NVDA

엔비디아
NVIDIA CORP · CIK 1045810
NVDA 리스크 변화 알림 받기
이번 보고서
2026.07 분기보고서
10-Q · 기간 말 2026. 7. 26. · 제출 2026. 8. 26.
비교 기준
2026 연차보고서 이후 누적
10-K · 기간 말 2026. 1. 25.
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분기보고서는 연차보고서 이후 바뀐 리스크만 적는 경우가 많습니다. 직전 연차보고서와 그 뒤 분기보고서에 이미 나온 내용은 빼고, 이번에 처음 들어간 것만 보여드립니다.

2
새 리스크 항목
13
신규 문단
6
수정 문단
AI 한국어 요약

한 줄 요약

NVIDIA는 AI 인프라 확장을 떠받치려고 고객·파트너에게 제공한 보증, 금융 지원, 용량 매입 약정을 새 리스크로 크게 다뤘고, 중국 수출이 미국 허가를 받고도 중국 정부의 제한으로 사실상 막혀 있다는 점을 더 분명히 밝혔습니다.

주목할 변화

  • 신규OpenAI 관련 데이터센터 임대 보증SB Energy의 PORTS Technology Campus 임대에 보증을 섰습니다. OpenAI가 의무를 이행하지 못하거나 파산하면 NVIDIA가 임대를 떠안거나 큰 금액을 지급할 수 있다고 적었습니다. OpenAI가 손실 보전을 약속했지만 "we may not recover amounts promptly or in full"이라고 덧붙였습니다.
  • 신규AI 클라우드 미판매 용량 매입 약정AI 클라우드 업체가 확보한 용량을 제3자에게 팔지 못하면 NVIDIA가 그 용량을 사주기로 약정했습니다. 회사는 "We may not have sufficient demand for, or the operational ability to use or resell, all the capacity"라며 소화하지 못할 가능성도 인정했습니다.
  • 신규고객 금융 지원과 신용 보강 전반고객의 AI 인프라 구축을 돕기 위해 "financial guarantees and other forms of credit support, financing arrangements"를 제공하고 있습니다. 고객의 자금 조달 실패, 부도, 전력 부족이나 인허가 지연, 지역 반대 등에 대해서는 "limited control"만 갖는다고 밝혔습니다. 투자등급 고객에게 대금 결제를 미뤄주는 장기 계약이 영업현금흐름 시점에 계속 영향을 준다는 점, 데이터센터 임대를 제3자에게 넘기는 일이 늦어지면 비용을 더 오래 부담할 수 있다는 점도 새로 적었습니다.
  • 신규장기 공급·임대 약정의 경직성공급, 생산능력, 클라우드, 데이터센터 확보를 위한 다년간 지급 약정은 수요가 기대와 다르더라도 줄이기 어려울 수 있다고 했습니다. 수요는 "those developing open models"를 포함한 고객이 수익을 내고 투자를 이어갈 수 있는지에 달려 있다고 명시했습니다. 2026년 8월 대형 자본 제공자들과 맺은 AI 인프라 금융 플랫폼 양해각서(MOU)는 본계약으로 이어지지 않을 수 있다고도 적었습니다.
  • 강화중국 수출: 미국 허가가 있어도 판매 불가H20과 H200 모두 미국 정부의 수출 허가를 받았지만 중국 정부가 판매를 제한했습니다. H20 재고는 "we were unable to sell our H20 inventory"라고 밝혔고, H200 관련으로 2027 회계연도 상반기에 4억 달러의 재고·구매약정 손실을 반영했습니다. 실제 H200 출하는 허가 물량의 일부에 그쳐 최근 분기 데이터센터 매출의 "less than 1%"입니다.
  • 강화중국향 25% 관세를 회사가 전액 부담H200의 미국 경유 검사로 인한 25% 관세를 고객에게 전혀 넘기지 못했다고 밝혔습니다. 앞으로 중국에 판매하더라도 "do not anticipate doing so"라고 해 수익성 부담을 시사했습니다.
  • 신규부채 리스크 문단 신설2026년 7월 말 기준 선순위채 잔액은 335억 달러이고, 250억 달러 규모 기업어음(CP) 프로그램은 미사용 상태입니다. 차환 조건이 나빠지거나 약정(covenant)을 위반할 경우의 즉시 상환 위험, 신용등급 변동 위험을 새로 적시했습니다.
  • 강화해외 규제·조사 확대프랑스 경쟁당국이 게이밍 GPU와 데이터센터 GPU를 별개 제품군으로 볼 수 있는지 조사 중이며, 이 결과가 프랑스·유럽에서 파는 게이밍 제품의 수출통제에 영향을 줄 수 있다고 했습니다. 또 복잡한 미국 수출 규정 때문에 외국 정부의 조사가 "have already and are likely in the future" 이어질 수 있다고 추가했습니다. 주(州) 단위 AI 규제 적용 대상에는 "systems, including those capable of autonomous action"을 새로 명시했습니다.

