13, 2026 · ↗
• NVIDIA Nebius Schedule 13G · July 20, 2026 · ↗

Original: 3
Monitor: 14.6

Dated financing mark; not present realizable value or confirmation that no later financing exists. · Published: 2026-03-09 · Event/as of: 2026-03-09 · Inspected: 2026-09-29

Original: Microsoft-heavy GB300 buildout; the smallest and most single-tenant of the neocloud trio.
Monitor: Nscale reports dated financing and fleet milestones alongside future customer capacity plans. Individual customer allocation and current concentration require separate evidence; company-wide deployments do not establish contract completion.

The monthly 24,000 is included in the annual total. This is issuer-reported company-wide capacity, not a Microsoft or Figure allocation, customer acceptance or payment record. It does not establish completion of Microsoft’s broader rollout or early delivery of Figure’s H2 2027 plan. · Published: 2026-10-01 · Event/as of: 2026-10-01 · Inspected: 2026-10-06

Original: 55
Monitor: 130.58

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: true
Monitor: true

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: Optics chokepoint — as networking becomes the bottleneck, fiber becomes strategy.
Monitor: Optical-connectivity partner for data centers deploying NVIDIA systems. US manufacturing expansion is planned; current delivered volumes and pricing power are not established.

May 6 manufacturing announcement; financing instruments and supply accounting are separately reviewed in the linked Corning context. Manufacturing targets do not establish delivered products, pricing power or a qualified payment cycle. · Published: 2026-05-06 · Event/as of: 2026-05-06 · Inspected: 2026-10-06

Original: 14
Monitor: unavailable / withheld

Issuer states more than €21B. Preserve lower-bound semantics; do not treat as exactly €21B or add EUR to USD totals. October 7 inspection confirms the amount; the issuer news index dates the announcement September 8, 2026. This remains a dated financing mark, not a current sale price. · Published: 2026-09-08 · Event/as of: 2026-09-08 · Inspected: 2026-10-07

Original: Europe's champion, running on Nvidia capital and 18k Nvidia GPUs.
Monitor: Mistral reports a September 2026 Series D at a post-money valuation above €21B. NVIDIA participation and compute plans have separate evidence; current GPU count and USD conversion remain unresolved.

Above €21B is a lower bound, not an exact price or a USD value. The round total does not establish NVIDIA’s contribution, current ownership or a secondary-market exit price. No USD conversion or addition to financial totals is made. · Published: 2026-09-08 · Event/as of: 2026-09-08 · Inspected: 2026-10-07

• Mistral news index · announcement date · ↗

Original: 39
Monitor: 39

Dated financing mark; not present realizable value or confirmation that no later financing exists. · Published: 2025-09-16 · Event/as of: 2025-09-16 · Inspected: 2026-09-29

Original: The embodied-AI bet Nvidia and Microsoft share — a future demand sink for compute.
Monitor: Figure has dated NVIDIA/Microsoft investment participation, named NVIDIA simulation tools and a future Nscale compute plan. These records do not establish current ownership, accepted capacity or realized compute demand.

These sources do not establish Figure-specific GR00T production adoption, direct GPU purchase terms, delivered quantities or receipts. The relationship shows technology use and a future compute plan; it does not establish a realized demand wave or a traced payment cycle. · Published: 2026-03-16 · Event/as of: 2026-03-16 · Inspected: 2026-10-06

• Figure’s future compute plan · September 3, 2026 · ↗

Original: 29
Monitor: unavailable / withheld

Retained September 28 ownership review; no separate value added to combined SpaceX node. · Published: 2026-08-14 · Event/as of: 2026-08-14 · Inspected: 2026-09-28

Original: Fastest app-layer scaler; rents intelligence from both labs, capital from their backers.
Monitor: Part of SpaceX since August 14, 2026. Excluded from the sum of standalone marks.

Dated source supports this correction; remaining context is unverified. · Published: 2026-08-14 · Event/as of: 2026-08-14 · Inspected: 2026-09-14

Original: 8
Monitor: 15.5

October 7 inspection of the issuer article confirms the September 9 $15.5B financing mark and $550M round. The valuation remains dated, not a live realizable price. Round size is not one investor’s allocation; current ownership and settlement receipts remain unresolved. · Published: 2026-09-09 · Event/as of: 2026-09-09 · Inspected: 2026-10-07

Original: Legal vertical on a multi-model stack; an OpenAI Startup Fund alum.
Monitor: Legal AI platform with dated multi-model offerings and OpenAI Startup Fund participation. Model availability, commercial payments and current ownership have separate evidence requirements.

These are dated product and delivery accounts. They do not establish current usage shares, direct lab billing, prices, minimum commitments, contractual exclusivity or payments. Model choice does not prove weak customer loyalty or the absence of provider dependence. Regional and customer availability vary; claimed quality and resilience are issuer descriptions, not independently measured results. · Published: 2026-03-10 · Event/as of: 2026-03-10 · Inspected: 2026-10-07

• Harvey model expansion · May 13, 2025 · ↗
• Microsoft Azure customer account · December 3, 2024 · ↗

Original: 1.3
Monitor: 1.25

B-AMBIENCE canon records $1.25B from Becker’s; replaces rounded $1.3B. Reopened issuer confirms $243M financing only, not valuation. No claim of current issuer-certified value. · Published: 2025-07-29 · Event/as of: 2025-07-29 · Inspected: 2026-09-14

Original: Clinical documentation; OpenAI Startup Fund participant.
Monitor: Clinical documentation and workflow platform; OpenAI Startup Fund participation is documented in dated funding rounds. The investment does not establish an OpenAI model-supply contract.

These are total round amounts, not the fund’s allocation or ownership. The Series C issuer announcement does not disclose a valuation. The displayed $1.25B remains a historical, secondary-reported July 2025 mark with its earlier inspection date. Exact investing vehicles, current holdings, model suppliers, payment terms and closing receipts remain unresolved; investment participation alone does not establish a model-supply contract. · Published: 2025-07-29 · Event/as of: 2025-07-29 · Inspected: 2026-10-07

• Ambience Series B · February 6, 2024 · ↗
• Fund identity · undated About page · ↗

Original: 4
Monitor: unavailable / withheld

No priced equity mark established in retained canon. NVIDIA guaranty and project-development values cannot substitute for equity valuation. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Stargate's power developer. Electrons, not GPUs, are the binding constraint.
Monitor: Developer and lessor for PORTS-Pike with an OpenAI affiliate as tenant. NVIDIA’s contingent guaranty and separately announced equity investment are distinct instruments; see dated evidence below.

Effective with the applicable leases and subject to service-readiness conditions and specified tenant defaults. Coverage declines over the lease terms and can terminate under stated conditions. This is not the whole campus cost, cash paid, or equity. Exact affiliate identities, later amendments, activation and payments remain unresolved. · Published: 2026-08-26 · Event/as of: 2026-08-17 · Inspected: 2026-10-06

• Scope, readiness and termination conditions · 2026-08-26 ↗
• Dated initial capacity and optional expansion · 2026-08-17 ↗

Original: 32
Monitor: 32

Historical $32B mark corroborates retained B-SSI canon. Event month only; exact closing date and subsequent investment valuation unestablished. · Published: 2025-04-12 · Event/as of: 2025-04 · Inspected: 2026-09-29

Original: true
Monitor: true

Historical $32B mark corroborates retained B-SSI canon. Event month only; exact closing date and subsequent investment valuation unestablished. · Published: 2025-04-12 · Event/as of: 2025-04 · Inspected: 2026-09-29

Original: Sutskever's lab. A reported $5B Nvidia check would wire it into the web.
Monitor: NVIDIA announced a strategic partnership and an investment in SSI on July 27, 2026. Investment amount undisclosed by issuer; the $32B valuation is a historical April 2025 financing mark.

July 27 issuer release says NVIDIA has made an investment; it does not disclose the amount. Historical $5B reporting retained as reported, not issuer-confirmed funding. No current ownership or later financing inference. Excluded from modeled cash cycles. · Published: 2026-07-27 · Event/as of: 2026-07-27 · Inspected: 2026-09-29

Original: 1050
Monitor: unavailable / withheld

KRX page reports 1,288.63T KRW with September 28 15:00 KST quote, not a verified closing auction. SKHY USD pages disagree on capitalization/share basis. Undated $1.05T bundle estimate removed from USD aggregate pending reconciliation. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: true
Monitor: true

KRX page reports 1,288.63T KRW with September 28 15:00 KST quote, not a verified closing auction. SKHY USD pages disagree on capitalization/share basis. Undated $1.05T bundle estimate removed from USD aggregate pending reconciliation. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: HBM leader (~50–55% share), sold out into 2027; Nasdaq ADS listed Jul 10 (≈$28B raise); $500B+ multi-year Nvidia LOI (Jul). Chairman: shortage may run past 2030. Korea-concentration risk.
Monitor: Dated NVIDIA memory partnership and Stargate letter of intent; historical AMD sampling. Current allocations, sold-out horizon and payments remain unresolved.

The wider $500B-plus initiative is not an HBM order value or cash paid. SK Telecom’s proposed AI factory is a separate scope. Binding volumes, product acceptance, shipments, prices and payment remain unresolved. · Published: 2026-07-25 · Event/as of: 2026-07-25 · Inspected: 2026-10-06

Original: 1100
Monitor: 1270

September 28 cap history explicitly reports $1.27T. Page’s $140 share quote is dated April 16 and was not used for calculation. FX and common/preferred-share aggregation not independently reconstructed. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: true
Monitor: true

September 28 cap history explicitly reports $1.27T. Page’s $140 share quote is dated April 16 and was not used for calculation. FX and common/preferred-share aggregation not independently reconstructed. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: Earlier editorial wording qualified; retained in research history.
Monitor: Samsung Electronics has dated HBM4 / NVIDIA and HBM3E / AMD product context, plus a Stargate memory letter of intent. Quantities, prices and payments remain unresolved.

A product and platform milestone does not identify customer-specific accepted units, realized prices, deployment or payments. HBM4E display specifications are not evidence of volume shipment. · Published: 2026-03-17 · Event/as of: 2026-03-17 · Inspected: 2026-10-06

Original: 1000
Monitor: 1190

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: true
Monitor: true

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: US pure-play and the earliest fiscal read each quarter (FQ4 report ≈Sep 22). HBM sold out through 2027; ≈$1T cap. Its P/B is this module's weekly froth thermometer.
Monitor: Fiscal 2026 results published September 30. Dated HBM4 shipment and AMD supplier context are distinct from the unverified monthly price/book series and sold-out horizon.

Fiscal results, calendar product milestones and hypothetical monthly prices have different bases. Company-wide deposits or revenue do not identify a specific customer payment. This review does not validate the monitor’s price curves, sold-out horizons or forecasting skill. · Published: 2026-09-30 · Event/as of: 2026-09-03 · Inspected: 2026-10-06

Original: Earlier editorial wording qualified; retained in research history.
Monitor: Research question: how do customer concentration, financing and delivery obligations affect CoreWeave? Current debt, CDS comparisons and contagion timing remain unverified.

Unsupported comparative, causal or current-operating assertion qualified. A question or scenario is not a verified finding. Existing dated relationship evidence remains separately linked. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Nvidia's 9.3% converts a customer into a subsidiary-in-spirit. Watch Microsoft concentration.
Monitor: NVIDIA’s Nebius funding, directly held shares and warrant-inclusive beneficial ownership have separate dated bases. Funding and an exercise eligibility date do not establish exercise, current ownership or control.

This advances the investment from announced intent to issuer-reported funding. The first-half proceeds include Q1 funding; they are not another $2B raise. Funding does not establish warrant exercise or shares issued on exercise. Retained canon’s historical 9.3% is separately matched to the July beneficial-ownership filing; current ownership percentage and later exercise remain unverified. The Q1 letter was inspected as web text; its original PDF could not be retained. · Published: 2026-08-12 · Event/as of: 2026-03-31 · Inspected: 2026-10-06

• Nebius Q1 shareholder letter · May 13, 2026 · ↗
• NVIDIA Nebius Schedule 13G · July 20, 2026 · ↗

Original: Earlier editorial wording qualified; retained in research history.
Monitor: Microsoft contract exposure is documented; current customer concentration and comparative balance-sheet size remain unresolved.

Unsupported comparative, causal or current-operating assertion qualified. A question or scenario is not a verified finding. Existing dated relationship evidence remains separately linked. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Merged entity now sells compute to Google and Anthropic — a rival becoming a landlord scrambles the map.
Monitor: SpaceX is a disclosed compute supplier to Google and Anthropic. Delivery conditions, termination rights and actual payments require separate review.

Reuters separately reports either party may terminate on 90 days’ notice after December 31, 2026. The slide uses June 5 filing information; its own publication date is not established. October’s arrival does not prove delivery, acceptance or full-rate payments. Current amendments and the executing affiliate remain unresolved; no realized revenue or combined contract total is inferred. · Published: unknown · Event/as of: 2026-06-05 · Inspected: 2026-10-06

• Reuters · delivery and termination conditions · 2026-06-05 ↗

Original: Chokepoint
Monitor: Optical connectivity

May 6 manufacturing announcement; financing instruments and supply accounting are separately reviewed in the linked Corning context. Manufacturing targets do not establish delivered products, pricing power or a qualified payment cycle. · Published: 2026-05-06 · Event/as of: 2026-05-06 · Inspected: 2026-10-06

Original: Optics supply gates cluster scale-out; quiet pricing power if networking stays the bottleneck.
Monitor: Corning plans US optical-connectivity and fiber expansion under the NVIDIA partnership. Manufacturing targets do not establish delivered capacity or pricing power.

May 6 manufacturing announcement; financing instruments and supply accounting are separately reviewed in the linked Corning context. Manufacturing targets do not establish delivered products, pricing power or a qualified payment cycle. · Published: 2026-05-06 · Event/as of: 2026-05-06 · Inspected: 2026-10-06

Original: Earlier editorial wording qualified; retained in research history.
Monitor: Research question: how could power availability and grid connections affect project schedules? A binding 2027 constraint and its relative importance have not been established.

October 9 editorial audit of retained research. Unsupported comparative or causal wording is withheld or recast as a research question. No new external source inspection, refreshed observation or calibrated forecast is claimed. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Earlier editorial wording qualified; retained in research history.
Monitor: Research question: how could sovereign-AI demand affect supplier exposure? A buyer-of-last-resort role or offset to US spending has not been established.

October 9 editorial audit of retained research. Unsupported comparative or causal wording is withheld or recast as a research question. No new external source inspection, refreshed observation or calibrated forecast is claimed. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Robotics is the next compute sink the web is pre-funding — optionality on a second demand wave.
Monitor: Figure’s investment rounds, simulation-tool use and Nscale compute plan have separate dates and limits. The future capacity ceiling does not establish delivered GPUs, cash spent or realized robotics demand.

The expansion is not an additional signed $6B. Capacity is a ceiling; preferred does not mean exclusive. Current accepted delivery, payment schedules, termination terms and exact contracting subsidiaries remain unresolved. Exploring robot use in Nscale’s supply chain is not a robot purchase order. · Published: 2026-09-03 · Event/as of: 2026-09-03 · Inspected: 2026-10-06

• Nscale partnership announcement · September 3, 2026 · ↗

Original: App-layer torque: its token bill is the labs' revenue. Growth here validates the stack above it.
Monitor: Cursor is part of SpaceX; its former standalone valuation is excluded from network totals.

Dated source supports this correction; remaining context is unverified. · Published: 2026-08-14 · Event/as of: 2026-08-14 · Inspected: 2026-09-14

Original: Multi-model by design — evidence that app-layer loyalty to any one lab is thin.
Monitor: Harvey documents multiple model providers and cloud delivery routes. Availability does not establish workload shares, weak loyalty, contractual exclusivity or reduced dependence.

