{
  "metadata": {
    "title": "Real Men Have Fabs normalized Shadow Capital Tracker",
    "as_of": "2026-07-12",
    "warning": "Commitment balances are not asset-equivalent to CapEx. Company definitions and period ends differ. Preserve source definitions and dates."
  },
  "records": [
    {
      "company": "NVIDIA",
      "classification": "Fabless designer and systems platform",
      "metric": "commitments",
      "value": 119,
      "currency": "USD",
      "units": "billions unless otherwise stated",
      "period": "2026-04-26",
      "definition": "Manufacturing, supply, and capacity commitments",
      "claim_ids": [
        "C002"
      ],
      "source_ids": [
        "S01",
        "S02"
      ],
      "source_types": [
        "SEC filing"
      ],
      "source_quality": [
        "A"
      ],
      "state": "verified",
      "confidence": "High: directly reported in Grade A or B evidence",
      "last_verified": "2026-07-12",
      "caveat": "Keep separate from cloud, investment, and other vendor commitments. 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": "NVIDIA",
      "classification": "Fabless designer and systems platform",
      "metric": "near_term_due",
      "value": 95,
      "currency": "USD",
      "units": "billions unless otherwise stated",
      "period": "Payable during remainder of fiscal 2027",
      "definition": "Payable during remainder of fiscal 2027",
      "claim_ids": [
        "C003"
      ],
      "source_ids": [
        "S01",
        "S02"
      ],
      "source_types": [
        "SEC filing"
      ],
      "source_quality": [
        "A"
      ],
      "state": "verified",
      "confidence": "High: directly reported in Grade A or B evidence",
      "last_verified": "2026-07-12",
      "caveat": "Use the filing’s fiscal-period wording. 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": "NVIDIA",
      "classification": "Fabless designer and systems platform",
      "metric": "annual_revenue",
      "value": 215.938,
      "currency": "USD",
      "units": "billions unless otherwise stated",
      "period": "FY2026",
      "definition": "Annual revenue as reported for the stated fiscal period",
      "claim_ids": [],
      "source_ids": [
        "S01",
        "S02"
      ],
      "source_types": [
        "SEC filing"
      ],
      "source_quality": [
        "A"
      ],
      "state": "verified",
      "confidence": "High: sourced from the company filing record",
      "last_verified": "2026-07-12",
      "caveat": "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": "NVIDIA",
      "classification": "Fabless designer and systems platform",
      "metric": "annual_capex",
      "value": 6.042,
      "currency": "USD",
      "units": "billions unless otherwise stated",
      "period": "FY2026 purchases of property, equipment and intangibles",
      "definition": "FY2026 purchases of property, equipment and intangibles",
      "claim_ids": [
        "C005"
      ],
      "source_ids": [
        "S01",
        "S02"
      ],
      "source_types": [
        "SEC filing"
      ],
      "source_quality": [
        "A"
      ],
      "state": "verified",
      "confidence": "High: directly reported in Grade A or B evidence",
      "last_verified": "2026-07-12",
      "caveat": "Label the exact cash-flow line rather than implying all spending was fab-related. 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": "NVIDIA",
      "classification": "Fabless designer and systems platform",
      "metric": "ppe",
      "value": 10.383,
      "currency": "USD",
      "units": "billions unless otherwise stated",
      "period": "2026-01-25",
      "definition": "Reported property, plant, and equipment balance",
      "claim_ids": [
        "C004"
      ],
      "source_ids": [
        "S01",
        "S02"
      ],
      "source_types": [
        "SEC filing"
      ],
      "source_quality": [
        "A"
      ],
      "state": "verified",
      "confidence": "High: directly reported in Grade A or B evidence",
      "last_verified": "2026-07-12",
      "caveat": "Period differs by one quarter from the $119B commitment balance. 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": "NVIDIA",
      "classification": "Fabless designer and systems platform",
      "metric": "inventory",
      "value": 25.797,
      "currency": "USD",
      "units": "billions unless otherwise stated",
      "period": "2026-04-26",
      "definition": "Reported inventory balance",
      "claim_ids": [
        "C006"
      ],
      "source_ids": [
        "S01",
        "S02"
      ],
      "source_types": [
        "SEC filing"
      ],
      "source_quality": [
        "A"
      ],
      "state": "verified",
      "confidence": "High: directly reported in Grade A or B evidence",
