Published October 4, 2026

October Upside Ranks

Qualitative relative target-touch selections · Not calibrated probabilities

Dated prices · targets are price touches, not forecasts · exact ranks are editorial judgments.

Grade legend, dates & research limits

Completed editorial grades · assessed October 6. Business = demonstrated commercial traction. Catalyst = clarity and timing of the next important test, not success odds. Target path = how demanding this list’s target is. These grades use the same rubric for all selected names; they are not native financial-model grades or statistical probabilities.

A strong / direct · B supported but conditional · C speculative or major gaps · D exceptional leap / weak bridge. A strong catalyst can fail. A fivefold target can have a D path even in a top-ranked moonshot.

Exact grading benchmarks & evidence dates

Business

How far the business inflection is demonstrated today, not source completeness.

A — Broad, realized commercial growth or earnings; not just a plan.
B — Real but early, concentrated or mixed operating traction.
C — Primarily clinical/development or capacity optionality; limited realized economics.
D — Retained facts undermine the proposed business inflection.

Catalyst

Specificity, observability and timing of a thesis-changing test inside the original window, not its chance of success.

A — A scheduled or explicitly windowed material readout, launch or commercial ramp; repeated hard operating tests may qualify.
B — Concrete delivery, orders or earnings tests, but diffuse timing or less discrete thesis change.
C — A real milestone with important acceptance/economics/timing gaps.
D — No supported material in-window test.

Target path

Burden of reaching THIS tier target from the dated baseline; not an absolute odds estimate.

A — Comparatively direct earnings/recognition bridge in retained evidence; still conditional.
B — Recognizable bridge, but meaningful premium, execution or share-claim sensitivity.
C — Speculative extension or binary rerating beyond established economics; small-base elasticity is not a forecast.
D — Exceptional leap far beyond retained cases, with major scale/valuation/financing obstacles.

No bell curve, numeric weights, A+ grades, probability conversion or grade-based reranking. Same rubric for incumbents and additions; target-path grades vary by tier. A catalyst can fail. No synchronized chart grading because technical coverage is not comparable across all 19.

Assessment October 6 of retained evidence, not an October 6 source refresh. Baseline October 1; existing remaining touch window October 4, 2026 to exclusive October 1, 2027. Original source cutoff October 3; additions retrieved October 4; Bloom narrative retrieved October 5 UTC. Original publication dates remain attached to sources.

Original conservative research grades remain in each full story. Partial financial underwriting remains partial: completed qualitative grades do not certify current cash, target dilution, clinical efficacy or funded forecasts. No chart grade is invented from unmatched technical snapshots.

Targets use October 1, 2026 baseline quotes, which are not live prices. The price-touch window is October 4, 2026 to exclusive October 1, 2027, not the price at expiry. Exact ordinal differences are low-confidence editorial judgments; absolute likelihood may be low.

Original financial source cutoff: October 3, 2026, 07:14:12.687379 UTC. Biotech sources retrieved October 4 with original publication dates retained. Bloom’s power and policy narrative reviewed October 4 ET (sources retrieved October 5 UTC). Publication does not clear research or model limitations. No calibrated odds.

NVDA · NVIDIA Corporation

+35% Upside · #1

Oct1 baseline: USD 230.86. Original frozen quote retained.

The investment story

Thesis

AI chip sales and the next platform rollout could lift earnings as customers build more computing capacity.

What could move the stock

AI chip sales and the next platform rollout could lift earnings as customers build more computing capacity.

Next catalyst

Quarterly sales and delivery of the Rubin platform.

Major risk

Customer spending, power availability and cash collection could fall short.

Editorial grades · October 6 assessment

Same rubric for every selected company. Business is demonstrated traction; Catalyst is the timing and clarity of a test, not its chance of success. Target path changes with the target burden.

+35% Upside

BusinessACatalystATarget pathA

Business · A

Recognized chip sales and a public next-quarter outlook establish an operating inflection at scale.

Catalyst · A

Quarterly sales and Rubin deployment offer repeated in-window tests; the next earnings date is not verified.

Target path · A

A direct sales-and-earnings route exists in the retained bull; achieving its revenue and margin assumptions still matters.

Strongest countercase

Customer collection, power availability and valuation compression can defeat strong demand.

Confidence & coverage

Low for target touch and adjacent ordering; moderate for the descriptive assessment of retained facts. Retained native financial and source detail preserved; existing holds and sensitivities still apply.