These are dated product and delivery accounts. They do not establish current usage shares, direct lab billing, prices, minimum commitments, contractual exclusivity or payments. Model choice does not prove weak customer loyalty or the absence of provider dependence. Regional and customer availability vary; claimed quality and resilience are issuer descriptions, not independently measured results. · Published: 2026-03-10 · Event/as of: 2026-03-10 · Inspected: 2026-10-07

• Harvey model expansion · May 13, 2025 · ↗
• Microsoft Azure customer account · December 3, 2024 · ↗

Original: A $5B Nvidia check would web in the last unaligned frontier lab.
Monitor: NVIDIA announced an investment and compute partnership July 27, 2026. The reported $5B investment amount is not issuer-confirmed.

July 27 issuer release says NVIDIA has made an investment; it does not disclose the amount. Historical $5B reporting retained as reported, not issuer-confirmed funding. No current ownership or later financing inference. Excluded from modeled cash cycles. · Published: 2026-07-27 · Event/as of: 2026-07-27 · Inspected: 2026-09-29

Original: Earlier editorial wording qualified; retained in research history.
Monitor: OpenAI exposure: $64.6B cumulative investment and approximately 13% ownership reported October 1, 2026. Later changes and voting rights remain unresolved.

SoftBank’s October 1 disclosure reports completion through Vision Fund 2. $64.6B is cumulative invested capital, not current fair value; approximately 13% is issuer-reported ownership at that date, not a voting-power calculation. Earlier round totals and this cumulative figure must not be added together. · Published: 2026-10-01 · Event/as of: 2026-10-01 · Inspected: 2026-10-05

Original: 17
Monitor: unavailable / withheld

Scenario retained. Numerical odds and changes withheld until an observation date, source and reproducible estimation method are established; no calibrated probability claim. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: polymarket
Monitor: unverified

No matching, reproducible contract observation at cutoff. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: -7
Monitor: 0

Scenario retained. Numerical odds and changes withheld until an observation date, source and reproducible estimation method are established; no calibrated probability claim. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Yes 16.8% / No 83.3%, ≈$2.3M volume (Jul 16). Down from 24% in early June.
Monitor: Cutoff probability unavailable. Post-cutoff observations excluded; old July quote and delta withheld.

Dated source supports this correction; remaining context is unverified. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Earlier editorial wording qualified; retained in research history.
Monitor: Scenario question: which relationships could be exposed to repricing? A synchronized response across all hardware and investment relationships is not established.

October 9 editorial audit of retained research. Unsupported comparative or causal wording is withheld or recast as a research question. No new external source inspection, refreshed observation or calibrated forecast is claimed. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: 4
Monitor: unavailable / withheld

Scenario retained. Numerical odds and changes withheld until an observation date, source and reproducible estimation method are established; no calibrated probability claim. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: polymarket
Monitor: unverified

No matching, reproducible contract observation at cutoff. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: -66
Monitor: 0

Scenario retained. Numerical odds and changes withheld until an observation date, source and reproducible estimation method are established; no calibrated probability claim. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Confidential filing Jun 8, then delay to 2027 confirmed; near-term contracts went to near-zero.
Monitor: Cutoff probability and historical delta unavailable; listing timeline unverified.

Dated source supports this correction; remaining context is unverified. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Earlier editorial wording qualified; retained in research history.
Monitor: Scenario only: a listing could change liquidity subject to share rights and sale restrictions; timing and price remain unverified.

Unsupported comparative, causal or current-operating assertion qualified. A question or scenario is not a verified finding. Existing dated relationship evidence remains separately linked. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: 74
Monitor: unavailable / withheld

Scenario retained. Numerical odds and changes withheld until an observation date, source and reproducible estimation method are established; no calibrated probability claim. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Earlier editorial wording qualified; retained in research history.
Monitor: unverified

Unsupported comparative, causal or current-operating assertion qualified. A question or scenario is not a verified finding. Existing dated relationship evidence remains separately linked. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: 0
Monitor: 0

Scenario retained. Numerical odds and changes withheld until an observation date, source and reproducible estimation method are established; no calibrated probability claim. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Earlier editorial wording qualified; retained in research history.
Monitor: Illustrative scenario; a current filing, listing timetable and probability estimate have not been established.

Unsupported comparative, causal or current-operating assertion qualified. A question or scenario is not a verified finding. Existing dated relationship evidence remains separately linked. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Earlier editorial wording qualified; retained in research history.
Monitor: A listing could provide an OpenAI market price. It would not validate other companies’ private financing marks.

Unsupported comparative, causal or current-operating assertion qualified. A question or scenario is not a verified finding. Existing dated relationship evidence remains separately linked. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: 11
Monitor: unavailable / withheld

Scenario retained. Numerical odds and changes withheld until an observation date, source and reproducible estimation method are established; no calibrated probability claim. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: polymarket
Monitor: unverified

No matching, reproducible contract observation at cutoff. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: 0
Monitor: 0

Scenario retained. Numerical odds and changes withheld until an observation date, source and reproducible estimation method are established; no calibrated probability claim. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Private-company contract live since May 19 alongside OpenAI and SpaceX markets.
Monitor: No matching debut-cap contract established. Valuation-by-date and IPO-closing-cap contracts are different questions.

Dated source supports this correction; remaining context is unverified. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Earlier editorial wording qualified; retained in research history.
Monitor: Scenario question: how might a listing affect comparable-company pricing? It would not validate every private financing mark.

October 9 editorial audit of retained research. Unsupported comparative or causal wording is withheld or recast as a research question. No new external source inspection, refreshed observation or calibrated forecast is claimed. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Nvidia–OpenAI backstop closes at ≥$100B
Monitor: Retired: NVIDIA / SB Energy guaranty signing

August 17 8-K Item 1.01; corroborated by Q2 FY27 10-Q Note 10: https://www.sec.gov/Archives/edgar/data/1045810/000104581026000075/nvda-20260726.htm. Signed contingent support, not funded capital; no subsequent payment verified. Historical talks are not a current pending deal. · Published: 2026-08-17 · Event/as of: 2026-08-17 · Inspected: 2026-09-21

Original: 60
Monitor: unavailable / withheld

Scenario retained. Numerical odds and changes withheld until an observation date, source and reproducible estimation method are established; no calibrated probability claim. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: est
Monitor: unverified

No matching, reproducible contract observation at cutoff. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: 0
Monitor: 0

Scenario retained. Numerical odds and changes withheld until an observation date, source and reproducible estimation method are established; no calibrated probability claim. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: In talks per Jul 27 reports. Street reads it as bullish for neoclouds, bearish for Nvidia's balance sheet optics.
Monitor: Retired question: the initial SB Energy guaranties were signed August 17; payment remains contingent. No probability assigned.

August 17 8-K Item 1.01; corroborated by Q2 FY27 10-Q Note 10: https://www.sec.gov/Archives/edgar/data/1045810/000104581026000075/nvda-20260726.htm. Signed contingent support, not funded capital; no subsequent payment verified. Historical talks are not a current pending deal. · Published: 2026-08-17 · Event/as of: 2026-08-17 · Inspected: 2026-09-21

Original: Deepens the NVDA↔OpenAI loop; CDS market is already voting.
Monitor: Scenario only: tenant default could trigger conditional guaranty payments; no current CDS inference is verified.

August 17 8-K Item 1.01; corroborated by Q2 FY27 10-Q Note 10: https://www.sec.gov/Archives/edgar/data/1045810/000104581026000075/nvda-20260726.htm. Signed contingent support, not funded capital; no subsequent payment verified. Historical talks are not a current pending deal. · Published: 2026-08-17 · Event/as of: 2026-08-17 · Inspected: 2026-09-21

Original: 58
Monitor: unavailable / withheld

Scenario retained. Numerical odds and changes withheld until an observation date, source and reproducible estimation method are established; no calibrated probability claim. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: -10
Monitor: 0

Scenario retained. Numerical odds and changes withheld until an observation date, source and reproducible estimation method are established; no calibrated probability claim. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Gap to Alphabet compressed to ≈$4.75T vs $4.31T; one bad print flips the ranking.
Monitor: Model estimate only. Vendor capitalization estimates have differing share bases; no verified end-2026 contract.

Dated source supports this correction; remaining context is unverified. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Earlier editorial wording qualified; retained in research history.
Monitor: Scenario question: could index rules and investor allocation affect flows? Direction and magnitude have not been established.

October 9 editorial audit of retained research. Unsupported comparative or causal wording is withheld or recast as a research question. No new external source inspection, refreshed observation or calibrated forecast is claimed. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: 12
Monitor: unavailable / withheld

Scenario retained. Numerical odds and changes withheld until an observation date, source and reproducible estimation method are established; no calibrated probability claim. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: 4
Monitor: 0

Scenario retained. Numerical odds and changes withheld until an observation date, source and reproducible estimation method are established; no calibrated probability claim. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: CRWV −55% from high on $25B debt; GPU/memory cost inflation; SpaceX + Meta entering supply.
Monitor: Model estimate only; historical drawdown and debt figures withheld pending reconciliation. Meta compute-resale activity and any effect on supply or pricing remain unverified.

Scenario, not a verified current credit assessment. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Earlier editorial wording qualified; retained in research history.
Monitor: Scenario question: which customer or financing obligations could be affected? A neocloud credit event does not by itself trigger NVIDIA’s separate SB Energy guaranty.

October 9 editorial audit of retained research. Unsupported comparative or causal wording is withheld or recast as a research question. No new external source inspection, refreshed observation or calibrated forecast is claimed. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: 68
Monitor: unavailable / withheld

Scenario retained. Numerical odds and changes withheld until an observation date, source and reproducible estimation method are established; no calibrated probability claim. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: 8
Monitor: 0

Scenario retained. Numerical odds and changes withheld until an observation date, source and reproducible estimation method are established; no calibrated probability claim. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Cited in the Jul 27 selloff; margin migrates from renters to Nvidia and memory makers.
Monitor: Model estimate only; price inflation and selloff causation are separate claims.

Dated source supports this correction; remaining context is unverified. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Earlier editorial wording qualified; retained in research history.
Monitor: Scenario question: how could price changes affect providers and suppliers? Margin effects depend on contract terms, costs and pass-through; no comparative benefit is established.

October 9 editorial audit of retained research. Unsupported comparative or causal wording is withheld or recast as a research question. No new external source inspection, refreshed observation or calibrated forecast is claimed. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: 5300
Monitor: 5530

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: -5.27
Monitor: unavailable / withheld

Remove mixed-session returns; no complete common-session set. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: reported
Monitor: unverified

Remove mixed-session returns; no complete common-session set. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: true
Monitor: true

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: Sun of the system — sells the shovels, finances the diggers, backstops the mines. Q2 FY27 (Aug 26): $96.2B rev, +106% y/y; guided FY28 growth ≈70%; +15% price hike to largest customers.
Monitor: Q2 FY27: revenue $96.2B, +106% y/y; GAAP EPS $2.46, non-GAAP EPS $2.22. FY28 guidance and reported system-price increases require separate attribution.

Dated source supports this correction; remaining context is unverified. · Published: 2026-08-26 · Event/as of: 2026-08-26 · Inspected: 2026-09-14

Original: 4310
Monitor: 4190

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: Earlier editorial wording qualified; retained in research history.
Monitor: Cloud, model and accelerator relationships are represented in this map. Comparative NVIDIA dependence has not been established.

Unsupported comparative, causal or current-operating assertion qualified. A question or scenario is not a verified finding. Existing dated relationship evidence remains separately linked. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: 2860
Monitor: 3780

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: ~27% of OpenAI plus an Anthropic hedge; quietly shipping in-house MAI models.
Monitor: Microsoft reported roughly 27% of OpenAI on an as-converted diluted basis after the Oct 2025 recapitalization. Historical ownership basis; later dilution and current stake not verified.

October 28, 2025 issuer announcement supports incremental $250B contracted Azure services and a then roughly27% as-converted diluted stake. Stake is historical, not current after later financing. April27,2026 amendment changes exclusivity/IP/revenue-share terms without restating this amount: https://blogs.microsoft.com/blog/2026/04/27/the-next-phase-of-the-microsoft-openai-partnership/. No current balance, annual rate or remaining term inferred. · Published: 2025-10-28 · Event/as of: 2025-10-28 · Inspected: 2026-09-21

Original: 2570
Monitor: 2660

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: Trainium + Anthropic anchor; AWS now also sells $38B of compute to OpenAI.
Monitor: AWS compute: $38B original agreement (Nov 2025, seven years) plus $100B expansion (Feb 2026, eight years). Announced values; spend to date unverified.

February 27 expansion announcement supports an additional $100B over eight years. Original November 3, 2025 $38B agreement described seven years: https://openai.com/index/aws-and-openai-partnership/. $138B is combined announced contract value across different start dates, not annual spend, paid cash or remaining backlog. Actual spend/delivery not verified. · Published: 2026-02-27 · Event/as of: 2026-02-27 · Inspected: 2026-09-21

Original: 1800
Monitor: 1970

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: Earlier editorial wording qualified; retained in research history.
Monitor: SpaceX discloses compute agreements with Google and Anthropic. Contract schedules and grouped SpaceX/xAI identity do not establish current delivered capacity or cash receipts.

Reuters separately reports either party may terminate on 90 days’ notice after December 31, 2026. The slide uses June 5 filing information; its own publication date is not established. October’s arrival does not prove delivery, acceptance or full-rate payments. Current amendments and the executing affiliate remain unresolved; no realized revenue or combined contract total is inferred. · Published: unknown · Event/as of: 2026-06-05 · Inspected: 2026-10-06

• Reuters · delivery and termination conditions · 2026-06-05 ↗

Original: 852
Monitor: 852

Retained B-OAI-VAL canon and existing correction. OpenAI access policy remains blocked; no new request. Does not certify September freshness. · Published: 2026-03-31 · Event/as of: 2026-03-31 · Inspected: 2026-09-14

Original: Largest capital sink in the web. IPO prep toward ~$1T; Nvidia backstop cut to ≈$120B (WSJ, Aug 16); custom 'Jalapeño' inference chip with Broadcom benchmarked above GB300.
Monitor: March 31 round closed at $852B post-money. NVIDIA credit support for SB Energy’s Ohio campus is a separate contingent guaranty; see the edge terms.

Dated source supports this correction; remaining context is unverified. · Published: 2026-03-31 · Event/as of: 2026-03-31 · Inspected: 2026-09-14

Original: 786
Monitor: 992.33

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: -7.67
Monitor: unavailable / withheld

Remove mixed-session returns; no complete common-session set. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: reported
Monitor: unverified

Remove mixed-session returns; no complete common-session set. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Broke the one-supplier story: OpenAI warrant deal, now a $5B Anthropic stake.
Monitor: AMD committed up to $5B of strategic equity in Anthropic; this is a ceiling, not proof of cash paid.

Dated source supports this correction; remaining context is unverified. · Published: 2026-07-22 · Event/as of: 2026-07-22 · Inspected: 2026-09-14

Original: 544
Monitor: 609.68

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: true
Monitor: true

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: Earlier editorial wording qualified; retained in research history.
Monitor: Intel reports completed NVIDIA and SoftBank share purchases in 2025. Product collaboration, government escrow and conditional warrants have separate evidence and dates.

This establishes the historical purchase, not a current ownership percentage, present fair value or product revenue. The September announcement and December closing are stages of the same investment. Later holdings and a matching outstanding-share denominator remain unresolved; no additional amount enters modeled totals. · Published: 2025-12-29 · Event/as of: 2025-12-26 · Inspected: 2026-10-06

Original: 416
Monitor: 401.98

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: Stargate landlord. The $300B OpenAI contract is both the moat and the concentration risk.
Monitor: Stargate infrastructure partner. OpenAI described a >$300B, five-year partnership in Sep 2025; this is not verified current backlog or realized spending.

OpenAI September 23, 2025 announcement explicitly describes a partnership exceeding $300B over five years and up to 4.5GW additional capacity. This is an announced lower bound, not exactly $300B, current backlog, cash spent or delivered capacity. Do not add it to the umbrella Stargate investment target. Current utilization and amendments remain unverified. · Published: 2025-09-23 · Event/as of: 2025-09-23 · Inspected: 2026-09-21

Original: 380
Monitor: 965

Dated financing mark; not present realizable value or confirmation that no later financing exists. · Published: 2026-05-28 · Event/as of: 2026-05-28 · Inspected: 2026-09-29

Original: Q2 2026 revenue >$11.5B (Q1: $4.73B; yr-ago $787M); run-rate ≈$65B by late July; adj. operating income positive. IPO prep. $2T chatter is rumor — last official mark $350–380B.
Monitor: Series H post-money valuation $965B (May 28, 2026). Other revenue and IPO claims remain unverified.

