NVIDIA's total off-balance sheet guarantees have reached $530 billion, according to its latest 10-Q quarterly report, a significant jump from the $184 billion disclosed last quarter, representing a single-quarter increase of over 180%. Research firm SemiAnalysis noted that as NVIDIA's profitability continues to strengthen, its off-balance sheet obligations are expected to expand further to over $1 trillion in the coming years. This commitment spans six categories, including supply, data center backstop, AI cloud service agreements ($36 billion), and data center leases ($20 billion). SemiAnalysis projects NVIDIA's EBITDA to reach $450 billion for the fiscal year ending January 2028, but also raises a core risk: whether NVIDIA can fulfill all its on- and off-balance sheet commitments if the industry slows down.