{
  "metadata": {
    "title": "RealMenHaveFabs seed data",
    "as_of": "2026-07-12",
    "currency": "USD",
    "units": "billions unless otherwise stated",
    "warning": "Commitment balances are not asset-equivalent to CapEx. Company definitions and period ends differ. Preserve source definitions and dates."
  },
  "metric_definitions": {
    "commitment_intensity_pct": "Ending disclosed manufacturing or purchase commitment balance divided by latest annual revenue shown.",
    "commitment_to_capex_x": "Ending commitment balance divided by latest annual CapEx or purchases of PP&E. This is a stock-to-flow scale indicator, not a GAAP multiple.",
    "commitment_to_ppe_x": "Ending commitment balance divided by latest reported PP&E. Categories are not economically equivalent."
  },
  "company_snapshots": [
    {
      "company": "NVIDIA",
      "classification": "Fabless designer and systems platform",
      "commitment_label": "Manufacturing, supply, and capacity commitments",
      "commitments": 119.0,
      "commitment_date": "2026-04-26",
      "near_term_due": 95.0,
      "near_term_due_label": "Payable during remainder of fiscal 2027",
      "annual_revenue": 215.938,
      "revenue_period": "FY2026",
      "annual_capex": 6.042,
      "capex_period": "FY2026 purchases of property, equipment and intangibles",
      "ppe": 10.383,
      "ppe_date": "2026-01-25",
      "inventory": 25.797,
      "inventory_date": "2026-04-26",
      "excess_purchase_obligation_liability": 3.121,
      "commitment_intensity_pct": 55.1,
      "commitment_to_capex_x": 19.7,
      "commitment_to_ppe_x": 11.5,
      "separate_commitments": {
        "cloud_services": 30.0,
        "investments": 27.0,
        "other_vendors": 6.0
      },
      "source_ids": [
        "S01",
        "S02"
      ],
      "comparability_note": "Latest commitment balance is one quarter after revenue, CapEx, and PP&E periods. Separate commitment categories must not be added to manufacturing as a single fab total."
    },
    {
      "company": "AMD",
      "classification": "Fabless designer",
      "commitment_label": "Unconditional commitments, primarily wafers/substrates, cloud, software and technology",
      "commitments": 12.166,
      "commitment_date": "2025-12-27",
      "near_term_due": 8.5,
      "near_term_due_label": "Due in fiscal 2026",
      "annual_revenue": 34.639,
      "revenue_period": "FY2025",
      "annual_capex": 1.0,
      "capex_period": "FY2025 approximate purchases of PP&E",
      "commitment_intensity_pct": 35.1,
      "commitment_to_capex_x": 12.2,
      "source_ids": [
        "S05"
      ],
      "comparability_note": "Commitment category includes non-manufacturing items. Do not characterize the entire balance as wafer capacity."
    },
    {
      "company": "Qualcomm",
      "classification": "Fabless designer",
      "commitment_label": "Purchase obligations, primarily integrated-circuit suppliers and including multi-year capacity commitments",
      "commitments": 15.1,
      "commitment_date": "2025-09-28",
      "near_term_due": 10.5,
      "near_term_due_label": "Due within 12 months",
      "supplier_advance_payments": 1.9,
      "annual_revenue": 44.284,
      "revenue_period": "FY2025",
      "annual_capex": 1.2,
      "capex_period": "FY2025 approximate CapEx",
      "commitment_intensity_pct": 34.1,
      "commitment_to_capex_x": 12.6,
      "source_ids": [
        "S07"
      ],
      "comparability_note": "Obligations include purchase commitments with integrated-circuit suppliers. Follow filing definition."
    }
  ],
  "nvidia_time_series": [
    {
      "period": "FY2024",
      "period_end": "2024-01-28",
      "value": 16.1,
      "label": "Outstanding inventory purchase and long-term supply/capacity obligations",
      "source_ids": [
        "S03"
      ]
    },
    {
      "period": "FY2025",
      "period_end": "2025-01-26",
      "value": 30.8,
      "label": "Outstanding inventory purchase and long-term supply/capacity obligations",
      "source_ids": [
        "S04"
      ]
    },
    {
      "period": "FY2026",
      "period_end": "2026-01-25",
      "value": 95.2,
      "label": "Manufacturing, supply, and capacity commitments",
      "source_ids": [
        "S01"
      ]
    },
    {
      "period": "Q1 FY2027",
      "period_end": "2026-04-26",
      "value": 119.0,
      "label": "Manufacturing, supply, and capacity commitments",
      "source_ids": [
        "S02"
      ]
    }
  ],
  "nvidia_inventory_time_series": [
    {
      "period": "FY2024",
      "period_end": "2024-01-28",
      "value": 5.3,
      "source_ids": [
        "S03"
      ]
    },
    {
      "period": "FY2025",
      "period_end": "2025-01-26",
      "value": 10.1,
      "source_ids": [
        "S04"
      ]
    },
    {
      "period": "FY2026",
      "period_end": "2026-01-25",
      "value": 21.403,
      "source_ids": [
        "S01"
      ]
    },
    {
      "period": "Q1 FY2027",
      "period_end": "2026-04-26",
      "value": 25.797,
      "source_ids": [
        "S02"
      ]
    }
  ],
  "website_taxonomy": {
    "commitment_types": [
      "capacity_reservation",
      "firm_inventory_purchase",
      "supplier_prepayment",
      "strategic_inventory",
      "facility_guarantee",
      "strategic_investment",
      "cloud_or_service_capacity",
      "customer_backed_supplier_capex"
    ],
    "source_grades": {
      "A": "Filing or government record",
      "B": "Official company statement",
      "C": "High-quality reporting",
      "D": "Industry estimate or trade press",
      "E": "Inference"
    },
    "claim_states": [
      "verified",
      "corroborated",
      "estimated",
      "inferred",
      "disputed",
      "retired"
    ]
  }
}