Dated source supports this correction; remaining context is unverified. · Published: 2026-05-28 · Event/as of: 2026-05-28 · Inspected: 2026-09-14

Original: 200
Monitor: 226.07

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: true
Monitor: true

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: Earlier editorial wording qualified; retained in research history.
Monitor: SoftBank reports $64.6B cumulative investment in OpenAI and approximately 13% ownership as of October 1, 2026; its $30B 2026 follow-on is complete.

SoftBank’s October 1 disclosure reports completion through Vision Fund 2. $64.6B is cumulative invested capital, not current fair value; approximately 13% is issuer-reported ownership at that date, not a voting-power calculation. Earlier round totals and this cumulative figure must not be added together. · Published: 2026-10-01 · Event/as of: 2026-10-01 · Inspected: 2026-10-05

Original: 39
Monitor: 46.92

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: First neocloud: $99B backlog vs $25B debt. Nvidia equity above, Nvidia backstop below.
Monitor: Neocloud operator. Bundled backlog and debt figures withheld pending matching dates and debt definitions.

Do not substitute an unreconciled debt total. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: 40
Monitor: 63.56

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: Nvidia disclosed 9.3% in July. Microsoft anchor tenant; Reflection AI signed $1B.
Monitor: NVIDIA pre-funded warrant investment reported funded in Q1 2026; current ownership and later exercise unresolved. Microsoft anchor tenant; bundled Reflection AI $1B claim remains unverified.

This advances the investment from announced intent to issuer-reported funding. The first-half proceeds include Q1 funding; they are not another $2B raise. Funding does not establish warrant exercise or shares issued on exercise. Retained canon’s historical 9.3% is separately matched to the July beneficial-ownership filing; current ownership percentage and later exercise remain unverified. The Q1 letter was inspected as web text; its original PDF could not be retained. · Published: 2026-08-12 · Event/as of: 2026-03-31 · Inspected: 2026-10-06

• Nebius Q1 shareholder letter · May 13, 2026 · ↗
• NVIDIA Nebius Schedule 13G · July 20, 2026 · ↗

Original: 3
Monitor: 14.6

Dated financing mark; not present realizable value or confirmation that no later financing exists. · Published: 2026-03-09 · Event/as of: 2026-03-09 · Inspected: 2026-09-29

Original: Microsoft-heavy GB300 buildout; the smallest and most single-tenant of the neocloud trio.
Monitor: Nscale reports dated financing and fleet milestones alongside future customer capacity plans. Individual customer allocation and current concentration require separate evidence; company-wide deployments do not establish contract completion.

The monthly 24,000 is included in the annual total. This is issuer-reported company-wide capacity, not a Microsoft or Figure allocation, customer acceptance or payment record. It does not establish completion of Microsoft’s broader rollout or early delivery of Figure’s H2 2027 plan. · Published: 2026-10-01 · Event/as of: 2026-10-01 · Inspected: 2026-10-06

Original: 55
Monitor: 130.58

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: true
Monitor: true

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: Optics chokepoint — as networking becomes the bottleneck, fiber becomes strategy.
Monitor: Optical-connectivity partner for data centers deploying NVIDIA systems. US manufacturing expansion is planned; current delivered volumes and pricing power are not established.

May 6 manufacturing announcement; financing instruments and supply accounting are separately reviewed in the linked Corning context. Manufacturing targets do not establish delivered products, pricing power or a qualified payment cycle. · Published: 2026-05-06 · Event/as of: 2026-05-06 · Inspected: 2026-10-06

Original: 14
Monitor: unavailable / withheld

Issuer states more than €21B. Preserve lower-bound semantics; do not treat as exactly €21B or add EUR to USD totals. October 7 inspection confirms the amount; the issuer news index dates the announcement September 8, 2026. This remains a dated financing mark, not a current sale price. · Published: 2026-09-08 · Event/as of: 2026-09-08 · Inspected: 2026-10-07

Original: Europe's champion, running on Nvidia capital and 18k Nvidia GPUs.
Monitor: Mistral reports a September 2026 Series D at a post-money valuation above €21B. NVIDIA participation and compute plans have separate evidence; current GPU count and USD conversion remain unresolved.

Above €21B is a lower bound, not an exact price or a USD value. The round total does not establish NVIDIA’s contribution, current ownership or a secondary-market exit price. No USD conversion or addition to financial totals is made. · Published: 2026-09-08 · Event/as of: 2026-09-08 · Inspected: 2026-10-07

• Mistral news index · announcement date · ↗

Original: 39
Monitor: 39

Dated financing mark; not present realizable value or confirmation that no later financing exists. · Published: 2025-09-16 · Event/as of: 2025-09-16 · Inspected: 2026-09-29

Original: The embodied-AI bet Nvidia and Microsoft share — a future demand sink for compute.
Monitor: Figure has dated NVIDIA/Microsoft investment participation, named NVIDIA simulation tools and a future Nscale compute plan. These records do not establish current ownership, accepted capacity or realized compute demand.

These sources do not establish Figure-specific GR00T production adoption, direct GPU purchase terms, delivered quantities or receipts. The relationship shows technology use and a future compute plan; it does not establish a realized demand wave or a traced payment cycle. · Published: 2026-03-16 · Event/as of: 2026-03-16 · Inspected: 2026-10-06

• Figure’s future compute plan · September 3, 2026 · ↗

Original: 29
Monitor: unavailable / withheld

Retained September 28 ownership review; no separate value added to combined SpaceX node. · Published: 2026-08-14 · Event/as of: 2026-08-14 · Inspected: 2026-09-28

Original: Fastest app-layer scaler; rents intelligence from both labs, capital from their backers.
Monitor: Part of SpaceX since August 14, 2026. Excluded from the sum of standalone marks.

Dated source supports this correction; remaining context is unverified. · Published: 2026-08-14 · Event/as of: 2026-08-14 · Inspected: 2026-09-14

Original: 8
Monitor: 15.5

October 7 inspection of the issuer article confirms the September 9 $15.5B financing mark and $550M round. The valuation remains dated, not a live realizable price. Round size is not one investor’s allocation; current ownership and settlement receipts remain unresolved. · Published: 2026-09-09 · Event/as of: 2026-09-09 · Inspected: 2026-10-07

Original: Legal vertical on a multi-model stack; an OpenAI Startup Fund alum.
Monitor: Legal AI platform with dated multi-model offerings and OpenAI Startup Fund participation. Model availability, commercial payments and current ownership have separate evidence requirements.

These are dated product and delivery accounts. They do not establish current usage shares, direct lab billing, prices, minimum commitments, contractual exclusivity or payments. Model choice does not prove weak customer loyalty or the absence of provider dependence. Regional and customer availability vary; claimed quality and resilience are issuer descriptions, not independently measured results. · Published: 2026-03-10 · Event/as of: 2026-03-10 · Inspected: 2026-10-07

• Harvey model expansion · May 13, 2025 · ↗
• Microsoft Azure customer account · December 3, 2024 · ↗

Original: 1.3
Monitor: 1.25

B-AMBIENCE canon records $1.25B from Becker’s; replaces rounded $1.3B. Reopened issuer confirms $243M financing only, not valuation. No claim of current issuer-certified value. · Published: 2025-07-29 · Event/as of: 2025-07-29 · Inspected: 2026-09-14

Original: Clinical documentation; OpenAI Startup Fund participant.
Monitor: Clinical documentation and workflow platform; OpenAI Startup Fund participation is documented in dated funding rounds. The investment does not establish an OpenAI model-supply contract.

These are total round amounts, not the fund’s allocation or ownership. The Series C issuer announcement does not disclose a valuation. The displayed $1.25B remains a historical, secondary-reported July 2025 mark with its earlier inspection date. Exact investing vehicles, current holdings, model suppliers, payment terms and closing receipts remain unresolved; investment participation alone does not establish a model-supply contract. · Published: 2025-07-29 · Event/as of: 2025-07-29 · Inspected: 2026-10-07

• Ambience Series B · February 6, 2024 · ↗
• Fund identity · undated About page · ↗

Original: 4
Monitor: unavailable / withheld

No priced equity mark established in retained canon. NVIDIA guaranty and project-development values cannot substitute for equity valuation. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Stargate's power developer. Electrons, not GPUs, are the binding constraint.
Monitor: Developer and lessor for PORTS-Pike with an OpenAI affiliate as tenant. NVIDIA’s contingent guaranty and separately announced equity investment are distinct instruments; see dated evidence below.

Effective with the applicable leases and subject to service-readiness conditions and specified tenant defaults. Coverage declines over the lease terms and can terminate under stated conditions. This is not the whole campus cost, cash paid, or equity. Exact affiliate identities, later amendments, activation and payments remain unresolved. · Published: 2026-08-26 · Event/as of: 2026-08-17 · Inspected: 2026-10-06

• Scope, readiness and termination conditions · 2026-08-26 ↗
• Dated initial capacity and optional expansion · 2026-08-17 ↗

Original: 32
Monitor: 32

Historical $32B mark corroborates retained B-SSI canon. Event month only; exact closing date and subsequent investment valuation unestablished. · Published: 2025-04-12 · Event/as of: 2025-04 · Inspected: 2026-09-29

Original: true
Monitor: true

Historical $32B mark corroborates retained B-SSI canon. Event month only; exact closing date and subsequent investment valuation unestablished. · Published: 2025-04-12 · Event/as of: 2025-04 · Inspected: 2026-09-29

Original: Sutskever's lab. A reported $5B Nvidia check would wire it into the web.
Monitor: NVIDIA announced a strategic partnership and an investment in SSI on July 27, 2026. Investment amount undisclosed by issuer; the $32B valuation is a historical April 2025 financing mark.

July 27 issuer release says NVIDIA has made an investment; it does not disclose the amount. Historical $5B reporting retained as reported, not issuer-confirmed funding. No current ownership or later financing inference. Excluded from modeled cash cycles. · Published: 2026-07-27 · Event/as of: 2026-07-27 · Inspected: 2026-09-29

Original: Jul 27
Monitor: Historical

August 17 8-K Item 1.01; corroborated by Q2 FY27 10-Q Note 10: https://www.sec.gov/Archives/edgar/data/1045810/000104581026000075/nvda-20260726.htm. Signed contingent support, not funded capital; no subsequent payment verified. Historical talks are not a current pending deal. · Published: 2026-08-17 · Event/as of: 2026-08-17 · Inspected: 2026-09-21

Original: Nvidia in talks on ≈$250B OpenAI compute backstop — vendor-financing loop would be formalized
Monitor: Earlier backstop-talks item withheld: original report not independently verified. See Aug 17 for the signed SB Energy guaranties.

August 17 8-K Item 1.01; corroborated by Q2 FY27 10-Q Note 10: https://www.sec.gov/Archives/edgar/data/1045810/000104581026000075/nvda-20260726.htm. Signed contingent support, not funded capital; no subsequent payment verified. Historical talks are not a current pending deal. · Published: 2026-08-17 · Event/as of: 2026-08-17 · Inspected: 2026-09-21

Original: NVDA −5%, AMD −8%; semis sell off as GPU and memory prices rise; Nvidia CDS spread jumps to record
Monitor: July 27 semiconductor selloff — exact moves and causal attribution withheld pending common-basis price and reporting checks.

Dated source supports this correction; remaining context is unverified. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Nvidia reported near ≈$5B investment in Safe Superintelligence (Bloomberg)
Monitor: NVIDIA announced an investment and compute partnership with SSI on July 27, 2026; approximately $5B is reported, not issuer-disclosed.

July 27 issuer release says NVIDIA has made an investment; it does not disclose the amount. Historical $5B reporting retained as reported, not issuer-confirmed funding. No current ownership or later financing inference. Excluded from modeled cash cycles. · Published: 2026-07-27 · Event/as of: 2026-07-27 · Inspected: 2026-09-29

Original: AMD to invest $5B in Anthropic as part of strategic partnership — second lab tie after OpenAI warrants
Monitor: AMD commits up to $5B of strategic equity in Anthropic; disbursement unverified

Dated source supports this correction; remaining context is unverified. · Published: 2026-07-22 · Event/as of: 2026-07-22 · Inspected: 2026-09-14

Original: Nvidia discloses 9.3% Nebius stake; neoclouds pop, then fade
Monitor: Bundled report of NVIDIA’s Nebius position; ownership basis and intraday reaction remain unverified.

Dated source supports this correction; remaining context is unverified. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Neocloud drawdown: CoreWeave ≈$87B→$39B; SpaceX×xAI resells compute to Google (~$920M/mo) and Anthropic (~$1.25B/mo); Meta eyes entry
Monitor: SpaceX compute agreements: Google’s scheduled rate and Anthropic’s Colossus I/II scope have distinct conditions. Current delivered capacity and payments remain unresolved; Meta resale is still unestablished.

Reuters separately reports either party may terminate on 90 days’ notice after December 31, 2026. The slide uses June 5 filing information; its own publication date is not established. October’s arrival does not prove delivery, acceptance or full-rate payments. Current amendments and the executing affiliate remain unresolved; no realized revenue or combined contract total is inferred. · Published: unknown · Event/as of: 2026-06-05 · Inspected: 2026-10-06

• Reuters · delivery and termination conditions · 2026-06-05 ↗

Original: OpenAI files confidentially; IPO later pushed to 2027 — 2026 listing markets collapse toward zero
Monitor: Bundled OpenAI IPO timeline — filing and listing dates require source confirmation.

Dated source supports this correction; remaining context is unverified. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Jul 27
Monitor: Historical

August 17 8-K Item 1.01; corroborated by Q2 FY27 10-Q Note 10: https://www.sec.gov/Archives/edgar/data/1045810/000104581026000075/nvda-20260726.htm. Signed contingent support, not funded capital; no subsequent payment verified. Historical talks are not a current pending deal. · Published: 2026-08-17 · Event/as of: 2026-08-17 · Inspected: 2026-09-21

Original: Nvidia in talks on ≈$250B OpenAI compute backstop — vendor-financing loop would be formalized
Monitor: Earlier backstop-talks item withheld: original report not independently verified. See Aug 17 for the signed SB Energy guaranties.

August 17 8-K Item 1.01; corroborated by Q2 FY27 10-Q Note 10: https://www.sec.gov/Archives/edgar/data/1045810/000104581026000075/nvda-20260726.htm. Signed contingent support, not funded capital; no subsequent payment verified. Historical talks are not a current pending deal. · Published: 2026-08-17 · Event/as of: 2026-08-17 · Inspected: 2026-09-21

Original: NVDA −5%, AMD −8%; semis sell off as GPU and memory prices rise; Nvidia CDS spread jumps to record
Monitor: July 27 semiconductor selloff — exact moves and causal attribution withheld pending common-basis price and reporting checks.

Dated source supports this correction; remaining context is unverified. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Nvidia reported near ≈$5B investment in Safe Superintelligence (Bloomberg)
Monitor: NVIDIA announced an investment and compute partnership with SSI on July 27, 2026; approximately $5B is reported, not issuer-disclosed.

July 27 issuer release says NVIDIA has made an investment; it does not disclose the amount. Historical $5B reporting retained as reported, not issuer-confirmed funding. No current ownership or later financing inference. Excluded from modeled cash cycles. · Published: 2026-07-27 · Event/as of: 2026-07-27 · Inspected: 2026-09-29

Original: AMD to invest $5B in Anthropic as part of strategic partnership — second lab tie after OpenAI warrants
Monitor: AMD commits up to $5B of strategic equity in Anthropic; disbursement unverified

Dated source supports this correction; remaining context is unverified. · Published: 2026-07-22 · Event/as of: 2026-07-22 · Inspected: 2026-09-14

Original: Nvidia discloses 9.3% Nebius stake; neoclouds pop, then fade
Monitor: Bundled report of NVIDIA’s Nebius position; ownership basis and intraday reaction remain unverified.