      "last_verified": "2026-07-12",
      "caveat": "Current point-in-time value. 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": "NVIDIA",
      "classification": "Fabless designer and systems platform",
      "metric": "excess_purchase_obligation_liability",
      "value": 3.121,
      "currency": "USD",
      "units": "billions unless otherwise stated",
      "period": "2026-04-26",
      "definition": "Reported liability for excess inventory purchase obligations",
      "claim_ids": [
        "C007"
      ],
      "source_ids": [
        "S01",
        "S02"
      ],
      "source_types": [
        "SEC filing"
      ],
      "source_quality": [
        "A"
      ],
      "state": "verified",
      "confidence": "High: directly reported in Grade A or B evidence",
      "last_verified": "2026-07-12",
      "caveat": "Use exact filing definition. 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": "NVIDIA",
      "classification": "Fabless designer and systems platform",
      "metric": "commitment_intensity_pct",
      "value": 55.1,
      "currency": null,
      "units": "percent",
      "period": "2026-04-26 commitment stock and FY2026 revenue",
      "definition": "Ending disclosed manufacturing or purchase commitment balance divided by latest annual revenue shown.",
      "claim_ids": [],
      "source_ids": [
        "S01",
        "S02"
      ],
      "source_types": [
        "SEC filing"
      ],
      "source_quality": [
        "A"
      ],
      "state": "inferred",
      "confidence": "Analytical: calculated from the cited reported inputs",
      "last_verified": "2026-07-12",
      "caveat": "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": "NVIDIA",
      "classification": "Fabless designer and systems platform",
      "metric": "commitment_to_capex_x",
      "value": 19.7,
      "currency": null,
      "units": "multiple",
      "period": "2026-04-26 commitment stock and FY2026 purchases of property, equipment and intangibles",
      "definition": "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.",
      "claim_ids": [],
      "source_ids": [
        "S01",
        "S02"
      ],
      "source_types": [
        "SEC filing"
      ],
      "source_quality": [
        "A"
      ],
      "state": "inferred",
      "confidence": "Analytical: calculated from the cited reported inputs",
      "last_verified": "2026-07-12",
      "caveat": "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": "NVIDIA",
      "classification": "Fabless designer and systems platform",
      "metric": "commitment_to_ppe_x",
      "value": 11.5,
      "currency": null,
      "units": "multiple",
      "period": "2026-04-26 commitment stock and 2026-01-25",
      "definition": "Ending commitment balance divided by latest reported PP&E. Categories are not economically equivalent.",
      "claim_ids": [],
      "source_ids": [
        "S01",
        "S02"
      ],
      "source_types": [
        "SEC filing"
      ],
      "source_quality": [
        "A"
      ],
      "state": "inferred",
      "confidence": "Analytical: calculated from the cited reported inputs",
      "last_verified": "2026-07-12",
      "caveat": "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",
      "metric": "commitments",
      "value": 12.166,
      "currency": "USD",
      "units": "billions unless otherwise stated",
      "period": "2025-12-27",
      "definition": "Unconditional commitments, primarily wafers/substrates, cloud, software and technology",
      "claim_ids": [
        "C013"
      ],
      "source_ids": [
        "S05"
      ],
      "source_types": [
        "SEC filing"
      ],
      "source_quality": [
        "A"
      ],
      "state": "verified",
      "confidence": "High: directly reported in Grade A or B evidence",
      "last_verified": "2026-07-12",
      "caveat": "Commitments include wafers/substrates and non-manufacturing items. Commitment category includes non-manufacturing items. Do not characterize the entire balance as wafer capacity."
    },
    {
      "company": "AMD",
      "classification": "Fabless designer",
      "metric": "near_term_due",
      "value": 8.5,
      "currency": "USD",
      "units": "billions unless otherwise stated",
      "period": "Due in fiscal 2026",
      "definition": "Due in fiscal 2026",
      "claim_ids": [
        "C014"
      ],
      "source_ids": [
        "S05"
      ],
      "source_types": [
        "SEC filing"
      ],
      "source_quality": [
        "A"
      ],
      "state": "verified",
      "confidence": "High: directly reported in Grade A or B evidence",
      "last_verified": "2026-07-12",
      "caveat": "Use fiscal wording. Commitment category includes non-manufacturing items. Do not characterize the entire balance as wafer capacity."