Grade evidence & preserved research grades

Editorial reader v2 is separate from native financial certification. The original conservative evidence/path grades below have not been upgraded or overwritten.

+35% Upside original research grades

Evidence: B; operating pathway: B; feasibility: stretch.

reportedEPSAnchor.reportedEPS
Published: 2026-02-25 · Retrieved: 2026-10-02T04:58:06.650065+00:00
components.NVDA-v2-H1-basicQ2
Published: 2026-08-26 · Retrieved: 2026-10-02T06:00:59.902119+00:00
components.NVDA-v2-Rubin
Published: 2026-08-26 · Retrieved: 2026-10-02T04:53:28.714897+00:00

Detailed research, valuation assumptions & sources

Thesis

Q2 recognized sales $96.221B and public Q3 guide $108B; Rubin production supports, but does not guarantee, paid platform deployment.

Independent economic outcome

+35 bull-only; 2x/5x ineligible; not parent final rank approval

Expectations gap

No independently matched current consensus-baseline mispricing is asserted. The retained $580B recognized-sales bull and 66% operating margin give a relatively direct earnings-led route; the current 25x threshold is approximately $553.503B recognized annual sales, distinct from the assumed $580B bull. Best paid-demand evidence in this cohort, not merely a top raw bull return.

Confidence and limitations

Source-backedrelativebusinesscomparison; exactadjacentorderandfutureprice realization uncertain. Lowabsolutechanceisnotanadmissionban. Moderate confidence in comparative commercial facts; low confidence in exact adjacent rank and future realization. Stock-wide label uses most cautious genuine parent tier judgment; per-membership judgments preserved.

Qualitative editorial likelihood ordering only; no numeric probabilities, no mechanically calibrated source grade, no issuer future assurance. Adjacent order is low-confidence within the disclosed close-comparison bands.
No calibrated absolute hit probabilities or independently matched current consensus baseline; relative ordering uses qualified evidence, not a measured expectations gap.
Native schema/interface historical holds remain archived. Unresolved economic cash/current-capital/accounting facts lower confidence; absent adapter EPS/cashDate alone does not label issuer uninvestable.
Working-capital collection, partner energization, $60B hypothetical investment cash, $90B assumed buybacks and contingent exposure reserves matter. Positive conditional cash is not a guarantee against the full tail; no new issuance is invented.

Catalysts & disconfirmation

Q2 recognized sales $96.221B and public Q3 guide $108B; Rubin production supports, but does not guarantee, paid platform deployment.

2026-10-02 to 2027-03-31; historical-cadence-inference; exact future announcement dates unverified · Retainedprimaryreportedcommercialfacts supportmechanism; forwardpaidrecognition/funding notguaranteed. BnotA; no automaticnative-score conversion. · Upgrade: Confirm paid recognized delivery and common-owner economics within the retained operating window, not merely capacity/backlog/pilot publicity. If a preserved case misses, crossing requires better paid recognition/common economics or a different retained valuation sensitivity, as described; no new numeric margin/EPS/financial case is supplied. A case already crossing still needs realization of its existing assumptions. · Cut: Failure of the retained paid-recognition or recurring-owner-economics path, multiple compression, delayed catalyst or additional cash/claim burden would invalidate this route. Working-capital collection, partner energization, $60B hypothetical investment cash, $90B assumed buybacks and contingent exposure reserves matter. Positive conditional cash is not a guarantee against the full tail; no new issuance is invented.

Bear case

Failure of the retained paid-recognition or recurring-owner-economics path, multiple compression, delayed catalyst or additional cash/claim burden would invalidate this route. Working-capital collection, partner energization, $60B hypothetical investment cash, $90B assumed buybacks and contingent exposure reserves matter. Positive conditional cash is not a guarantee against the full tail; no new issuance is invented.

Retained financial routes — not target odds

Original financial hypotheses remain unchanged. Native disposition, independent WATCH and current editorial selection are distinct.

