Nvidia mitigates major risk with hyperscaler commitments and $279 billion supply chain lockdown

For years, the knock on Nvidia was simple: too many eggs in too few baskets. When a handful of hyperscalers account for the majority of your revenue, one budget cut at Microsoft or a pivot at Google could send shockwaves through your entire business. Nvidia appears to have heard the criticism, and it’s responding with roughly $279 billion in multi-year supply commitments and a deliberate push to broaden who’s buying its chips. Nvidia’s most recent quarterly earnings showed revenue of $96.2 billion, a 106% increase year-over-year. Data center revenue alone hit $89 billion. The supply chain bet Nvidia’s $279 billion in purchase agreements cover high-bandwidth memory, manufacturing capacity, and other critical components. The spending is spread across three fiscal years: $92 billion in the remainder of the current fiscal year, $87 billion in fiscal 2028, and $88 billion in fiscal 2029. Back in 2025, the company disclosed a $6.3 billion take-or-pay commitment to CoreWeave for GPU capacity running through 2032. The current commitments dwarf that figure by orders of magnitude. Diversifying beyond the big clouds Nvidia’s quarterly results reveal a telling split in its data center business...