읽는 법

이번 분기 가장 큰 변화는 NVIDIA가 칩 판매에 그치지 않고 고객의 데이터센터 임대 보증, 미판매 용량 매입, 결제 유예 같은 방식으로 AI 인프라 확장의 위험 일부를 직접 떠안기 시작했다는 점입니다. 따라서 AI 수요나 특정 대형 고객(OpenAI 등)의 재무 상황이 매출뿐 아니라 현금흐름과 우발채무에도 영향을 줄 수 있습니다. 중국 관련 기술은 미국 규제보다 중국 측 제한이 실질적인 걸림돌이라는 쪽으로 바뀌었으므로, 향후 공시에서 보증 규모, 용량 매입 이행 여부, 중국 출하 비중을 함께 확인할 필요가 있습니다.

원문 비교
  1. 새 리스크 항목
    Commitments, guarantees, and other commercial arrangements expose us to financial, counterparty and execution risks and may not provide anticipated benefits.
  2. 신규Commitments, guarantees, and other commercial arrangements expose us to financial, counterparty and execution risks and may not provide anticipated benefits.
    To support our operations and growth, we commit capital to secure supply and capacity, obtain cloud services, and lease data center capacity. These arrangements require substantial payments over many years. If future demand, our needs or plans differ from our expectations, we may be unable to reduce these commitments. Future demand may be affected by the ability of customers and partners, including those developing open models, to generate revenue and sustain investment in computing infrastructure.
  3. 신규Commitments, guarantees, and other commercial arrangements expose us to financial, counterparty and execution risks and may not provide anticipated benefits.
    To support our customers’ and partners’ buildout of AI infrastructure, we enter into commercial arrangements, including financial guarantees and other forms of credit support, financing arrangements, and data center leases.
  4. 신규Commitments, guarantees, and other commercial arrangements expose us to financial, counterparty and execution risks and may not provide anticipated benefits.
    Customers or partners may fail to fulfill their financial commitments, secure necessary capital or infrastructure, complete projects on schedule or within budget, or experience financial distress or insolvency. Power constraints, government actions or regulations, permitting delays, or community opposition may delay, restrict or prevent the development or operation of data centers. We may have limited control over these matters.
  5. 신규Commitments, guarantees, and other commercial arrangements expose us to financial, counterparty and execution risks and may not provide anticipated benefits.
    Financing arrangements with certain investment-grade customers, including extended payment terms under large, multi-quarter agreements, will continue to affect the timing of our operating cash flows. We intend to assign certain data center leases to third parties. Delays in completing these assignments could cause us to bear the related lease costs longer than anticipated.
  6. 신규Commitments, guarantees, and other commercial arrangements expose us to financial, counterparty and execution risks and may not provide anticipated benefits.
    We have entered into agreements with AI clouds to enable broader access to our data center infrastructure products. Under the agreements, if AI clouds do not successfully sell committed capacity to third-party customers, we have agreed to purchase that capacity. We may not have sufficient demand for, or the operational ability to use or resell, all the capacity we are committed to purchase. We may earn a share of revenue generated by sales of the supported capacity, but lower-than-expected AI compute demand or pricing may reduce the revenue we receive.
  7. 신규Commitments, guarantees, and other commercial arrangements expose us to financial, counterparty and execution risks and may not provide anticipated benefits.
    We have entered into guarantees with SB Energy relating to leases at the PORTS Technology Campus that may expose us to substantial obligations over extended periods. SB Energy may not complete or deliver the infrastructure as expected or on schedule, which may delay or reduce anticipated benefits. If OpenAI does not perform its obligations or becomes subject to an insolvency event, and a guarantee is triggered, we may assume the applicable lease, require the landlord to seek a replacement tenant, initiate a sale process or choose to pursue other remedies. A replacement tenant or buyer may not be found on acceptable terms or timing, any replacement lease or sale may generate less value than anticipated, and our obligations may continue longer than expected. We may assume long-term lease obligations, incur ongoing lease-related costs or make substantial payments. Although OpenAI has agreed to reimburse and indemnify us for certain losses, we may not recover amounts promptly or in full.
  8. 신규Commitments, guarantees, and other commercial arrangements expose us to financial, counterparty and execution risks and may not provide anticipated benefits.
    In August 2026, we entered into memoranda of understanding with large capital providers regarding independent financing platforms through which the providers would raise and deploy third-party capital for the buildout of AI infrastructure. These and other preliminary arrangements may not lead to definitive agreements.
  9. 신규Commitments, guarantees, and other commercial arrangements expose us to financial, counterparty and execution risks and may not provide anticipated benefits.
    Any of these risks may adversely affect our business, financial condition, results of operations or cash flows.
  10. 새 리스크 항목
    Our indebtedness may adversely affect our financial condition and cash flows from operations.
  11. 신규Our indebtedness may adversely affect our financial condition and cash flows from operations.