NVDA · Native accepted / Independent ACCEPTED_SCOPED141_ORACLES_35_BULL_ONLY_ELIGIBLE_NOT_EDITOR_RANK_OR_FULL40

Economic outcome

+35 bull-only; 2x/5x ineligible; not parent final rank approval

Accounting and period

GAAP; actual/analyst-normalized classifications and source scope preserved individually · Exact original source measurement and forward cash windows; analysis/review dates separate · native/formula retained monetary units, no rescaling; per-field exact receipt unit used where provided

Unknown actual current stock/funding/recognition states remain conditional

Range/hypothesis underwriting and provided source review are separate from exact current stocks/fullmodel/native-schema completion; confirmation conditions and original qualifiers retained

Current reviewed share/cash/debt/ownership proxy and conditional drift bounds

currentOrdinaryShares — current reviewed proxy, not new measurement

24100000000 ordinary-shares · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

currentValuationShares — current reviewed proxy, not new measurement

24200000000 ordinary-shares · assumption · Qualification Q2 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

postMeasurementShareChange — current reviewed proxy, not new measurement

0 ordinary-shares · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

shareReconciledThrough — current reviewed proxy, not new measurement

2026-10-03 text · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

optionsIncrementalShares — current reviewed proxy, not new measurement

100000000 ordinary-shares · assumption · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

convertibleIncrementalShares — current reviewed proxy, not new measurement

0 ordinary-shares · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

shareReconciliation — current reviewed proxy, not new measurement

NVDA rounded24.1B August21 common plus0.1B prospective diluted award proxy; rounding +/-0.05B and subsequent retirement/issuance +/-0.2B bounded, not exact October float. text · assumption · Qualification Q7 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

balanceReconciledThrough — current reviewed proxy, not new measurement

2026-10-03 text · assumption · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

postBalanceCashChange — current reviewed proxy, not new measurement

0 USD · assumption · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

postBalanceDebtChange — current reviewed proxy, not new measurement

0 USD · assumption · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

postBalanceTransactions — current reviewed proxy, not new measurement

NVDA June25B senior notes already in July balance; August gross guarantees conditional, not cash/debt closing; dated balance plus zero identified completed change only, operating drift bounded. text · assumption · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

convertibleDebtRemoved — current reviewed proxy, not new measurement

0 USD · assumption · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

ownershipLiability — current reviewed proxy, not new measurement

0 USD · assumption · Qualification Q13 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

convertibleTreatment — current reviewed proxy, not new measurement

none text · assumption · Qualification Q14 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

convertibleConversionPrice — current reviewed proxy, not new measurement

Unknown (null) text · not-applicable · Qualification Q15 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

convertibleCashSettlement — current reviewed proxy, not new measurement

0 USD · assumption · Qualification Q16 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

postBalanceOtherCashChange — current reviewed proxy, not new measurement

0 USD · assumption · Qualification Q17 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cashOwnershipFraction — current reviewed proxy, not new measurement

1 fraction · assumption · Qualification Q18 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cashNciDeduction — current reviewed proxy, not new measurement

0 USD · assumption · Qualification Q19 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cashJvContribution — current reviewed proxy, not new measurement

0 USD · assumption · Qualification Q20 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

cashOwnershipReconciliation — current reviewed proxy, not new measurement

currentValuationShares lower — conditional reviewed bound

23945238095.238094 ordinary shares · assumption · Qualification Q22 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

currentValuationShares upper — conditional reviewed bound

24454761904.761906 ordinary shares · assumption · Qualification Q22 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

commonCash lower — conditional reviewed bound

31218352941.17647 USD · assumption · Qualification Q23 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

commonCash upper — conditional reviewed bound

81953647058.82353 USD · assumption · Qualification Q23 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

debt lower — conditional reviewed bound

32366000000 USD · assumption · Qualification Q24 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

debt upper — conditional reviewed bound

33366000000 USD · assumption · Qualification Q24 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

ownershipLiability lower — conditional reviewed bound

0 USD · assumption · Qualification Q25 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

ownershipLiability upper — conditional reviewed bound

0 USD · assumption · Qualification Q25 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

Core measured historical financials — dates and attribution retained

Recognized revenue — original measurement period

302970000000 USD · assumption · Qualification Q26 below. Historical source context only; exact immutable field-origin/proof mapping retained. · FY+YTDcurrent-YTDprior

operating Margin

0.6521404759547149 fraction · assumption · Qualification Q26 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact NVDA primary table or explicit unit/date identity; operatingMargin mapped with dated accounting scope. No issuer-certified future guarantee.