    },
    {
      "company": "AMD",
      "classification": "Fabless designer",
      "metric": "annual_revenue",
      "value": 34.639,
      "currency": "USD",
      "units": "billions unless otherwise stated",
      "period": "FY2025",
      "definition": "Annual revenue as reported for the stated fiscal period",
      "claim_ids": [],
      "source_ids": [
        "S05"
      ],
      "source_types": [
        "SEC filing"
      ],
      "source_quality": [
        "A"
      ],
      "state": "verified",
      "confidence": "High: sourced from the company filing record",
      "last_verified": "2026-07-12",
      "caveat": "Commitment category includes non-manufacturing items. Do not characterize the entire balance as wafer capacity."
    },
    {
      "company": "AMD",
      "classification": "Fabless designer",
      "metric": "annual_capex",
      "value": 1,
      "currency": "USD",
      "units": "billions unless otherwise stated",
      "period": "FY2025 approximate purchases of PP&E",
      "definition": "FY2025 approximate purchases of PP&E",
      "claim_ids": [],
      "source_ids": [
        "S05"
      ],
      "source_types": [
        "SEC filing"
      ],
      "source_quality": [
        "A"
      ],
      "state": "verified",
      "confidence": "High: sourced from the company filing record",
      "last_verified": "2026-07-12",
      "caveat": "Commitment category includes non-manufacturing items. Do not characterize the entire balance as wafer capacity."
    },
    {
      "company": "AMD",
      "classification": "Fabless designer",
      "metric": "commitment_intensity_pct",
      "value": 35.1,
      "currency": null,
      "units": "percent",
      "period": "2025-12-27 commitment stock and FY2025 revenue",
      "definition": "Ending disclosed manufacturing or purchase commitment balance divided by latest annual revenue shown.",
      "claim_ids": [],
      "source_ids": [
        "S05"
      ],
      "source_types": [
        "SEC filing"
      ],
      "source_quality": [
        "A"
      ],
      "state": "inferred",
      "confidence": "Analytical: calculated from the cited reported inputs",
      "last_verified": "2026-07-12",
      "caveat": "Commitment category includes non-manufacturing items. Do not characterize the entire balance as wafer capacity."
    },
    {
      "company": "AMD",
      "classification": "Fabless designer",
      "metric": "commitment_to_capex_x",
      "value": 12.2,
      "currency": null,
      "units": "multiple",
      "period": "2025-12-27 commitment stock and FY2025 approximate purchases of PP&E",
      "definition": "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.",
      "claim_ids": [],
      "source_ids": [
        "S05"
      ],
      "source_types": [
        "SEC filing"
      ],
      "source_quality": [
        "A"
      ],
      "state": "inferred",
      "confidence": "Analytical: calculated from the cited reported inputs",
      "last_verified": "2026-07-12",
      "caveat": "Commitment category includes non-manufacturing items. Do not characterize the entire balance as wafer capacity."
    },
    {
      "company": "Qualcomm",
      "classification": "Fabless designer",
      "metric": "commitments",
      "value": 15.1,
      "currency": "USD",
      "units": "billions unless otherwise stated",
      "period": "2025-09-28",
      "definition": "Purchase obligations, primarily integrated-circuit suppliers and including multi-year capacity commitments",
      "claim_ids": [
        "C017"
      ],
      "source_ids": [
        "S07"
      ],
      "source_types": [
        "SEC filing"
      ],
      "source_quality": [
        "A"
      ],
      "state": "verified",
      "confidence": "High: directly reported in Grade A or B evidence",
      "last_verified": "2026-07-12",
      "caveat": "Follow filing definition. Obligations include purchase commitments with integrated-circuit suppliers. Follow filing definition."