    As of July 26, 2026, we had $33.5 billion aggregate principal amount of senior notes outstanding. As each series of senior notes matures, unless redeemed or repurchased, we must either repay or refinance the notes. If we decide to refinance, we may receive less favorable terms or be unable to refinance at all, which may adversely affect our financial condition. We also have a $25.0 billion commercial paper program with no amounts outstanding as of July 26, 2026.
  12. 신규Our indebtedness may adversely affect our financial condition and cash flows from operations.
    Maintenance of our indebtedness, contractual restrictions, and additional issuances of indebtedness could cause us to dedicate a substantial portion of our cash flows from operations towards debt service obligations and principal repayments; increase our vulnerability to adverse changes in general economic, industry and competitive conditions; limit our flexibility in responding to changes in our business and industry; impair our ability to obtain future financing; and restrict our ability to grant liens on property, enter into certain mergers and dispose of assets.
  13. 신규Our indebtedness may adversely affect our financial condition and cash flows from operations.
    Our ability to comply with the covenants in our indenture may be affected by events beyond our control. If we breach any of the covenants without a waiver from the note holders, then, subject to applicable cure periods, any such indebtedness may be declared immediately due and payable. In addition, changes to our credit rating may negatively impact the value and liquidity of our securities, restrict our ability to obtain future financing and affect the terms of any such financing.
  14. 수정We are subject to complex laws, rules, regulations, and political and other actions, including restrictions on the export of our products, which may adversely impact our business.
    We are subject to laws and regulations domestically and worldwide, affecting our operations in areas including, but not limited to, IP ownership and infringement; taxes; import and export requirements and tariffs; anti-corruption, including the Foreign Corrupt Practices Act; business acquisitions; foreign exchange controls and cash repatriation restrictions; foreign ownership and investment; data privacy requirements; competition and antitrust; investing; advertising; employment; product regulations; cybersecurity; environmental, health, and safety requirements; the responsible use of AI; sustainability; cryptocurrency; and consumer laws. Compliance with such requirements can be onerous and expensive, could impact our competitive position, and may negatively impact our business operations and ability to manufacture and ship our products. There can be no assurance that our employees, contractors, suppliers, customers or agents will not violate applicable laws or the policies, controls, and procedures that we have designed to help ensure compliance with such laws, and violations could result in fines, criminal sanctions against us, our officers, or our employees, prohibitions on the conduct of our business, and damage to our reputation. Changes to the laws, rules and regulations to which we are subject, or changes to their interpretation and enforcement, could lead to materially greater compliance and other costs, and/or further restrictions on our ability to manufacture and supply our products and operate our business. For example, we may face increased compliance costs as a result of changes or increases in antitrust legislation, regulation, administrative rule making, increased focus from regulators on cybersecurity vulnerabilities and risks. Our position in markets relating to AI has led to business is facing increased interest in our business from regulators worldwide, including the European Union, the United States, the United Kingdom, South Korea, Japan, and China. For example, the French Competition Authority is questioning whether gaming GPUs and data center GPUs are separate product categories, an inquiry that may impact the export controls applicable to gaming products sold in France and Europe. We have also received, and continue to receive, broad requests for information from competition regulators in the European Union, the United States, the United Kingdom, China, and South Korea regarding our sales of GPUs and other NVIDIA products, our efforts to allocate supply, foundation models and our investments, partnerships and other agreements with companies developing foundation models, the markets in which we compete and our competition, our strategies, roadmaps, and efforts to develop, market, and sell hardware, software, and system solutions, and our agreements with customers, suppliers, and partners. We expect to receive additional requests for information in the future. Such requests have been and are likely to be expensive and burdensome and could negatively impact our business and our relationships with customers, suppliers, and partners.
  15. 수정We are subject to complex laws, rules, regulations, and political and other actions, including restrictions on the export of our products, which may adversely impact our business.