Dated reported cash / marketable liquidity (scope below)

56586000000 USD · assumption · Qualification Q26 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA consolidated balance has no NCI or preferred claim shown; liquid cash excludes equity investments; no JV cash added. Ownership fraction1 applies solely consolidated liquid cash, not every investment asset.

debt

33366000000 USD · assumption · Qualification Q26 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact NVDA primary table or explicit unit/date identity; debt mapped with dated accounting scope. No issuer-certified future guarantee.

current Ordinary Shares

24100000000 ordinary-shares · assumption · Qualification Q27 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact NVDA primary table or explicit unit/date identity; currentOrdinaryShares mapped with dated accounting scope. No issuer-certified future guarantee.

current Valuation Shares

24200000000 ordinary-shares · assumption · Qualification Q27 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA rounded24.1B August21 common plus0.1B prospective diluted award proxy; rounding +/-0.05B and subsequent retirement/issuance +/-0.2B bounded, not exact October float.

Dated measured ordinary shares — NOT current fully diluted

24100000000 ordinary shares (explicit dated/weighted/analyst basis) · actual · Qualification Q26 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

shares At

2026-08-21 text · not-applicable · Qualification Q26 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact NVDA primary table or explicit unit/date identity; sharesAt mapped with dated accounting scope. No issuer-certified future guarantee.

options Incremental Shares

100000000 ordinary-shares · assumption · Qualification Q26 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA rounded24.1B August21 common plus0.1B prospective diluted award proxy; rounding +/-0.05B and subsequent retirement/issuance +/-0.2B bounded, not exact October float.

convertible Incremental Shares

0 ordinary-shares · assumption · Qualification Q26 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact NVDA primary table or explicit unit/date identity; convertibleIncrementalShares mapped with dated accounting scope. No issuer-certified future guarantee.

post Balance Cash Change

0 USD · assumption · Qualification Q27 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA June25B senior notes already in July balance; August gross guarantees conditional, not cash/debt closing; dated balance plus zero identified completed change only, operating drift bounded.

post Balance Debt Change

convertible Debt Removed

0 USD · assumption · Qualification Q26 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact NVDA primary table or explicit unit/date identity; convertibleDebtRemoved mapped with dated accounting scope. No issuer-certified future guarantee.

ownership Liability

0 USD · assumption · Qualification Q26 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact NVDA primary table or explicit unit/date identity; ownershipLiability mapped with dated accounting scope. No issuer-certified future guarantee.

convertible Cash Settlement

0 USD · assumption · Qualification Q26 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact NVDA primary table or explicit unit/date identity; convertibleCashSettlement mapped with dated accounting scope. No issuer-certified future guarantee.

post Balance Other Cash Change

0 USD · assumption · Qualification Q26 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA June25B senior notes already in July balance; August gross guarantees conditional, not cash/debt closing; dated balance plus zero identified completed change only, operating drift bounded.

cash Ownership Fraction

1 fraction · assumption · Qualification Q26 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA consolidated balance has no NCI or preferred claim shown; liquid cash excludes equity investments; no JV cash added. Ownership fraction1 applies solely consolidated liquid cash, not every investment asset.

cash Nci Deduction

0 USD · assumption · Qualification Q26 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA consolidated balance has no NCI or preferred claim shown; liquid cash excludes equity investments; no JV cash added. Ownership fraction1 applies solely consolidated liquid cash, not every investment asset.

cash Jv Contribution

cash Ownership Reconciliation

NVDA consolidated balance has no NCI or preferred claim shown; liquid cash excludes equity investments; no JV cash added. Ownership fraction1 applies solely consolidated liquid cash, not every investment asset. text · assumption · Qualification Q27 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA consolidated balance has no NCI or preferred claim shown; liquid cash excludes equity investments; no JV cash added. Ownership fraction1 applies solely consolidated liquid cash, not every investment asset.

Material Provided valuation

reported Amount

192880000000 USD · assumption · Qualification Q28 below. Historical source context only; exact immutable field-origin/proof mapping retained. · FY+YTDcurrent-YTDprior

exclusions

-28889430000 USD · assumption · Qualification Q28 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q29 in route shared notes

normalized Amount

163990570000 USD · assumption · Qualification Q28 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q30 in route shared notes

ownership Fraction

1 fraction · assumption · Qualification Q28 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA fresh aggregateTTMNI192.88B=FY120.067+H1118.010-H145.197; recurring proxy197.579BTTMEBIT*83%=163.99057B, excludes investmentgains, SBCexpensed. AnnualEPS4.90/24.514B shares separately dated FY26; no fabricated TTM EPS.