    },
    {
      "company": "Qualcomm",
      "classification": "Fabless designer",
      "metric": "near_term_due",
      "value": 10.5,
      "currency": "USD",
      "units": "billions unless otherwise stated",
      "period": "Due within 12 months",
      "definition": "Due within 12 months",
      "claim_ids": [
        "C018"
      ],
      "source_ids": [
        "S07"
      ],
      "source_types": [
        "SEC filing"
      ],
      "source_quality": [
        "A"
      ],
      "state": "verified",
      "confidence": "High: directly reported in Grade A or B evidence",
      "last_verified": "2026-07-12",
      "caveat": "Point-in-time schedule. Obligations include purchase commitments with integrated-circuit suppliers. Follow filing definition."
    },
    {
      "company": "Qualcomm",
      "classification": "Fabless designer",
      "metric": "annual_revenue",
      "value": 44.284,
      "currency": "USD",
      "units": "billions unless otherwise stated",
      "period": "FY2025",
      "definition": "Annual revenue as reported for the stated fiscal period",
      "claim_ids": [],
      "source_ids": [
        "S07"
      ],
      "source_types": [
        "SEC filing"
      ],
      "source_quality": [
        "A"
      ],
      "state": "verified",
      "confidence": "High: sourced from the company filing record",
      "last_verified": "2026-07-12",
      "caveat": "Obligations include purchase commitments with integrated-circuit suppliers. Follow filing definition."
    },
    {
      "company": "Qualcomm",
      "classification": "Fabless designer",
      "metric": "annual_capex",
      "value": 1.2,
      "currency": "USD",
      "units": "billions unless otherwise stated",
      "period": "FY2025 approximate CapEx",
      "definition": "FY2025 approximate CapEx",
      "claim_ids": [],
      "source_ids": [
        "S07"
      ],
      "source_types": [
        "SEC filing"
      ],
      "source_quality": [
        "A"
      ],
      "state": "verified",
      "confidence": "High: sourced from the company filing record",
      "last_verified": "2026-07-12",
      "caveat": "Obligations include purchase commitments with integrated-circuit suppliers. Follow filing definition."
    },
    {
      "company": "Qualcomm",
      "classification": "Fabless designer",
      "metric": "supplier_advance_payments",
      "value": 1.9,
      "currency": "USD",
      "units": "billions unless otherwise stated",
      "period": "FY2025",
      "definition": "Reported supplier advance payments under multi-year capacity purchase commitments",
      "claim_ids": [
        "C019"
      ],
      "source_ids": [
        "S07"
      ],
      "source_types": [
        "SEC filing"
      ],
      "source_quality": [
        "A"
      ],
      "state": "verified",
      "confidence": "High: directly reported in Grade A or B evidence",
      "last_verified": "2026-07-12",
      "caveat": "Down from $3.0B in fiscal 2024. Obligations include purchase commitments with integrated-circuit suppliers. Follow filing definition."
    },
    {
      "company": "Qualcomm",
      "classification": "Fabless designer",
      "metric": "commitment_intensity_pct",
      "value": 34.1,
      "currency": null,
      "units": "percent",
      "period": "2025-09-28 commitment stock and FY2025 revenue",
      "definition": "Ending disclosed manufacturing or purchase commitment balance divided by latest annual revenue shown.",
      "claim_ids": [],
      "source_ids": [
        "S07"
      ],
      "source_types": [
        "SEC filing"
      ],
      "source_quality": [
        "A"
      ],
      "state": "inferred",
      "confidence": "Analytical: calculated from the cited reported inputs",
      "last_verified": "2026-07-12",
      "caveat": "Obligations include purchase commitments with integrated-circuit suppliers. Follow filing definition."
    },
    {
      "company": "Qualcomm",
      "classification": "Fabless designer",
      "metric": "commitment_to_capex_x",
      "value": 12.6,
      "currency": null,
      "units": "multiple",
      "period": "2025-09-28 commitment stock and FY2025 approximate CapEx",
      "definition": "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.",
      "claim_ids": [],
      "source_ids": [
        "S07"
      ],
      "source_types": [
        "SEC filing"
      ],
      "source_quality": [
        "A"
      ],
      "state": "inferred",
      "confidence": "Analytical: calculated from the cited reported inputs",
      "last_verified": "2026-07-12",
      "caveat": "Obligations include purchase commitments with integrated-circuit suppliers. Follow filing definition."