    Governments and regulators are also considering, and in certain cases, have imposed restrictions on the hardware, software, and systems used to develop frontier foundation models and generative AI. For example, the EU AI Act became effective on August 1, 2024 and will be fully applicable after a two-year multi-year transitional period. The EU AI Act may impact our ability to train, deploy, or release AI models in the EU. Several states are considering enacting or have already enacted regulations concerning AI technologies, with new state laws that took effect on January 1, 2026, which may impact our ability to train, deploy, or release AI models, models and systems, including those capable of autonomous action, and increase our compliance costs. Restrictions under these and any other regulations, if implemented, could increase the costs and burdens to us and our customers, delay or halt deployment of new systems using our products, and reduce the number of new entrants and customers, negatively impacting our business and financial results. Revisions to laws or regulations or their interpretation and enforcement could also result in increased taxation, trade sanctions, the imposition of or increase to import duties or tariffs, restrictions and controls on imports or exports, or other retaliatory actions, which could have an adverse effect on our business plans or impact the timing of our shipments. Additionally, changes in the public perception of governments in the regions where we operate or plan to operate could negatively impact our business and results of operations.
  16. 수정We are subject to complex laws, rules, regulations, and political and other actions, including restrictions on the export of our products, which may adversely impact our business.
    Export controls have and could in the future disrupt our supply chain and distribution channels, negatively impacting our ability to serve demand, including in markets outside China and for our non-data center products. The possibility of additional export controls has negatively impacted and may in the future negatively impact demand for our products, benefiting competitors that offer alternatives less likely to be restricted by further controls. Repeated changes in the export control rules are likely to impose compliance burdens on our business and our customers, negatively and materially impacting our business. Complex U.S. export rules have already and are likely in the future to result in inquiries and investigations from foreign governments regarding sales of our products, subjecting our business, employees, and customers to increased burdens, disruption and risk.
  17. 수정We are subject to complex laws, rules, regulations, and political and other actions, including restrictions on the export of our products, which may adversely impact our business.
    Beginning in August 2025, the USG granted licenses that would allow have allowed us to ship certain H20 products to certain China-based customers. customers, but such sales were restricted by the PRC government, and we were unable to sell our H20 inventory.
  18. 수정We are subject to complex laws, rules, regulations, and political and other actions, including restrictions on the export of our products, which may adversely impact our business.
    Beginning in February 2026, the USG granted licenses that would allow us to ship small amounts of H200 products to specific China-based customers. customers, but such sales were restricted by the PRC government, and we have been unable to sell all the products for which we have licenses. As a result During the first half of these requirements, fiscal year 2027, we incurred a $4.5 $0.4 billion charge in the first quarter of fiscal year 2026 associated with H20 H200 for excess inventory and purchase obligations, as the demand for H20 H200 products diminished. After incurring that charge, we have made a fraction of the allowed shipments under the USG’s H200 licensing program. Those shipments account for less than 1% of Data Center revenue in our most recent quarter. The license requires licenses require that the H200s go through an inspection process in the United States prior to any shipment to the customer. As a result, any H200 H200s shipped under the new licensing program will be are subject to a 25% tariff upon importation into the United States. We have been unable to pass along any of the tariff to our customers, and do not anticipate doing so in the event we are able to sell licensed products into the China market.
  19. 수정We are subject to complex laws, rules, regulations, and political and other actions, including restrictions on the export of our products, which may adversely impact our business.
    The export controls applicable to China are complex and address a variety of parameters, including the total processing performance of a chip, the “performance density” of a chip, the interconnect bandwidth of a chip, and the memory bandwidth of a chip. Under the current rules and geopolitical landscape, we are unable to create and deliver a competitive product for wide distribution in China’s data center market that receives with the approval from both the USG and the Chinese government. As of the end of the first second quarter of fiscal year 2027, while we were able to ship uncontrolled products to China, such as gaming and workstation GPUs, we were effectively foreclosed from competing in China's China’s data center computing/compute market, and our effective foreclosure from the China market helped our competitors build larger developer and customer ecosystems to challenge us worldwide. Unless we are able to return with a data center system that meets the approval of both the USG and the Chinese government, our lost opportunity and the benefit to our competitors will have a material and adverse impact on our business, operating results, and financial condition.