Between July 24 and August 26, NVIDIA published one set of results and three commitments. Only the results describe something that has already happened. The rest, a deployment plan with AWS, letters of intent with SK Group and a partnership with Safe Superintelligence, describes what the company and its partners say they will do.
What is booked
For the quarter ended July 26, the second of its fiscal 2027, NVIDIA reported revenue of $96.2 billion, up 106% from a year earlier and 18% from the previous quarter. Its quarterly filing puts the figure at $96,221 million against $46,743 million a year before, so “doubled” is arithmetic. Data Center revenue was $89.0 billion, up 117%, and GAAP net income was $59,688 million.
The outlook is a forecast, not a result: NVIDIA expects about $108.0 billion in revenue for the third quarter, plus or minus 2%, and says it is not assuming any Data Center compute revenue from China.
What the filings add
Two disclosures say more about dependency than the partnership announcements do. The CFO commentary reports that NVIDIA’s supply and capacity commitments rose from $119 billion the previous quarter to $279 billion, “primarily related to the procurement of memory.” And the 10-Q discloses guarantees, over 20-year leases, of “defined portions of lease and power payments” at compute sites where OpenAI is the tenant, noting that “OpenAI has agreed to reimburse and indemnify us for certain losses.” In part, the company that sells the chips is underwriting the demand that buys them.
What is only committed
- AWS. On August 26 the two companies said AWS plans to deploy 2 million additional NVIDIA GPUs across its global infrastructure in 2027 and 2028, including 100,000 on secure infrastructure for US federal and national-security workloads. Neither company disclosed a dollar value.
- SK Group. On July 24 SK and NVIDIA announced a partnership of more than $500 billion and signed letters of intent to formalize it. It includes a 2-gigawatt SK Telecom AI factory built on Vera Rubin, with the first site planned for 2027, and a long-term memory partnership with SK hynix that covers HBM. Letters of intent are not purchase contracts, and the headline figure is not broken down.
- SSI. On July 27 NVIDIA announced a long-term partnership with Safe Superintelligence, Ilya Sutskever’s company, together with an investment of undisclosed size. SSI gets access to Vera Rubin systems and says that will raise its compute by an order of magnitude.
Who depends on whom
In the four texts NVIDIA appears as supplier, investor and guarantor at once. It sells the accelerators, commits hundreds of billions to secure the memory they need, puts money into a lab that will use its systems, and backs part of the lease payments at OpenAI’s sites. The AWS and SK figures are the least bound by contract. The numbers that are already on the record are the revenue, the $279 billion in commitments and the guarantees.
Related reading
- NVIDIA 10-Q for the quarter ended July 26, 2026 — SEC filing
- CFO commentary, second quarter fiscal 2027 — NVIDIA
- NVIDIA buys the layer where open weights travel — IA al Día