    },
    {
      "company": "NVIDIA",
      "classification": "Fabless designer and systems platform",
      "metric": "export_control_charge",
      "value": 4.5,
      "currency": "USD",
      "units": "billions unless otherwise stated",
      "period": "Fiscal 2026",
      "definition": "Charge associated with excess H20 inventory and purchase obligations after export restrictions",
      "claim_ids": [
        "C008"
      ],
      "source_ids": [
        "S01"
      ],
      "source_types": [
        "SEC filing"
      ],
      "source_quality": [
        "A"
      ],
      "state": "verified",
      "confidence": "High: directly reported in Grade A or B evidence",
      "last_verified": "2026-07-12",
      "caveat": "Do not repeat the earlier $5.5B estimate as the actual charge. 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": "NVIDIA",
      "classification": "Fabless designer and systems platform",
      "metric": "inventory_and_purchase_obligation_provisions",
      "value": 7.2,
      "currency": "USD",
      "units": "billions unless otherwise stated",
      "period": "Fiscal 2026",
      "definition": "Provisions for inventory and excess purchase obligations",
      "claim_ids": [
        "C009"
      ],
      "source_ids": [
        "S01"
      ],
      "source_types": [
        "SEC filing"
      ],
      "source_quality": [
        "A"
      ],
      "state": "verified",
      "confidence": "High: directly reported in Grade A or B evidence",
      "last_verified": "2026-07-12",
      "caveat": "Annual figure, not solely H20. 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": "NVIDIA",
      "classification": "Fabless designer and systems platform",
      "metric": "facility_lease_guarantees",
      "value": 3.5,
      "currency": "USD",
      "units": "billions unless otherwise stated",
      "period": "Fiscal 2026 filing period",
      "definition": "Partner-facility lease guarantees disclosed in exchange for warrants; not wafer-fab commitments",
      "claim_ids": [
        "C010"
      ],
      "source_ids": [
        "S01"
      ],
      "source_types": [
        "SEC filing"
      ],
      "source_quality": [
        "A"
      ],
      "state": "verified",
      "confidence": "High: directly reported in Grade A or B evidence",
      "last_verified": "2026-07-12",
      "caveat": "Not a wafer-fab commitment. 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": "NVIDIA",
      "classification": "Fabless designer and systems platform",
      "metric": "cloud_service_commitments",
      "value": 30,
      "currency": "USD",
      "units": "billions unless otherwise stated",
      "period": "At 2026-04-26",
      "definition": "Cloud-service commitments kept separate from semiconductor manufacturing",
      "claim_ids": [
        "C011"
      ],
      "source_ids": [
        "S02"
      ],
      "source_types": [
        "SEC filing"
      ],
      "source_quality": [
        "A"
      ],
      "state": "verified",
      "confidence": "High: directly reported in Grade A or B evidence",
      "last_verified": "2026-07-12",
      "caveat": "Keep separate from semiconductor manufacturing. 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": "NVIDIA",
      "classification": "Fabless designer and systems platform",
      "metric": "investment_commitments",
      "value": 27,
      "currency": "USD",
      "units": "billions unless otherwise stated",
      "period": "At 2026-04-26",
      "definition": "Investment commitments kept separate from semiconductor manufacturing",
      "claim_ids": [
        "C012"
      ],
      "source_ids": [
        "S02"
      ],
      "source_types": [
        "SEC filing"
      ],
      "source_quality": [
        "A"
      ],
      "state": "verified",
      "confidence": "High: directly reported in Grade A or B evidence",
      "last_verified": "2026-07-12",
      "caveat": "Keep separate from semiconductor manufacturing. 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",
      "metric": "export_control_charge",
      "value": 0.44,
      "currency": "USD",
      "units": "billions unless otherwise stated",
      "period": "Fiscal 2025",
      "definition": "Net inventory and related charge associated with MI308 export restrictions",
      "claim_ids": [
        "C016"
      ],
      "source_ids": [
        "S05"
      ],
      "source_types": [
        "SEC filing"
      ],
      "source_quality": [
        "A"
      ],
      "state": "verified",
      "confidence": "High: directly reported in Grade A or B evidence",
      "last_verified": "2026-07-12",
      "caveat": "Use company filing. Commitment category includes non-manufacturing items. Do not characterize the entire balance as wafer capacity."
    }
  ]
}