Dated source supports this correction; remaining context is unverified. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Neocloud drawdown: CoreWeave ≈$87B→$39B; SpaceX×xAI resells compute to Google (~$920M/mo) and Anthropic (~$1.25B/mo); Meta eyes entry
Monitor: SpaceX compute agreements: Google’s scheduled rate and Anthropic’s Colossus I/II scope have distinct conditions. Current delivered capacity and payments remain unresolved; Meta resale is still unestablished.

Reuters separately reports either party may terminate on 90 days’ notice after December 31, 2026. The slide uses June 5 filing information; its own publication date is not established. October’s arrival does not prove delivery, acceptance or full-rate payments. Current amendments and the executing affiliate remain unresolved; no realized revenue or combined contract total is inferred. · Published: unknown · Event/as of: 2026-06-05 · Inspected: 2026-10-06

• Reuters · delivery and termination conditions · 2026-06-05 ↗

Original: OpenAI files confidentially; IPO later pushed to 2027 — 2026 listing markets collapse toward zero
Monitor: Bundled OpenAI IPO timeline — filing and listing dates require source confirmation.

Dated source supports this correction; remaining context is unverified. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Big-tech Q2: three of four raise capex guides; Amazon cites memory inflation; Alphabet posts first negative FCF since 2004 IPO
Monitor: Bundled big-tech capex roundup — individual fiscal periods and cash-flow definitions differ; see dated cash-flow rows.

Dated source supports this correction; remaining context is unverified. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Earlier editorial wording qualified; retained in research history.
Monitor: Bundled memory-price narrative withheld: comparable contract and spot observations, HBM4 mix and resulting price effects remain unverified.

October 9 editorial audit of retained research. Unsupported comparative or causal wording is withheld or recast as a research question. No new external source inspection, refreshed observation or calibrated forecast is claimed. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Aug 16
Monitor: Aug 17

Dated source supports this correction; remaining context is unverified. · Published: 2026-08-17 · Event/as of: 2026-08-17 · Inspected: 2026-09-14

Original: WSJ: Nvidia halves OpenAI backstop to ≈$120B after investor pushback — phase-1 (≈5GW) lease guarantee via SPV securitization
Monitor: NVIDIA signed contingent SB Energy guaranties, initially capped at $105B; OpenAI is tenant. Not funded equity.

August 17 8-K Item 1.01; corroborated by Q2 FY27 10-Q Note 10: https://www.sec.gov/Archives/edgar/data/1045810/000104581026000075/nvda-20260726.htm. Signed contingent support, not funded capital; no subsequent payment verified. Historical talks are not a current pending deal. · Published: 2026-08-17 · Event/as of: 2026-08-17 · Inspected: 2026-09-21

Original: Nvidia Q2 FY27: $96.2B revenue (+106% y/y), EPS $2.22; Huang guides FY28 growth ≈70%; ~15% price increase for largest customers
Monitor: NVIDIA Q2 FY27: $96.2B revenue (+106% y/y); GAAP EPS $2.46, non-GAAP $2.22.

Dated source supports this correction; remaining context is unverified. · Published: 2026-08-26 · Event/as of: 2026-08-26 · Inspected: 2026-09-14

Original: OpenAI's Broadcom-built 'Jalapeño' inference chip benchmarks 1.5–1.9× perf/W above GB300 — custom-silicon substitution signal
Monitor: Bundled Jalapeño performance claim — benchmark date, method and comparison remain unverified.

Dated source supports this correction; remaining context is unverified. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Aug 28
Monitor: Aug 26

Dated source supports this correction; remaining context is unverified. · Published: 2026-08-26 · Event/as of: 2026-08-26 · Inspected: 2026-09-14

Original: Memory: HBM4 ≈$550/36GB stack; maker inventories 2–4 wks; IDC sees 2026 smartphone −12.9%, PC −11.3% on DRAM starvation; SK Hynix chair: shortage may last past 2030
Monitor: IDC forecasts 2026 smartphone shipments down 16.7%; this is a forecast, not realized shipments.

Dated source supports this correction; remaining context is unverified. · Published: 2026-08-26 · Event/as of: 2026-08-26 · Inspected: 2026-09-14

Original: Earlier editorial wording qualified; retained in research history.
Monitor: Bundled Micron capacity comparison withheld: wafer starts, output mix, timing and peer-capacity bases have not been reconciled. See dated company evidence for narrower shipment and product claims.

October 9 editorial audit of retained research. Unsupported comparative or causal wording is withheld or recast as a research question. No new external source inspection, refreshed observation or calibrated forecast is claimed. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Sep 8
Monitor: Sep 3

Dated source supports this correction; remaining context is unverified. · Published: 2026-09-03 · Event/as of: 2026-09-03 · Inspected: 2026-09-14

Original: Nvidia closes ≈$12.93B Hugging Face acquisition — the front door to open models now belongs to the shovel-seller
Monitor: NVIDIA discloses signed Hugging Face acquisition; closing expected 1H 2027, subject to conditions.

Dated source supports this correction; remaining context is unverified. · Published: 2026-09-03 · Event/as of: 2026-09-03 · Inspected: 2026-09-14

Original: Sep 10
Monitor: Undated

Dated source supports this correction; remaining context is unverified. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Micron CFO: demand 'significantly higher' than the industry can supply; constraints extend into 2028 (Idaho mid-27, Tongluo late-27/28, Singapore NAND H2-28); 2026 HBM sold out; multi-year LTAs advancing
Monitor: Micron conference item withheld: supplied September date disputed; original publication date not independently reproduced.

Dated source supports this correction; remaining context is unverified. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Earlier editorial wording qualified; retained in research history.
Monitor: Analytical grouping centered on NVIDIA. The graph does not establish its share of counterparties’ equity, revenue or financing dependence.

October 9 editorial audit of retained research. Unsupported comparative or causal wording is withheld or recast as a research question. No new external source inspection, refreshed observation or calibrated forecast is claimed. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Earlier editorial wording qualified; retained in research history.
Monitor: Analytical grouping of labs and large infrastructure providers. Relative customer importance and mutual dependence have not been measured.

October 9 editorial audit of retained research. Unsupported comparative or causal wording is withheld or recast as a research question. No new external source inspection, refreshed observation or calibrated forecast is claimed. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Earlier editorial wording qualified; retained in research history.
Monitor: Analytical grouping of compute providers and chip companies. Comparative economic sensitivity has not been established.

October 9 editorial audit of retained research. Unsupported comparative or causal wording is withheld or recast as a research question. No new external source inspection, refreshed observation or calibrated forecast is claimed. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Earlier editorial wording qualified; retained in research history.
Monitor: Analytical grouping of application, infrastructure and investment businesses. Graph placement does not measure realized demand or signal value.

October 9 editorial audit of retained research. Unsupported comparative or causal wording is withheld or recast as a research question. No new external source inspection, refreshed observation or calibrated forecast is claimed. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Field absent from bundled input
Monitor: true

Dated source supports this correction; remaining context is unverified. · Published: 2026-08-17 · Event/as of: 2026-08-17 · Inspected: 2026-09-14

Original: Field absent from bundled input
Monitor: true

Dated source supports this correction; remaining context is unverified. · Published: 2026-08-17 · Event/as of: 2026-08-17 · Inspected: 2026-09-14

Original: Field absent from bundled input
Monitor: false

Dated source supports this correction; remaining context is unverified. · Published: 2025-10-06 · Event/as of: 2025-10-06 · Inspected: 2026-09-14

Original: Field absent from bundled input
Monitor: false

Dated source supports this correction; remaining context is unverified. · Published: 2025-10-06 · Event/as of: 2025-10-06 · Inspected: 2026-09-14

Original: Field absent from bundled input
Monitor: false

Dated source supports this correction; remaining context is unverified. · Published: 2026-08-14 · Event/as of: 2026-08-14 · Inspected: 2026-09-14

Original: Field absent from bundled input
Monitor: false

Dated source supports this correction; remaining context is unverified. · Published: 2026-08-14 · Event/as of: 2026-08-14 · Inspected: 2026-09-14

Original: Field absent from bundled input
Monitor: false

Dated source supports this correction; remaining context is unverified. · Published: 2026-08-14 · Event/as of: 2026-08-14 · Inspected: 2026-09-14

Original: Field absent from bundled input
Monitor: false

Dated source supports this correction; remaining context is unverified. · Published: 2026-08-14 · Event/as of: 2026-08-14 · Inspected: 2026-09-14

Original: Field absent from bundled input
Monitor: announced-lower-bound

OpenAI September 23, 2025 announcement explicitly describes a partnership exceeding $300B over five years and up to 4.5GW additional capacity. This is an announced lower bound, not exactly $300B, current backlog, cash spent or delivered capacity. Do not add it to the umbrella Stargate investment target. Current utilization and amendments remain unverified. · Published: 2025-09-23 · Event/as of: 2025-09-23 · Inspected: 2026-09-21

Original: Field absent from bundled input
Monitor: contract

Separate economic categories; never label their aggregate funded capital. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Field absent from bundled input
Monitor: contingent

Separate economic categories; never label their aggregate funded capital. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Field absent from bundled input
Monitor: equity-commitment

Separate economic categories; never label their aggregate funded capital. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Field absent from bundled input
Monitor: contract

Separate economic categories; never label their aggregate funded capital. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Field absent from bundled input
Monitor: contract

Separate economic categories; never label their aggregate funded capital. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Field absent from bundled input
Monitor: compute-ceiling

September25,2025 issuer release states up to approximately $22.4B total across successive agreements (11.9+4+6.5, rounded), not revenue received. September23 order runs through May31,2031 subject to service/delivery and termination conditions: https://www.sec.gov/Archives/edgar/data/1769628/000119312525216497/d17274d8k.htm . The old through2029 label cannot describe all orders. Current residual backlog not established. · Published: 2025-09-25 · Event/as of: 2025-09-25 · Inspected: 2026-09-21

Original: Field absent from bundled input
Monitor: contract

Separate economic categories; never label their aggregate funded capital. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Field absent from bundled input
Monitor: ceiling

Separate economic categories; never label their aggregate funded capital. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Field absent from bundled input
Monitor: contract

Separate economic categories; never label their aggregate funded capital. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Field absent from bundled input
Monitor: ceiling

Separate economic categories; never label their aggregate funded capital. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Field absent from bundled input
Monitor: reported

Separate economic categories; never label their aggregate funded capital. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Field absent from bundled input
Monitor: true

September9,2025 order disclosed September15: initial value $6.3B; NVIDIA purchases residual unsold capacity through April13,2032, subject to delivery/availability and termination. Not an unconditional $6.3B receipt or equity investment. Excluded from unconditional cash-flow cycle model; no incremental addition to contract totals. · Published: 2025-09-15 · Event/as of: 2025-09-09 · Inspected: 2026-09-21

Original: Field absent from bundled input
Monitor: true

September9,2025 order disclosed September15: initial value $6.3B; NVIDIA purchases residual unsold capacity through April13,2032, subject to delivery/availability and termination. Not an unconditional $6.3B receipt or equity investment. Excluded from unconditional cash-flow cycle model; no incremental addition to contract totals. · Published: 2025-09-15 · Event/as of: 2025-09-09 · Inspected: 2026-09-21

Original: Field absent from bundled input
Monitor: false

July 27 issuer release says NVIDIA has made an investment; it does not disclose the amount. Historical $5B reporting retained as reported, not issuer-confirmed funding. No current ownership or later financing inference. Excluded from modeled cash cycles. · Published: 2026-07-27 · Event/as of: 2026-07-27 · Inspected: 2026-09-29

Original: Field absent from bundled input
Monitor: false

July 27 issuer release says NVIDIA has made an investment; it does not disclose the amount. Historical $5B reporting retained as reported, not issuer-confirmed funding. No current ownership or later financing inference. Excluded from modeled cash cycles. · Published: 2026-07-27 · Event/as of: 2026-07-27 · Inspected: 2026-09-29

Original: Field absent from bundled input
Monitor: false

Exclude historical ownership, cumulative investment and unestablished disbursement from the cash-flow cycle model. The relationship remains visible in the map. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Field absent from bundled input
Monitor: false

Exclude historical ownership, cumulative investment and unestablished disbursement from the cash-flow cycle model. The relationship remains visible in the map. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Field absent from bundled input
Monitor: false

Exclude historical ownership, cumulative investment and unestablished disbursement from the cash-flow cycle model. The relationship remains visible in the map. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Field absent from bundled input
Monitor: false

Exclude historical ownership, cumulative investment and unestablished disbursement from the cash-flow cycle model. The relationship remains visible in the map. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Field absent from bundled input
Monitor: false

Exclude historical ownership, cumulative investment and unestablished disbursement from the cash-flow cycle model. The relationship remains visible in the map. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Field absent from bundled input
Monitor: false

Exclude historical ownership, cumulative investment and unestablished disbursement from the cash-flow cycle model. The relationship remains visible in the map. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Field absent from bundled input
Monitor: false

Exclude historical holdings, cumulative invested cost and unestablished disbursement from modeled cash cycles. This does not establish non-payment; the relationship remains visible. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Field absent from bundled input
Monitor: false

Exclude historical holdings, cumulative invested cost and unestablished disbursement from modeled cash cycles. This does not establish non-payment; the relationship remains visible. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Field absent from bundled input
Monitor: false

Exclude historical holdings, cumulative invested cost and unestablished disbursement from modeled cash cycles. This does not establish non-payment; the relationship remains visible. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Field absent from bundled input
Monitor: false

Exclude historical holdings, cumulative invested cost and unestablished disbursement from modeled cash cycles. This does not establish non-payment; the relationship remains visible. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Field absent from bundled input
Monitor: false

Exclude historical holdings, cumulative invested cost and unestablished disbursement from modeled cash cycles. This does not establish non-payment; the relationship remains visible. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Field absent from bundled input
Monitor: false

Exclude historical holdings, cumulative invested cost and unestablished disbursement from modeled cash cycles. This does not establish non-payment; the relationship remains visible. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Field absent from bundled input
Monitor: false

Exclude historical holdings, cumulative invested cost and unestablished disbursement from modeled cash cycles. This does not establish non-payment; the relationship remains visible. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Field absent from bundled input
Monitor: false

Exclude historical holdings, cumulative invested cost and unestablished disbursement from modeled cash cycles. This does not establish non-payment; the relationship remains visible. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Field absent from bundled input
Monitor: false

Exclude historical holdings, cumulative invested cost and unestablished disbursement from modeled cash cycles. This does not establish non-payment; the relationship remains visible. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Field absent from bundled input
Monitor: false

Exclude historical holdings, cumulative invested cost and unestablished disbursement from modeled cash cycles. This does not establish non-payment; the relationship remains visible. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: Field absent from bundled input
Monitor: false

This undated page was inspected October 7, 2026; that is not a publication or transaction date. The fund name is the supported investor attribution. Exact investing vehicles, current governance, beneficial owners and current stakes are not established here. Fund participation does not establish an OpenAI operating-company investment, control or a payment for model services. · Published: unknown · Event/as of: unknown · Inspected: 2026-10-07

Original: Field absent from bundled input
Monitor: false

This undated page was inspected October 7, 2026; that is not a publication or transaction date. The fund name is the supported investor attribution. Exact investing vehicles, current governance, beneficial owners and current stakes are not established here. Fund participation does not establish an OpenAI operating-company investment, control or a payment for model services. · Published: unknown · Event/as of: unknown · Inspected: 2026-10-07

Original: Field absent from bundled input
Monitor: false

This undated page was inspected October 7, 2026; that is not a publication or transaction date. The fund name is the supported investor attribution. Exact investing vehicles, current governance, beneficial owners and current stakes are not established here. Fund participation does not establish an OpenAI operating-company investment, control or a payment for model services. · Published: unknown · Event/as of: unknown · Inspected: 2026-10-07

Original: Field absent from bundled input
Monitor: false

This undated page was inspected October 7, 2026; that is not a publication or transaction date. The fund name is the supported investor attribution. Exact investing vehicles, current governance, beneficial owners and current stakes are not established here. Fund participation does not establish an OpenAI operating-company investment, control or a payment for model services. · Published: unknown · Event/as of: unknown · Inspected: 2026-10-07

Original: Field absent from bundled input
Monitor: false

This establishes announced fund participation, not a direct NVIDIA payment to xAI. NVIDIA’s contribution, exact investment date, ownership share, lessee identity and paid amounts are undisclosed here. Do not infer a $1.9B contribution by subtraction, sum these amounts with Series E, or treat the announcement as current delivery or lease performance. · Published: 2026-01-07 · Event/as of: 2026-01-07 · Inspected: 2026-10-09

Original: Field absent from bundled input
Monitor: false

This establishes announced fund participation, not a direct NVIDIA payment to xAI. NVIDIA’s contribution, exact investment date, ownership share, lessee identity and paid amounts are undisclosed here. Do not infer a $1.9B contribution by subtraction, sum these amounts with Series E, or treat the announcement as current delivery or lease performance. · Published: 2026-01-07 · Event/as of: 2026-01-07 · Inspected: 2026-10-09

Original: New research addition; no bundled predecessor
Monitor: Meta announced its personal AI agent, powered by Muse Spark, with a US rollout on mobile and web and access through WhatsApp. Product context only; not a separate company or financial transaction.

Issuer launch announcement only. Rollout completion, security performance and present availability are not independently verified. · Published: 2026-09-08 · Event/as of: 2026-09-08 · Inspected: 2026-09-22

Original: New research addition; no bundled predecessor
Monitor: Announced March 16, 2026: $12B dedicated capacity over five years; deliveries expected to start early 2027.

Second agreement: distinct from the earlier Meta tranches reported delivered in February. The August progress report still targeted early 2027. Delivered capacity and payments under this agreement remain unresolved. · Published: 2026-03-16 · Event/as of: 2026-03-16 · Inspected: 2026-10-06

• Second Meta agreement progress · 2026-08-12 ↗
• Earlier Meta capacity in service · 2026-02-12 ↗

Original: New research addition; no bundled predecessor
Monitor: Separate commitment to buy remaining available capacity across specified Nebius clusters, up to $15B over five years. Meta purchases capacity not sold to third parties.

Third-party demand comes first. This residual-capacity ceiling is not unconditional spend; $27B is the combined ceiling, not another additive contract. Actual residual purchases and payments remain unresolved. · Published: 2026-03-16 · Event/as of: 2026-03-16 · Inspected: 2026-10-06

Original: New research addition; no bundled predecessor
Monitor: April 24, 2026: AWS described a Meta deployment starting with tens of millions of Graviton CPU cores, with flexibility to expand; contract dollars unknown.

This is the announcement’s deployment scale, without a dated count of accepted or utilized cores. CPU cores cannot be added to GPU counts or gigawatts. Expansion flexibility is not a separate funded order; payment remains unresolved. · Published: 2026-04-24 · Event/as of: 2026-04-24 · Inspected: 2026-10-06

Original: New research addition; no bundled predecessor
Monitor: Announced April 14, 2026: expanded MTIA co-development, initial commitment above 1 GW and roadmap planned through 2029; contract dollars unknown.

Chip design, packaging and networking support a phased MTIA rollout. The above-1-GW initial commitment is not a measured accepted or utilized capacity total. Contract price, customer acceptance and payment remain unresolved. · Published: 2026-04-14 · Event/as of: 2026-04-14 · Inspected: 2026-10-06

• Meta’s co-development account · 2026-04-14 ↗

Original: New research addition; no bundled predecessor
Monitor: At July 29, 2026, Meta guided FY 2026 capital expenditures including finance-lease principal to $130B-$145B.

Dated guidance, not actual spend. Not added to Q2 actuals or contract commitments; later revisions not exhaustively screened. · Published: 2026-07-29 · Event/as of: 2026-07-29 · Inspected: 2026-09-28

Original: New research addition; no bundled predecessor
Monitor: In its February 12 letter, Nebius reported both contracted Meta capacity tranches delivered on time and the agreement in service.

This report predates the second agreement announced in March. It does not establish the exact delivery dates, customer acceptance, utilization, completion of the service term or cash received. The separate Microsoft milestones must not be attributed to Meta. · Published: 2026-02-12 · Event/as of: 2026-02-12 · Inspected: 2026-10-06

Original: New research addition; no bundled predecessor
Monitor: Nebius’s August 12 letter described buildout for its second Meta agreement as progressing toward capacity coming online in early 2027.

The March terms distinguish $12B dedicated capacity from up to $15B of residual capacity. The $27B ceiling is not an additional contract or current unpaid balance. Early Vera Rubin validation units received by Nebius do not establish production capacity delivered to Meta. · Published: 2026-08-12 · Event/as of: 2026-08-12 · Inspected: 2026-10-06

• Second Meta agreement · 2026-03-16 ↗

Original: New research addition; no bundled predecessor
Monitor: AMD’s quarterly filing reports that no Meta warrant shares had vested or become exercisable as of June 27, 2026. The warrant permits up to 160M shares at a $0.01 exercise price and expires February 23, 2031.

The February agreement binds the initial 1 GW purchase. Warrant vesting depends on GPU milestones and stock-price thresholds; exercise has further technical and commercial conditions. This historical status does not establish October vesting, current ownership, accepted GPU deliveries or payment. The 160M ceiling is not issued stock. · Published: 2026-08-05 · Event/as of: 2026-06-27 · Inspected: 2026-10-06

• Agreement and warrant terms · 2026-02-24 ↗

Original: New research addition; no bundled predecessor
Monitor: Meta announced Hyperion ownership of 80% for Blue Owl-managed funds and 20% for Meta, with approximately $27B of development costs funded pro rata. Initial leases run four years; a conditional residual-value guarantee covers the first 16 years of operations.

Blue Owl is the named joint-venture partner. This is not a $27B payment by Meta or a BlackRock equity commitment. No addition to contract totals; later construction costs, financing and guarantee exposure remain unreconciled. · Published: 2025-10-21 · Event/as of: 2025-10-21 · Inspected: 2026-10-04

Original: New research addition; no bundled predecessor
Monitor: Scale announced a Meta investment at a valuation above $29B, leaving Meta with a minority equity position. Meta’s FY2025 annual report describes a $13.80B minority investment closed during 2025. Scale announced company uses and shareholder/vested-equity-holder liquidity.

Valuation and investment are distinct measures. Precise ownership percentage, voting rights, proceeds split and later changes remain unresolved in this review. No ratio-derived ownership or addition to commitment totals. · Published: 2025-06-12 · Event/as of: 2025-06-12 · Inspected: 2026-10-04

• Meta FY2025 annual report · Note 5 · Broadridge distribution 1 Apr 2026 · ↗

Original: New research addition; no bundled predecessor
Monitor: February 17, 2026: NVIDIA described ongoing Grace CPU deployment and adopted Spectrum-X networking, alongside planned Blackwell/Rubin GPU scale and possible Vera CPU deployment in 2027.

Different products are at different stages. The announcement does not quantify accepted GPU deliveries, utilization, contract value or payments. No Muse-specific dependency or cash-cycle input is established. Later amendments, delivery and cash spending remain unverified. · Published: 2026-02-17 · Event/as of: 2026-02-17 · Inspected: 2026-10-06

Original: New research addition; no bundled predecessor
Monitor: February 2026: AMD and Meta announced up to 6 GW of GPUs; the agreement binds an initial 1 GW. Initial MI450 shipments were expected in 2H 2026. A separate 160M-share warrant is conditional.

Meta Platforms, Inc. may purchase directly, through affiliates or authorized third parties. The 6 GW ceiling is not the initial binding commitment. GPU delivery, warrant vesting, exercise and ownership are separate; payments remain unresolved. Excluded from cash-flow cycles and commitment totals. Later amendments, delivery and cash spending remain unverified. · Published: 2026-02-24 · Event/as of: 2026-02-23 · Inspected: 2026-10-06

• AMD–Meta announcement · 2026-02-24 ↗
• June 27 warrant status · 2026-08-05 ↗

Original: New research addition; no bundled predecessor
Monitor: Initial commitment up to approximately $21B: new capacity through Dec 20, 2032 plus an exercised existing option through Apr 10, 2032. May 7 results call it new and signed in March; May/Aug filings clarify its composition. Earlier ceiling up to approximately $14.2B; combined remaining balance unresolved. Not spending to date.

Issuer filings, not independent corroboration. Corrected interpretation: the initial up-to-approximately $21B commitment includes an exercised existing option. No component dollar split or mapping to the earlier $14.2B ceiling is established. Amendment history and Meta-specific remaining obligations remain unreconciled. Publication date is the later filing; signing is known only to March 2026. Aggregate RPO and anonymized customer concentrations are not assigned to Meta. Excluded from modeled cash-flow cycles and commitment totals. A Muse-specific dependency is not established. Later amendments, delivery and cash spending remain unverified. · Published: 2026-08-11 · Event/as of: 2026-08-11 · Inspected: 2026-10-04

• CoreWeave · earlier initial ceiling and term · 2026-03-02 ↗
• CoreWeave · initial ceiling includes an exercised option · 2026-05-07 ↗

Original: New research addition; no bundled predecessor
Monitor: USD 5530 billion — StockAnalysis market-cap estimate; share-class and FX basis not independently reconstructed

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: New research addition; no bundled predecessor
Monitor: USD 4190 billion — StockAnalysis market-cap estimate; share-class and FX basis not independently reconstructed

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: New research addition; no bundled predecessor
Monitor: USD 3780 billion — StockAnalysis market-cap estimate; share-class and FX basis not independently reconstructed

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: New research addition; no bundled predecessor
Monitor: USD 2660 billion — StockAnalysis market-cap estimate; share-class and FX basis not independently reconstructed

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: New research addition; no bundled predecessor
Monitor: USD 1970 billion — StockAnalysis market-cap estimate; share-class and FX basis not independently reconstructed

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: New research addition; no bundled predecessor
Monitor: USD 992.33 billion — StockAnalysis market-cap estimate; share-class and FX basis not independently reconstructed

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: New research addition; no bundled predecessor
Monitor: USD 609.68 billion — StockAnalysis market-cap estimate; share-class and FX basis not independently reconstructed

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: New research addition; no bundled predecessor
Monitor: USD 401.98 billion — StockAnalysis market-cap estimate; share-class and FX basis not independently reconstructed

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: New research addition; no bundled predecessor
Monitor: USD 226.07 billion — StockAnalysis market-cap estimate; share-class and FX basis not independently reconstructed

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: New research addition; no bundled predecessor
Monitor: USD 46.92 billion — StockAnalysis market-cap estimate; share-class and FX basis not independently reconstructed

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: New research addition; no bundled predecessor
Monitor: USD 63.56 billion — StockAnalysis market-cap estimate; share-class and FX basis not independently reconstructed

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: New research addition; no bundled predecessor
Monitor: USD 130.58 billion — StockAnalysis market-cap estimate; share-class and FX basis not independently reconstructed

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: New research addition; no bundled predecessor
Monitor: USD 1190 billion — StockAnalysis market-cap estimate; share-class and FX basis not independently reconstructed

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: New research addition; no bundled predecessor
Monitor: USD 1820 billion — StockAnalysis market-cap estimate; share-class and FX basis not independently reconstructed

Vendor-reported USD billions observed on the September 28 quote page; rounded at source. Not independently calculated market cap or a live quote. No daily return inferred. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: New research addition; no bundled predecessor
Monitor: USD 852 billion — March 31 post-money round valuation; retained canon, source not reopened

Retained B-OAI-VAL canon and existing correction. OpenAI access policy remains blocked; no new request. Does not certify September freshness. · Published: 2026-03-31 · Event/as of: 2026-03-31 · Inspected: 2026-09-14

Original: New research addition; no bundled predecessor
Monitor: USD 965 billion — Series H post-money valuation

Dated financing mark; not present realizable value or confirmation that no later financing exists. · Published: 2026-05-28 · Event/as of: 2026-05-28 · Inspected: 2026-09-29

Original: New research addition; no bundled predecessor
Monitor: USD 14.6 billion — Announced Series C valuation

Dated financing mark; not present realizable value or confirmation that no later financing exists. · Published: 2026-03-09 · Event/as of: 2026-03-09 · Inspected: 2026-09-29

Original: New research addition; no bundled predecessor
Monitor: USD 39 billion — Series C post-money valuation; historical financing mark

Dated financing mark; not present realizable value or confirmation that no later financing exists. · Published: 2025-09-16 · Event/as of: 2025-09-16 · Inspected: 2026-09-29

Original: New research addition; no bundled predecessor
Monitor: USD 15.5 billion — September 9 financing valuation; issuer announcement

October 7 inspection of the issuer article confirms the September 9 $15.5B financing mark and $550M round. The valuation remains dated, not a live realizable price. Round size is not one investor’s allocation; current ownership and settlement receipts remain unresolved. · Published: 2026-09-09 · Event/as of: 2026-09-09 · Inspected: 2026-10-07

Original: New research addition; no bundled predecessor
Monitor: USD 1.25 billion — Reported Series C valuation; issuer does not disclose valuation

B-AMBIENCE canon records $1.25B from Becker’s; replaces rounded $1.3B. Reopened issuer confirms $243M financing only, not valuation. No claim of current issuer-certified value. · Published: 2025-07-29 · Event/as of: 2025-07-29 · Inspected: 2026-09-14

Original: New research addition; no bundled predecessor
Monitor: USD 32 billion — Reported April 2025 financing valuation; retained canon

Historical $32B mark corroborates retained B-SSI canon. Event month only; exact closing date and subsequent investment valuation unestablished. · Published: 2025-04-12 · Event/as of: 2025-04 · Inspected: 2026-09-29

Original: New research addition; no bundled predecessor
Monitor: >€21B

Issuer states more than €21B. Preserve lower-bound semantics; do not treat as exactly €21B or add EUR to USD totals. October 7 inspection confirms the amount; the issuer news index dates the announcement September 8, 2026. This remains a dated financing mark, not a current sale price. · Published: 2026-09-08 · Event/as of: 2026-09-08 · Inspected: 2026-10-07

Original: New research addition; no bundled predecessor
Monitor: Part of SpaceX

Retained September 28 ownership review; no separate value added to combined SpaceX node. · Published: 2026-08-14 · Event/as of: 2026-08-14 · Inspected: 2026-09-28

Original: New research addition; no bundled predecessor
Monitor: Valuation undisclosed

No priced equity mark established in retained canon. NVIDIA guaranty and project-development values cannot substitute for equity valuation. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: New research addition; no bundled predecessor
Monitor: USD 1270 billion — Vendor USD market-cap series; OTC share quote itself is stale

September 28 cap history explicitly reports $1.27T. Page’s $140 share quote is dated April 16 and was not used for calculation. FX and common/preferred-share aggregation not independently reconstructed. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: New research addition; no bundled predecessor
Monitor: ≈₩1,288.63T

KRX page reports 1,288.63T KRW with September 28 15:00 KST quote, not a verified closing auction. SKHY USD pages disagree on capitalization/share basis. Undated $1.05T bundle estimate removed from USD aggregate pending reconciliation. · Published: unknown · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: New research addition; no bundled predecessor
Monitor: Preferred sovereign AI infrastructure partnership for Palantir customers, with integration and capacity work planned.

No disclosed contract dollars adopted; availability after integration is not established. Counterparty not a graph node. · Published: 2026-09-08 · Event/as of: 2026-09-08 · Inspected: 2026-09-28

Original: New research addition; no bundled predecessor
Monitor: Issuer reports closing $5.75B original principal of convertible notes: $3.45B due 2030 and $2.3B due 2034. Earlier proposal/pricing are stages of this offering, not additional raises.

Debt financing, not revenue or equity investment. Net proceeds and outstanding balances require separate reconciliation. · Published: 2026-08-24 · Event/as of: 2026-08-24 · Inspected: 2026-09-28

Original: New research addition; no bundled predecessor
Monitor: Approximately $775M senior secured facility backed by GPU infrastructure and contracted cash flows; maturity October 31, 2030. Issuer also reports latest planned Microsoft capacity tranche delivered.

Facility amount is not proven cash drawn. Do not count financing again as customer commitments. The issuer’s tranche statement does not verify every other planned deployment. · Published: 2026-07-17 · Event/as of: 2026-07-17 · Inspected: 2026-09-28

Original: New research addition; no bundled predecessor
Monitor: Multi-year collaboration on enterprise software modernization; Devin available through AWS Marketplace and further integration explored.

No disclosed contract dollars adopted; commercial availability is not independent proof of performance claims. · Published: 2026-09-15 · Event/as of: 2026-09-15 · Inspected: 2026-09-28

Original: New research addition; no bundled predecessor
Monitor: Figure announced a $3.5B initial compute commitment to Nscale, with intent to expand above $6B. The plan covers up to 100,000 Vera Rubin GPUs, with initial deployment targeted for H2 2027 in Barstow, Texas. Nscale is named a preferred compute provider.

The expansion is not an additional signed $6B. Capacity is a ceiling; preferred does not mean exclusive. Current accepted delivery, payment schedules, termination terms and exact contracting subsidiaries remain unresolved. Exploring robot use in Nscale’s supply chain is not a robot purchase order. · Published: 2026-09-03 · Event/as of: 2026-09-03 · Inspected: 2026-10-06

• Nscale partnership announcement · September 3, 2026 · ↗

Original: New research addition; no bundled predecessor
Monitor: The partners announced a separate strategic investment by Nscale in Figure. Nscale’s announcement says it will become a Figure shareholder.

Closing, cash funding, investment amount and ownership percentage are not established. The $3.5B compute commitment is not this investment amount. An investment link alongside a service link does not establish a traced circular flow of money. · Published: 2026-09-03 · Event/as of: 2026-09-03 · Inspected: 2026-10-06

• Figure partnership announcement · September 3, 2026 · ↗

Original: New research addition; no bundled predecessor
Monitor: AMD definitive agreement: approximately $8.2B all-stock acquisition of World Labs; expected closing by end of 2026, subject to conditions.

Not a closed acquisition or cash expenditure. World Labs is not currently a graph node. · Published: 2026-09-28 · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: New research addition; no bundled predecessor
Monitor: Meta announced Enterprise Platform and named CJ Desai to lead it; plans include Muse and developer/business offerings.

Product strategy announcement; does not independently establish rollout, security, performance or revenue. · Published: 2026-09-28 · Event/as of: 2026-09-28 · Inspected: 2026-09-29

Original: New research addition; no bundled predecessor
Monitor: The May 6 partnership plans a tenfold increase in Corning’s US optical-connectivity manufacturing capacity and more than 50% growth in US fiber production, including three new plants in North Carolina and Texas, to serve data centers deploying NVIDIA systems.

These are distinct capacity measures and future manufacturing plans. They do not establish completed plants, accepted deliveries, utilization or pricing power. No customer-specific delivered volume is established here. · Published: 2026-05-06 · Event/as of: 2026-05-06 · Inspected: 2026-10-06

Original: New research addition; no bundled predecessor
Monitor: Corning reports $500M cash for a May 6 pre-funded warrant covering up to 3M shares at $0.0001 each. A separate warrant covers up to 15M shares at $180. Calculated full exercise would add $2.7B; roughly $3.2B combines paid consideration with possible exercise, not cash already received.

Note 12 and the filing’s NVIDIA-tagged table identify the instruments. Both were exercisable from issuance and expire by May 6, 2029, potentially earlier. EPS treatment of pre-funded shares does not prove exercise or voting ownership. Later exercise remains unresolved; no ownership percentage is inferred. · Published: 2026-07-29 · Event/as of: 2026-05-06 · Inspected: 2026-10-06

Original: New research addition; no bundled predecessor
Monitor: Note 2 records a $1B customer deposit for supply through December 2029, offset by $296M of warrant fair value, producing about $0.7B net contract liability in Q2. The offset is not additional cash.

The paragraph does not name NVIDIA. Its Note 12 cross-reference and matching warrant value support an inferred link. This does not establish the full prepayment scope, current balance or deliveries. Deposit, offset and net liability must not be added together. · Published: 2026-07-29 · Event/as of: 2026-06-30 · Inspected: 2026-10-06

Original: New research addition; no bundled predecessor
Monitor: Reuters reported on May 7 that NVIDIA and Corning’s CEOs described a multibillion-dollar prepayment for factory construction, separate from the equity rights. CNA published the report on May 8 in its local timezone. No exact prepayment amount was disclosed in that report.

The original CNBC interview was not independently reviewed. The reported advance is distinct from the pre-funded warrant. Its full scope is not reconciled with the Q2 deposit entry; neither establishes a current unearned balance or accepted deliveries. · Published: 2026-05-08 · Event/as of: 2026-05-07 · Inspected: 2026-10-06

Original: New research addition; no bundled predecessor
Monitor: SpaceX’s roadshow describes Google access to 110,000 NVIDIA GPUs for $920M per month from October 2026 through June 2029, subject to conditions. Reuters reports a September 30 delivery deadline, a one-month grace period and a right to terminate or accept reduced capacity at lower fees if delivery falls short.

Reuters separately reports either party may terminate on 90 days’ notice after December 31, 2026. The slide uses June 5 filing information; its own publication date is not established. October’s arrival does not prove delivery, acceptance or full-rate payments. Current amendments and the executing affiliate remain unresolved; no realized revenue or combined contract total is inferred. · Published: unknown · Event/as of: 2026-06-05 · Inspected: 2026-10-06

• Reuters · delivery and termination conditions · 2026-06-05 ↗

Original: New research addition; no bundled predecessor
Monitor: SpaceX’s roadshow places the $1.25B monthly fee through May 2029 across Colossus I and II. Its June 5 prospectus describes reduced fees during the May–June ramp and termination by either party on 90 days’ notice after an initial three-month period.

This corrects the narrower Colossus I-only label. Earlier capacity announcements are not additional contracts to sum. The roadshow’s June 5 source basis is not an independently established publication date. The grouped SpaceX/xAI node does not establish the executing subsidiary; accepted capacity, actual receipts and later amendments remain unresolved. · Published: unknown · Event/as of: 2026-06-05 · Inspected: 2026-10-06

• SpaceX prospectus · ramp and termination terms · 2026-06-05 ↗

Original: New research addition; no bundled predecessor
Monitor: The help page inspected October 6 still describes a planned wind-down of OpenAI’s direct model-supply contract with Cursor and a proposed November 12 transition date. It says the official termination date awaits confirmation and Cursor could end access sooner.

This is a dated reading of an undated, changeable help page, not proof of uninterrupted service. Direct bundled access differs from separately billed API-key, gateway or Codex-extension access described by OpenAI. No account-level availability, final cutoff or continuing commercial terms are independently established. · Published: unknown · Event/as of: 2026-10-06 · Inspected: 2026-10-06

Original: New research addition; no bundled predecessor
Monitor: Cursor’s documentation inspected October 6 lists Anthropic models alongside OpenAI, Google and SpaceXAI models. It separates its own model usage pool from a third-party model pool, with access depending on plan and configuration.

A provider listing supports an available integration, not guaranteed service for every account, an exclusive supplier relationship or a disclosed wholesale contract. Anthropic-specific spending, routing share, remaining obligations and future availability remain unresolved. The page does not provide a fixed publication date. · Published: unknown · Event/as of: 2026-10-06 · Inspected: 2026-10-06

Original: New research addition; no bundled predecessor
Monitor: Intel reports that NVIDIA Corporation paid $5B for 214,776,632 newly issued Intel common shares at $23.28 per share. The sale closed December 26, 2025; the closing report followed on December 29.

This establishes the historical purchase, not a current ownership percentage, present fair value or product revenue. The September announcement and December closing are stages of the same investment. Later holdings and a matching outstanding-share denominator remain unresolved; no additional amount enters modeled totals. · Published: 2025-12-29 · Event/as of: 2025-12-26 · Inspected: 2026-10-06

Original: New research addition; no bundled predecessor
Monitor: Intel reports that SoftBank Group Corp. paid $2B for 86,956,522 newly issued Intel common shares at $23 per share. The sale closed September 26, 2025; the closing report followed on September 29.

The closing report gives August 28 as the agreement date, while the annual equity note gives August 18. That discrepancy remains unresolved; both support the September 26 closing. Purchase cost is not current fair value or ownership. Later holdings and a matching share denominator remain unresolved. · Published: 2025-09-29 · Event/as of: 2025-09-26 · Inspected: 2026-10-06

• Intel FY2025 · equity note and corroborating closing date · ↗

Original: New research addition; no bundled predecessor
Monitor: The September 2025 announcement describes joint development of custom data-center and PC products, connecting Intel x86 CPUs and NVIDIA technology through NVLink. It separately announced the equity investment, then subject to closing conditions.

The later share purchase does not establish product delivery, a foundry manufacturing award, customer revenue or a traced return of investment cash through purchases. Product-specific contracts, milestones and economics require separate evidence. · Published: 2025-09-18 · Event/as of: 2025-09-18 · Inspected: 2026-10-06

Original: New research addition; no bundled predecessor
Monitor: Intel’s annual equity note records $5.7B received at the August 27, 2025 government closing, with Secure Enclave disbursements tied to performance. The June 27, 2026 quarterly record reports 13 million escrowed shares released in the first half and 143 million still in escrow.

The separate warrants cover up to 241 million shares and become exercisable if Intel ceases to own at least 51% of its foundry business; the quarter-end filing says they were not exercisable. Escrow, EPS treatment and possible warrant shares do not establish current voting ownership. The reported fair-value loss is not additional cash funding. Later releases, disbursements and ownership remain unresolved. · Published: 2026-07-24 · Event/as of: 2026-06-27 · Inspected: 2026-10-06

• Intel FY2025 · government agreement and cash received · ↗

Original: New research addition; no bundled predecessor
Monitor: Nscale names NVIDIA among participants in its $1.1B Series B announced September 25, 2025 and $2B Series C announced March 9, 2026. The Series C announcement gives a $14.6B company valuation.

Round sizes are not NVIDIA’s individual investment. The valuation is a historical financing mark, not cash raised or a current market price. Individual allocations, later holdings and current ownership remain unresolved; no combined investor total is inferred. · Published: 2026-03-09 · Event/as of: 2026-03-09 · Inspected: 2026-10-06

• Nscale Series B · September 25, 2025 · ↗

Original: New research addition; no bundled predecessor
Monitor: Nscale describes $3.36B of pre-IPO convertible financing: $2.36B in an initial tranche at closing and an additional $1B NVIDIA commitment expected to fund in mid-November 2026. NVIDIA is also named among the initial supporters; its allocation within that tranche is not stated.

The $1B is included in $3.36B, not added again. A completed closing and cash received are not independently established here. The notes are to convert at an IPO, into non-voting shares for NVIDIA; conversion and current ownership are unresolved. The September IPO filing announcement does not establish a completed listing. · Published: 2026-09-25 · Event/as of: 2026-09-25 · Inspected: 2026-10-06

• Nscale proposed IPO announcement · September 18, 2026 · ↗

Original: New research addition; no bundled predecessor
Monitor: Nscale reports deploying 24,000 GPUs in the preceding month, bringing its 2026 deployments above 50,000 across six active data centers in five countries. It describes Ward County, Texas as live.

The monthly 24,000 is included in the annual total. This is issuer-reported company-wide capacity, not a Microsoft or Figure allocation, customer acceptance or payment record. It does not establish completion of Microsoft’s broader rollout or early delivery of Figure’s H2 2027 plan. · Published: 2026-10-01 · Event/as of: 2026-10-01 · Inspected: 2026-10-06

Original: New research addition; no bundled predecessor
Monitor: Figure’s February 2024 release reports a $675M Series B at a $2.6B valuation and names Microsoft and NVIDIA among its investors.

The round total is not either investor’s individual contribution or present holding. Current ownership and later participation remain unresolved. Microsoft’s absence from the later Series C announcement does not prove an exit or non-participation. · Published: 2024-02-29 · Event/as of: 2024-02-29 · Inspected: 2026-10-06

Original: New research addition; no bundled predecessor
Monitor: Figure’s September 2025 Series C announcement describes more than $1B of committed capital at a $39B post-money valuation and names NVIDIA among the investors.

Committed capital does not establish that every dollar was paid. NVIDIA’s allocation, later holdings and current ownership remain unresolved. The $39B is a dated valuation, not financing proceeds or a current mark. · Published: 2025-09-16 · Event/as of: 2025-09-16 · Inspected: 2026-10-06

Original: New research addition; no bundled predecessor
Monitor: NVIDIA identifies Figure among developers using Cosmos world models, Isaac Sim and Isaac Lab in its March 2026 robotics announcement. Figure’s September compute announcement separately describes future Rubin capacity through Nscale.

These sources do not establish Figure-specific GR00T production adoption, direct GPU purchase terms, delivered quantities or receipts. The relationship shows technology use and a future compute plan; it does not establish a realized demand wave or a traced payment cycle. · Published: 2026-03-16 · Event/as of: 2026-03-16 · Inspected: 2026-10-06

• Figure’s future compute plan · September 3, 2026 · ↗

Original: New research addition; no bundled predecessor
Monitor: NVIDIA’s August 14 Form 13F reports 47,213,353 CoreWeave Class A shares as of June 30, 2026. This supplies a later dated holding beyond the January disclosure carried into CoreWeave’s April proxy.

June 30 is the holding date; August 14 is the filing date. The reported market value is not a purchase price. This quarterly report does not establish the position today or prove uninterrupted ownership between reporting dates. · Published: 2026-08-14 · Event/as of: 2026-06-30 · Inspected: 2026-10-06

Original: New research addition; no bundled predecessor
Monitor: CoreWeave’s June 30 balance sheet reports 457 million Class A and 94 million Class B shares outstanding, in millions. Class A has one vote per share; Class B has ten; Class C has none. The same report gives exact outstanding counts for July 31, a different date.

The June holding now has same-date issuer counts, but those counts are rounded. The 464 million Class A shares issued include treasury shares and are not the outstanding denominator. No exact June percentage is inferred, and the June holding is not combined with July counts. Share-class ownership, total equity and voting power are distinct. · Published: 2026-08-11 · Event/as of: 2026-06-30 · Inspected: 2026-10-06

• NVIDIA June 30 holdings · filed August 14, 2026 · ↗

Original: New research addition; no bundled predecessor
Monitor: Nebius’s May 13 letter says NVIDIA made a $2B investment during Q1. Its August 12 cash-flow report records $2B of pre-funded warrant proceeds for the first half of 2026 and none in the second quarter. NVIDIA’s July filing identifies the warrant as acquired March 11.

This advances the investment from announced intent to issuer-reported funding. The first-half proceeds include Q1 funding; they are not another $2B raise. Funding does not establish warrant exercise or shares issued on exercise. Retained canon’s historical 9.3% is separately matched to the July beneficial-ownership filing; current ownership percentage and later exercise remain unverified. The Q1 letter was inspected as web text; its original PDF could not be retained. · Published: 2026-08-12 · Event/as of: 2026-03-31 · Inspected: 2026-10-06

• Nebius Q1 shareholder letter · May 13, 2026 · ↗
• NVIDIA Nebius Schedule 13G · July 20, 2026 · ↗

Original: New research addition; no bundled predecessor
Monitor: NVIDIA’s Schedule 13G reports 22,256,412 beneficially owned Nebius Class A shares and 9.3% for a July 13, 2026 event: 1,190,476 shares held outright plus 21,065,936 shares underlying a pre-funded warrant. The filing was signed July 20.

The filing says exercise and sale of the underlying shares were prohibited before September 11. It includes the warrant through the 60-day beneficial-ownership window, not a new July cash purchase. Passing September 11 does not establish exercise. The reported beneficial share count and sole-voting-power field do not prove all underlying shares were issued and currently voting; 9.3% is not total-company voting power or control. · Published: 2026-07-20 · Event/as of: 2026-07-13 · Inspected: 2026-10-06

Original: New research addition; no bundled predecessor
Monitor: NVIDIA’s June 30 Form 13F lists 1,190,476 Nebius Class A shares. For that same date, Nebius reports 238,400,165 Class A and 33,455,053 Class B shares outstanding, totaling 271,855,218 and excluding 50,185,726 treasury Class A shares.

This is a dated directly held position, separate from July’s warrant-inclusive beneficial ownership. The absence of a warrant line in this 13F does not establish disposal, exercise or the absence of other exposure. Weighted-average earnings-per-share counts are not outstanding-share denominators. Current holdings, later warrant exercise and current voting power remain unresolved. · Published: 2026-08-14 · Event/as of: 2026-06-30 · Inspected: 2026-10-06

• Nebius June 30 outstanding shares · August 12, 2026 · ↗

Original: New research addition; no bundled predecessor
Monitor: The OpenAI Startup Fund’s About page says it is managed by a dedicated team and that OpenAI itself is not an investor in the fund. The page names Microsoft among the fund’s investors.

This undated page was inspected October 7, 2026; that is not a publication or transaction date. The fund name is the supported investor attribution. Exact investing vehicles, current governance, beneficial owners and current stakes are not established here. Fund participation does not establish an OpenAI operating-company investment, control or a payment for model services. · Published: unknown · Event/as of: unknown · Inspected: 2026-10-07

Original: New research addition; no bundled predecessor
Monitor: The Startup Fund named Harvey among its first investments on December 1, 2022. Harvey’s February 12, 2025 announcement names the fund in its $300M Series D, at a $3B company valuation.

The round total is not the fund’s individual contribution. Its investment vehicle, allocation, current ownership, voting rights and later participation remain unresolved. These are dated participation records, not an operating-company investment by OpenAI or evidence of a current controlling stake. · Published: 2025-02-12 · Event/as of: 2025-02-12 · Inspected: 2026-10-07

• Fund’s first investments · December 1, 2022 · ↗
• Fund identity · undated About page · ↗

Original: New research addition; no bundled predecessor
Monitor: Ambience names the OpenAI Startup Fund as co-lead of its $70M Series B announced February 6, 2024 and as a participating existing investor in its $243M Series C announced July 29, 2025.

These are total round amounts, not the fund’s allocation or ownership. The Series C issuer announcement does not disclose a valuation. The displayed $1.25B remains a historical, secondary-reported July 2025 mark with its earlier inspection date. Exact investing vehicles, current holdings, model suppliers, payment terms and closing receipts remain unresolved; investment participation alone does not establish a model-supply contract. · Published: 2025-07-29 · Event/as of: 2025-07-29 · Inspected: 2026-10-07

• Ambience Series B · February 6, 2024 · ↗
• Fund identity · undated About page · ↗

Original: New research addition; no bundled predecessor
Monitor: Harvey’s March 10, 2026 account describes OpenAI, Anthropic and Google DeepMind models, routing and customer controls. Its May 2025 expansion named AWS Bedrock for Anthropic and Google Vertex for Google models. Microsoft’s December 2024 customer account describes Azure OpenAI use.

These are dated product and delivery accounts. They do not establish current usage shares, direct lab billing, prices, minimum commitments, contractual exclusivity or payments. Model choice does not prove weak customer loyalty or the absence of provider dependence. Regional and customer availability vary; claimed quality and resilience are issuer descriptions, not independently measured results. · Published: 2026-03-10 · Event/as of: 2026-03-10 · Inspected: 2026-10-07

• Harvey model expansion · May 13, 2025 · ↗
• Microsoft Azure customer account · December 3, 2024 · ↗

Original: New research addition; no bundled predecessor
Monitor: Harvey’s May 26, 2026 Mistral announcement describes early access for eligible customers opting in within the European Union. It says general availability in the United States and Australia will be announced later.

This establishes the announced regional access scope, not universal availability or a later rollout. Customer adoption, workload share, commercial terms and payments are not established. No new company-to-company payment or exclusivity inference follows from the launch. · Published: 2026-05-26 · Event/as of: 2026-05-26 · Inspected: 2026-10-07

Original: New research addition; no bundled predecessor
Monitor: Harvey’s September 9, 2026 announcement reports a $550M funding round at a $15.5B valuation, co-led by Diffusion and Lightspeed Venture Partners. The existing displayed valuation now has a fresh inspection of the issuer’s article body.

The $15.5B is a dated financing valuation, not cash raised or a live realizable price. The $550M round is not one investor’s allocation. The Startup Fund is not named in this announcement; that omission does not prove an exit or non-participation. Current cap table, individual allocations and settlement receipts remain unresolved. · Published: 2026-09-09 · Event/as of: 2026-09-09 · Inspected: 2026-10-07

Original: New research addition; no bundled predecessor
Monitor: CoreWeave reported an initial customer deployment of NVIDIA GB300 NVL72 systems on July 3, 2025, built with Dell, Switch and Vertiv. It described wider deployment as a plan.

An early deployment does not establish preferential contractual allocation. Current fleet size, procurement counterparties, prices and payments remain unresolved. Issuer web text was inspected; the original-page capture returned HTTP 403 and was not retried. · Published: 2025-07-03 · Event/as of: 2025-07-03 · Inspected: 2026-10-07

Original: New research addition; no bundled predecessor
Monitor: Nebius reported an operational GB300 NVL72 deployment in its Finland data center on December 17, 2025. Its description of 72 GPUs concerns a system configuration, not a disclosed total fleet count.

This supports a dated deployment report, not a current allocation quota, preferential supply right or independently measured utilization. It does not attribute this Finland capacity to Microsoft or Meta contracts. Purchase amounts and payments remain unresolved. · Published: 2025-12-17 · Event/as of: 2025-12-17 · Inspected: 2026-10-07

Original: New research addition; no bundled predecessor
Monitor: Microsoft reported a production NVIDIA GB300 NVL72 cluster for OpenAI workloads on October 9, 2025, alongside plans to expand Blackwell Ultra deployment globally.

The initial cluster and wider rollout are different stages. This review does not convert the announcement’s cluster wording into a rack or GPU inventory, establish today’s capacity, or infer direct purchase terms and payments. · Published: 2025-10-09 · Event/as of: 2025-10-09 · Inspected: 2026-10-07

Original: New research addition; no bundled predecessor
Monitor: Google’s February 19, 2025 A4X announcement describes NVIDIA GB200 NVL72-based virtual machines. A May 29 update on the same page marks general availability.

Availability of a cloud service does not establish total GPUs purchased, allocation to a particular customer, utilization or payments. The May availability date is distinct from the original February publication date. · Published: 2025-02-19 · Event/as of: 2025-05-29 · Inspected: 2026-10-07

Original: New research addition; no bundled predecessor
Monitor: AWS announced general availability of EC2 P6e-GB300 UltraServers powered by NVIDIA GB300 NVL72 on December 2, 2025, directing prospective users to its sales team.

General availability does not promise capacity in every region or account. Fleet size, current reservation availability, procurement affiliates, pricing terms and actual supplier payments remain unresolved. · Published: 2025-12-02 · Event/as of: 2025-12-02 · Inspected: 2026-10-07

Original: New research addition; no bundled predecessor
Monitor: Oracle reported NVIDIA Exemplar Cloud validation for OCI’s GB300 NVL72 and HGX B300 platforms on August 22, 2026, following earlier GB200 validation.

This platform-level report does not locate those systems at specific Stargate sites or identify the hardware behind the separately reviewed Abilene capacity milestone. Validation is not evidence of a paid purchase, full delivery or current inventory. Web text was inspected; original-page capture returned HTTP 403 and was not retried. · Published: 2026-08-22 · Event/as of: 2026-08-22 · Inspected: 2026-10-07

Original: New research addition; no bundled predecessor
Monitor: NVIDIA’s October 28, 2025 infrastructure announcement described Colossus 2 in Memphis as under development, with a plan for more than half a million NVIDIA GPUs.

That statement does not specify a GB200/GB300 mix or prove present delivery. GPU-equivalent capacity, physical chips, racks and power are different measures. Later SpaceX service agreements remain separately reviewed; no current fleet total, new payment or duplicate capacity is inferred. · Published: 2025-10-28 · Event/as of: 2025-10-28 · Inspected: 2026-10-07

Original: New research addition; no bundled predecessor
Monitor: AMD’s October 6, 2025 announcement describes a definitive multi-year, multi-generation 6GW agreement with OpenAI. The initial 1GW MI450 deployment was scheduled to begin in the second half of 2026.

The initial 1GW is part of the 6GW scope, not an additional amount. Neither the calendar nor software preparation proves accepted delivery, utilization, payment or warrant vesting. AMD’s Chinese-language account of its July 23, 2026 event still describes an expected partner-led Helios rollout in H2 2026; no fixed publication date was established for that page. Its web text was inspected but original capture timed out. · Published: 2025-10-06 · Event/as of: 2025-10-06 · Inspected: 2026-10-07

• AMD · July 2026 event account · Chinese-language text; publication date unestablished · ↗

Original: New research addition; no bundled predecessor
Monitor: Mistral’s June 11, 2025 Compute launch describes an NVIDIA partnership and planned infrastructure availability. Its August 11, 2026 update describes a coalition using multi-year commitments to support European compute infrastructure.

Neither account establishes an exact current NVIDIA GPU count, individual purchase terms, accepted deliveries or payments. Regional inference service availability does not prove completion of the broader infrastructure plan. Do not restore the original 18,000-GPU count as current. · Published: 2025-06-11 · Event/as of: 2025-06-11 · Inspected: 2026-10-07

• Mistral · regional services and compute coalition · 2026-08-11 ↗

Original: New research addition; no bundled predecessor
Monitor: Mistral reports a €3B Series D at a post-money valuation above €21B and names NVIDIA among participating existing investors. Its news index dates the announcement September 8, 2026.

Above €21B is a lower bound, not an exact price or a USD value. The round total does not establish NVIDIA’s contribution, current ownership or a secondary-market exit price. No USD conversion or addition to financial totals is made. · Published: 2026-09-08 · Event/as of: 2026-09-08 · Inspected: 2026-10-07

• Mistral news index · announcement date · ↗

Original: New research addition; no bundled predecessor
Monitor: SSI’s July 26, 2026 update announces an NVIDIA compute partnership but does not disclose an investment amount or new valuation. Its date differs from the July 27 NVIDIA announcement retained in the existing investment record.

The existing issuer statement that an investment was made is preserved. Approximately $5B remains secondary-reported, and $32B remains a secondary-reported April 2025 financing mark. Neither is refreshed by the partnership notice. Current ownership, later valuation and a reason for the one-day publication-date difference remain unresolved. NVIDIA’s original-page capture was refused; its earlier reviewed record is retained. · Published: 2026-07-26 · Event/as of: 2026-07-26 · Inspected: 2026-10-07

Original: New research addition; no bundled predecessor
Monitor: Apollo named NVIDIA as an anchor limited partner in Valor Compute Infrastructure L.P. on January 7, 2026. Apollo-managed funds and affiliates led a $3.5B capital solution supporting VCI’s $5.4B acquisition and lease of compute equipment, including GB200 GPUs, to an xAI subsidiary under a triple-net lease.

This establishes announced fund participation, not a direct NVIDIA payment to xAI. NVIDIA’s contribution, exact investment date, ownership share, lessee identity and paid amounts are undisclosed here. Do not infer a $1.9B contribution by subtraction, sum these amounts with Series E, or treat the announcement as current delivery or lease performance. · Published: 2026-01-07 · Event/as of: 2026-01-07 · Inspected: 2026-10-09

Original: New research addition; no bundled predecessor
Monitor: xAI announced completion of a $20B Series E on January 6, 2026, naming NVIDIA and Cisco Investments as strategic investors.

The announcement does not allocate an amount to NVIDIA or reconcile its funding scope with VCI’s equipment financing. Do not add the two announcements into a combined investment total, infer current ownership, or identify this round as the original Colossus 2 SPV claim. · Published: 2026-01-06 · Event/as of: 2026-01-06 · Inspected: 2026-10-09

Original: New research addition; no bundled predecessor
Monitor: SoftBank reports completion of its $30B 2026 follow-on investment through Vision Fund 2: $10B on each of April 1, July 1 and October 1. Its October 1 disclosure gives $64.6B cumulative investment and approximately 13% ownership.

Issuer-reported as of October 1; later dilution, voting rights and an independently reconstructed share denominator remain unresolved. The cumulative figure includes earlier investments; do not add it to the tranches. The 2025 round included $30B from SoftBank and $11B from other investors. · Published: 2026-10-01 · Event/as of: 2026-10-01 · Inspected: 2026-10-05

• First tranche · 1 Apr 2026 · ↗
• Second tranche · 1 Jul 2026 · ↗
• 2025 closings and co-investors · 31 Dec 2025 · ↗

Original: New research addition; no bundled predecessor
Monitor: Amazon announced a $50B OpenAI investment: an initial $15B, followed by $35B subject to conditions. This is separate from the AWS compute agreements.

The announcement does not establish the amount paid as of this review, satisfaction of the later conditions or ownership percentage. The inspected Q2 release does not resolve those amounts. No addition to selected commitment totals or modeled cash cycles. · Published: 2026-02-27 · Event/as of: 2026-02-27 · Inspected: 2026-10-05

• Amazon Q2 2026 results · funding balance unresolved · ↗

Original: New research addition; no bundled predecessor
Monitor: Microsoft reported roughly 27% of OpenAI Group PBC on an as-converted diluted basis after the October 2025 recapitalization. Its April 27, 2026 amendment still identifies Microsoft as a major shareholder without supplying a new percentage.

Historical equity percentage, not voting power or a current stake. Later funding-round dilution and any updated holding require a matching share basis; no percentage is calculated from financing headlines. · Published: 2025-10-28 · Event/as of: 2025-10-28 · Inspected: 2026-10-05

• Partnership amendment · 27 Apr 2026 · ↗

Original: New research addition; no bundled predecessor
Monitor: NVIDIA’s Q2 FY2027 report presents portfolio-level investments and commitments. The inspected disclosures do not allocate an individual funded balance to OpenAI.

The separately retained February 27 announcement of $30B remains an announced investment, not a verified disbursement. Portfolio totals and the SB Energy guaranty cannot establish OpenAI equity funding or ownership. The quarter ended July 26; it does not establish an October balance. · Published: unknown · Event/as of: 2026-07-26 · Inspected: 2026-10-05

Original: New research addition; no bundled predecessor
Monitor: AMD issued OpenAI a warrant for up to 160M AMD shares. Vesting depends on deployment and purchase milestones, AMD share-price targets, and technical and commercial conditions.

This is a right to AMD shares, not AMD cash invested in OpenAI or proof of exercised ownership. The announced initial deployment window is H2 2026; actual deployment, vesting and exercise remain unverified. · Published: 2025-10-06 · Event/as of: 2025-10-06 · Inspected: 2026-10-05

Original: New research addition; no bundled predecessor
Monitor: The PORTS-Pike announcement describes SB Energy as developer, owner and operator, with OpenAI as tenant under a 20-year lease. Initial capacity is 4.25 IT-GW, with an option for another 3.75 IT-GW. Phased availability was expected from 2028.

A dated campus plan, not delivered service. IT load and power-generation capacity are different measures. The optional expansion is not part of the initial guaranteed capacity; other SB Energy projects are not added here. · Published: 2026-08-17 · Event/as of: 2026-08-17 · Inspected: 2026-10-06

Original: New research addition; no bundled predecessor
Monitor: NVIDIA’s quarterly report describes a $105B aggregate cap supporting SB Energy affiliates’ leases to an OpenAI affiliate. Coverage concerns defined lease and power payments, with nine phases and commencement expected from NVIDIA fiscal 2029.

Effective with the applicable leases and subject to service-readiness conditions and specified tenant defaults. Coverage declines over the lease terms and can terminate under stated conditions. This is not the whole campus cost, cash paid, or equity. Exact affiliate identities, later amendments, activation and payments remain unresolved. · Published: 2026-08-26 · Event/as of: 2026-08-17 · Inspected: 2026-10-06

• Scope, readiness and termination conditions · 2026-08-26 ↗
• Dated initial capacity and optional expansion · 2026-08-17 ↗

Original: New research addition; no bundled predecessor
Monitor: NVIDIA separately announced a $1.5B investment in SB Energy. It is a different instrument from the contingent guaranty.

The announcement alone does not establish cash payment, settled shares or current ownership. SB Energy’s September 1 IPO announcement did not set an offering price or share count. Later offering terms, prepaid-forward reconciliation and settlement remain unresolved; no equity amount or valuation is added to the monitor’s totals. · Published: 2026-08-17 · Event/as of: 2026-08-17 · Inspected: 2026-10-06

• Proposed IPO, not a completed offering · 2026-09-01 ↗

Original: New research addition; no bundled predecessor
Monitor: For Hyperion at December 31, 2025, Meta reported approximately $12.31B of initial lease commitments, a declining residual-value-guarantee threshold of approximately $28B, and $45.95B of maximum exposure to loss. Leases were expected to commence in 2029, initially for four years with renewal options.

The exposure measure already includes the equity carrying value, leases, estimated future funding and guarantee threshold; do not add them again. A qualifying termination or non-renewal can lead to a payment for a property-value shortfall. No guarantee liability was recorded at year-end because payment was not probable, not because risk was absent. Historical annual-report figures; later balances remain unresolved. The retained report copy was distributed April 1, 2026; its original publication date is not inferred. · Published: unknown · Event/as of: 2025-12-31 · Inspected: 2026-10-06

• Components of the historical exposure measure · Copy distributed 2026-04-01 ↗
• Blue Owl-managed funds and project structure · 2025-10-21 ↗

Original: New research addition; no bundled predecessor
Monitor: Meta’s July 2026 announcement names BlackRock-managed funds for a separate El Paso venture. Hyperion in Louisiana is the venture with Blue Owl-managed funds.

Shared ownership patterns do not make the projects or investment managers interchangeable. The El Paso announcement expected closing in the coming days; this review does not establish closing or delivery. Financing by managed funds is not automatically an investment from the manager’s own balance sheet. · Published: 2026-07-28 · Event/as of: 2026-07-28 · Inspected: 2026-10-06

Original: New research addition; no bundled predecessor
Monitor: SK Group announced letters of intent spanning AI factories and memory. SK hynix and NVIDIA described a long-term partnership to secure and co-develop next-generation memory, including HBM.

The wider $500B-plus initiative is not an HBM order value or cash paid. SK Telecom’s proposed AI factory is a separate scope. Binding volumes, product acceptance, shipments, prices and payment remain unresolved. · Published: 2026-07-25 · Event/as of: 2026-07-25 · Inspected: 2026-10-06

Original: New research addition; no bundled predecessor
Monitor: Samsung described HBM4 as in mass production and designed for NVIDIA Vera Rubin. Its GTC announcement also identified SOCAMM2 and storage products for NVIDIA infrastructure.

A product and platform milestone does not identify customer-specific accepted units, realized prices, deployment or payments. HBM4E display specifications are not evidence of volume shipment. · Published: 2026-03-17 · Event/as of: 2026-03-17 · Inspected: 2026-10-06

Original: New research addition; no bundled predecessor
Monitor: Micron reported beginning volume shipments of HBM4 36GB 12H during calendar Q1 2026, designed for NVIDIA Vera Rubin. The larger HBM4 48GB 16H configuration was at the customer-sampling stage.

The announcement does not establish NVIDIA-specific accepted quantities, realized prices, deployment or cash receipts. HBM3E, HBM4 and different stack configurations must not be treated as a single price series. · Published: 2026-03-16 · Event/as of: 2026-03-16 · Inspected: 2026-10-06

Original: New research addition; no bundled predecessor
Monitor: SK hynix’s May 2023 account names AMD among customers that received samples of its 24GB, 12-layer HBM3 after the April development announcement.

This is historical sampling evidence. It does not establish current MI-series qualification, production supply, shipment volume or payment. A dated supplier and accelerator-generation match remains required. · Published: 2023-05-19 · Event/as of: 2023-04 · Inspected: 2026-10-06

Original: New research addition; no bundled predecessor
Monitor: AMD’s MI350 launch account names Micron and Samsung Electronics for the HBM3E in MI350X and MI355X GPUs, each with 288GB of memory.

288GB describes memory per accelerator, not shipment volume or a single stack. Supplier shares, later generations, contract values and cash payments remain unresolved. Micron is retained here as additional context; no new priced edge is inferred. · Published: 2025-06-12 · Event/as of: 2025-06-12 · Inspected: 2026-10-06

Original: New research addition; no bundled predecessor
Monitor: Samsung’s regional announcement describes a letter of intent and Samsung Electronics as a strategic memory partner for Stargate. It cites projected OpenAI demand of up to 900,000 DRAM wafers per month.

The figure is projected OpenAI demand, not a Samsung allocation, delivered chips or prepayment. Other Samsung affiliates have different roles. Binding supply volumes, timing and payments are unresolved; this publication’s date is October 3, 2025. · Published: 2025-10-03 · Event/as of: 2025-10-03 · Inspected: 2026-10-06

Original: New research addition; no bundled predecessor
Monitor: SK Group reported an SK hynix letter of intent to supply HBM for Stargate, with specific supply volumes and arrangements left for further discussion.

Its reference to demand of up to 900,000 DRAM wafers per month does not establish contracted SK hynix volume or prepayment. Do not add the SK and Samsung demand references together. SK Telecom’s data-center MOU is a separate scope. · Published: 2025-10-01 · Event/as of: 2025-10-01 · Inspected: 2026-10-06

Original: New research addition; no bundled predecessor
Monitor: Anthropic’s Series H announcement names Micron, Samsung and SK hynix as strategic infrastructure partners joining the round’s participants.

Individual instruments, amounts, legal investing entities, settled ownership and supply terms are not specified here. The generic Samsung name is not a precise affiliate identification. No capital or supply amount is assigned from participation alone. · Published: 2026-05-28 · Event/as of: 2026-05-28 · Inspected: 2026-10-06

Original: New research addition; no bundled predecessor
Monitor: Micron published fiscal Q4 and full-year 2026 results on September 30 for periods ended September 3, 2026.

Fiscal results, calendar product milestones and hypothetical monthly prices have different bases. Company-wide deposits or revenue do not identify a specific customer payment. This review does not validate the monitor’s price curves, sold-out horizons or forecasting skill. · Published: 2026-09-30 · Event/as of: 2026-09-03 · Inspected: 2026-10-06

Original: New research addition; no bundled predecessor
Monitor: The memory view retains a historical demonstration. Current sold-out horizons and comparable observed price histories remain unestablished in this review.

Updated company evidence does not refresh these assumptions. The rule-derived score is not a probability or a measurement of source freshness. The contingent SB Energy guaranty does not establish paid vendor financing. Replay of hand-seeded examples does not establish forecasting accuracy. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: New research addition; no bundled predecessor
Monitor: The September 2025 announcement combines an initial up-to-$11.9B agreement, a May expansion of up to $4B and a September expansion of up to $6.5B: up to approximately $22.4B announced in total.

The later quarterly report names OpenAI OpCo, LLC and a September order under a May master agreement, through May 31, 2031. This is not a current remaining balance or cash received. Exact amendment mapping, customer-specific payments and delivery remain unresolved. · Published: 2025-09-25 · Event/as of: 2025-09-25 · Inspected: 2026-10-06

• Order and counterparty in Q2 report · 2026-08-11 ↗

Original: New research addition; no bundled predecessor
Monitor: CoreWeave’s FY2025 report names Microsoft as approximately 67% of that year’s revenue. Its Q2 2026 concentration table uses anonymous customers and warns that letter identities may differ between periods.

Do not assign the later percentages to Microsoft or OpenAI. Revenue is not cash collected; Microsoft-specific current revenue share, remaining obligations and payments are unresolved. · Published: 2026-08-11 · Event/as of: 2026-06-30 · Inspected: 2026-10-06

• Named historical customer concentration · 2026-03-02 ↗

Original: New research addition; no bundled predecessor
Monitor: CoreWeave’s September update repeats early-Q3 commitments and an August 11 contracted-power figure. These are later observations than the June 30 backlog and active-power figures.

Remaining performance obligations, revenue backlog, contracted power and active power use different definitions. They cannot establish an individual customer’s balance, payment or usable capacity. No customer allocation or current backlog is reconstructed. · Published: 2026-09-17 · Event/as of: 2026-08-11 · Inspected: 2026-10-06

• Quarter-end definitions and power measures · 2026-08-11 ↗
• Remaining performance obligations and anonymous customers · 2026-08-11 ↗

Original: New research addition; no bundled predecessor
Monitor: The retained September 2025 order has an initial $6.3B value. NVIDIA purchases residual unsold capacity through April 13, 2032, subject to delivery, availability and termination provisions.

This is separate from NVIDIA equity ownership and does not establish an unconditional receipt, current remaining obligation or payment under the order. The earlier source inspection is retained; subsequent performance remains unresolved. · Published: 2025-09-15 · Event/as of: 2025-09-09 · Inspected: 2026-09-21

Original: New research addition; no bundled predecessor
Monitor: The April 2026 amendment keeps Microsoft as OpenAI’s primary cloud partner while allowing OpenAI products across cloud providers and changing licensing and revenue-share terms.

It does not restate the earlier $250B incremental Azure commitment as a current remaining balance. No termination, replacement, cash payment or new amount is inferred from the amendment. · Published: 2026-04-27 · Event/as of: 2026-04-27 · Inspected: 2026-10-06

• Original incremental Azure commitment · 2025-10-28 ↗

Original: New research addition; no bundled predecessor
Monitor: Oracle reports 75% of Abilene’s total capacity delivered as of September 2026. Its site page gives separate future delivery windows for other campuses.

Issuer-reported site progress; the percentage has no stated capacity denominator here. It is not 75% of the broader 4.5GW agreement or the announced dollar value, and it does not establish customer payments or utilization. Page publication date is unspecified. · Published: unknown · Event/as of: 2026-09 · Inspected: 2026-10-06

Original: New research addition; no bundled predecessor
Monitor: The $100B, eight-year expansion includes approximately 2GW of Trainium capacity across Trainium3 and Trainium4. Trainium4 delivery was expected to begin in 2027.

Capacity is part of the expansion, not an additional priced contract. The earlier $38B agreement has a different term. Actual spending, delivered quantities and remaining obligations are unresolved; equity investment is separately represented. · Published: 2026-02-27 · Event/as of: 2026-02-27 · Inspected: 2026-10-06

Original: New research addition; no bundled predecessor
Monitor: In its August 12 shareholder letter, Nebius reports that all capacity tranches under its Microsoft contract had been delivered, including two in the preceding month.

This issuer-reported deployment milestone does not mean the multi-year service term is complete or all payments were received. The earlier $17.4B base and potential $19.4B ceiling remain historical contract values; current remaining obligations and optional-capacity reconciliation are unresolved. · Published: 2026-08-12 · Event/as of: 2026-08-12 · Inspected: 2026-10-06

• Original phased agreement and conditions · 2025-09-08 ↗

Original: New research addition; no bundled predecessor
Monitor: Nscale announced approximately 200,000 GB300 GPUs across the US, Portugal, the UK and Norway, delivered through its own operations and its Aker joint venture. The plan includes earlier UK and Norway announcements.

The release schedules Portugal from Q1 2026, Texas from Q3 2026 and the UK from Q1 2027; the additional Texas phase is an option. These are dated plans, not proof of delivery today. Do not add earlier announcements again or convert GPUs into an inferred dollar contract. · Published: 2025-10-15 · Event/as of: 2025-10-15 · Inspected: 2026-10-06

Original: New research addition; no bundled predecessor
Monitor: OpenAI’s subprocessor list, last updated July 9, 2026, names Google Cloud Platform as cloud infrastructure for its API and ChatGPT Enterprise, Edu and Business. It lists processing locations in Finland, Japan, the Netherlands, Norway, the United Kingdom and the United States.

July 9 is the page’s update date, not a contract signing or service start date. The listing does not establish the contracting Google/OpenAI entities, price, term, capacity, hardware, accepted delivery or payments. Listed countries do not measure capacity or prove a particular customer’s routing. Open-weight model availability is a separate claim. Web text was inspected; original-page capture returned HTTP 403 and was not retried. · Published: unknown · Event/as of: 2026-07-09 · Inspected: 2026-10-09

Original: New research addition; no bundled predecessor
Monitor: Payment cycles are not established without comparable, source-qualified payment observations.

Investments, services and hardware use the same threshold: paid direction, identified legal counterparties, a shared dated observation period and resolved overlap. A source-linked announcement, revenue or delivery milestone does not satisfy that threshold. No comparable payment observation set is currently qualified. Missing evidence does not establish zero payments or zero cycles. · Published: unknown · Event/as of: unknown · Inspected: not independently inspected

Original: New research addition; no bundled predecessor
Monitor: Anthropic’s $65B Series H includes $15B of previously committed hyperscaler investment, including $5B from Amazon. Its February Series G also includes portions of earlier Microsoft and NVIDIA commitments.

Round totals and earlier commitments cannot simply be added. The Series H disclosure does not allocate the remaining $10B among individual hyperscalers; no allocation or current ownership is inferred. · Published: 2026-05-28 · Event/as of: 2026-05-28 · Inspected: 2026-10-05

• Series G inclusion · 2026-02-12 ↗

Original: New research addition; no bundled predecessor
Monitor: The joint announcement separates NVIDIA’s up-to-$10B and Microsoft’s up-to-$5B equity commitments from Anthropic’s $30B Azure commitment and additional capacity of up to 1GW.

Individual funded balances and compute delivery remain unresolved. Series G includes portions of these investments. The Azure and NVIDIA capacity descriptions are not independently additive; their detailed mapping is unresolved. The three newsroom copies are one joint announcement. · Published: 2025-11-18 · Event/as of: 2025-11-18 · Inspected: 2026-10-05

• Previously announced investments included in Series G · 2026-02-12 ↗

Original: New research addition; no bundled predecessor
Monitor: The CMA’s 2024 record describes Google’s non-voting Anthropic shares and convertible notes. The August 2024 fully diluted percentage is redacted.

This historical record does not establish a current stake, funded balance or present control assessment. The earlier approximately 14% figure is not carried forward as current ownership. Later reported financing terms remain unreconciled. · Published: 2024-12-24 · Event/as of: 2024-08 · Inspected: 2026-10-05

Original: New research addition; no bundled predecessor
Monitor: The Google–Broadcom agreement targets next-generation TPU capacity starting in 2027. Anthropic’s May 28 update specifies 5GW.

The October 2025 plan for up to 1M TPUs and well over 1GW in 2026 is a separate historical milestone. Overlap, delivery, payments and current remaining obligations are unresolved; the targets are not summed. · Published: 2026-04-06 · Event/as of: 2026-04-06 · Inspected: 2026-10-05

• 5GW specification · 2026-05-28 ↗
• Earlier TPU target · 2025-10-23 ↗

Original: New research addition; no bundled predecessor
Monitor: The AWS agreement announces more than $100B over ten years and up to 5GW of new capacity, targeting nearly 1GW of Trainium2/3 by the end of 2026.

These are spending and capacity commitments, not verified receipts or delivered capacity. Equity is separate: the retained June 30 investment record is newer than this announcement. No post-quarter funded balance is established. · Published: 2026-04-20 · Event/as of: 2026-04-20 · Inspected: 2026-10-05

Original: New research addition; no bundled predecessor
Monitor: AMD announced up to $5B of future equity investment and deployment of up to 2GW of MI450-series GPUs, with the first gigawatt beginning in H1 2027.

The equity ceiling does not establish cash paid, ownership or an independently priced hardware contract. Deployment timing is a target; delivery and funded amounts remain unverified. · Published: 2026-07-22 · Event/as of: 2026-07-22 · Inspected: 2026-10-05

Original: New research addition; no bundled predecessor
Monitor: Announced August 14, 2026: Cursor acquired by SpaceX; ownership relationship.

Cursor’s August 14 announcement confirms completion, superseding the earlier acquisition option. The xai endpoint represents the bundled xAI × SpaceX group; named acquirer is SpaceX. Final consideration, executing acquisition vehicle and later structure are not established. Ownership does not imply exclusive model supply. · Published: 2026-08-14 · Event/as of: 2026-08-14 · Inspected: 2026-10-06