nci Deduction

0 USD · assumption · Qualification Q28 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA fresh aggregateTTMNI192.88B=FY120.067+H1118.010-H145.197; recurring proxy197.579BTTMEBIT*83%=163.99057B, excludes investmentgains, SBCexpensed. AnnualEPS4.90/24.514B shares separately dated FY26; no fabricated TTM EPS.

jv Contribution

attributable Amount

163990570000 USD · assumption · Qualification Q28 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q31 in route shared notes

annual Period

2025-07-28/2026-07-26 text · not-applicable · Qualification Q28 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA fresh aggregateTTMNI192.88B=FY120.067+H1118.010-H145.197; recurring proxy197.579BTTMEBIT*83%=163.99057B, excludes investmentgains, SBCexpensed. AnnualEPS4.90/24.514B shares separately dated FY26; no fabricated TTM EPS.

reconciliation

NVDA normalized historical owner income = (130.387+117.270-50.078)B GAAP operating income *0.83 =163.99057B;17% forward-normalization tax proxy within issuer16%-18% FY27 full-year tax guide excluding discrete items, NOT reported normalized EPS. Remove equity marks by starting from EBIT, keep SBC expensed; zero net recurring other income assumption. Reported TTM common NI192.88B=120.067+118.010-45.197 remains separate. Difference-28.88943B is a full recurring normalization, NOT an exact aftertax sum of equity gains alone. text · not-applicable · Qualification Q28 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q32 in route shared notes

sector

Accelerated compute and networking platforms text · not-applicable · Qualification Q28 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA25x65% recurringmargin requires~556Bannualrecognizedsales, versus108Bquarterguide;28xbull/20xstress conditional owncycle compression. Not4xquarterannualguidance; Rubin production supports plausible ramp not certified revenue.

metric

P/normalizedEPS text · not-applicable · Qualification Q28 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA25x65% recurringmargin requires~556Bannualrecognizedsales, versus108Bquarterguide;28xbull/20xstress conditional owncycle compression. Not4xquarterannualguidance; Rubin production supports plausible ramp not certified revenue.

reference Multiple

25 x · assumption · Qualification Q28 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA25x65% recurringmargin requires~556Bannualrecognizedsales, versus108Bquarterguide;28xbull/20xstress conditional owncycle compression. Not4xquarterannualguidance; Rubin production supports plausible ramp not certified revenue.

multiple Low

20 x · assumption · Qualification Q28 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA25x65% recurringmargin requires~556Bannualrecognizedsales, versus108Bquarterguide;28xbull/20xstress conditional owncycle compression. Not4xquarterannualguidance; Rubin production supports plausible ramp not certified revenue.

multiple High

28 x · assumption · Qualification Q28 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA25x65% recurringmargin requires~556Bannualrecognizedsales, versus108Bquarterguide;28xbull/20xstress conditional owncycle compression. Not4xquarterannualguidance; Rubin production supports plausible ramp not certified revenue.

justification

NVDA25x65% recurringmargin requires~556Bannualrecognizedsales, versus108Bquarterguide;28xbull/20xstress conditional owncycle compression. Not4xquarterannualguidance; Rubin production supports plausible ramp not certified revenue. text · not-applicable · Qualification Q28 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA25x65% recurringmargin requires~556Bannualrecognizedsales, versus108Bquarterguide;28xbull/20xstress conditional owncycle compression. Not4xquarterannualguidance; Rubin production supports plausible ramp not certified revenue.

model Fit

supported text · not-applicable · Qualification Q28 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA25x65% recurringmargin requires~556Bannualrecognizedsales, versus108Bquarterguide;28xbull/20xstress conditional owncycle compression. Not4xquarterannualguidance; Rubin production supports plausible ramp not certified revenue.

equity Pricing Scope

owners-metric-all-assets-no-cash-delta text · not-applicable · Qualification Q28 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Owner earnings equity multiple capitalizes all operating/investment asset earning value; do not add retained cash a second time. Gross cash/debt/outside claims still tracked for solvency and liquidity, not asserted zero.

equity Pricing Rationale

Owner earnings equity multiple capitalizes all operating/investment asset earning value; do not add retained cash a second time. Gross cash/debt/outside claims still tracked for solvency and liquidity, not asserted zero. text · not-applicable · Qualification Q28 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Owner earnings equity multiple capitalizes all operating/investment asset earning value; do not add retained cash a second time. Gross cash/debt/outside claims still tracked for solvency and liquidity, not asserted zero.

0 USD (original native monetary scale) · assumption · Qualification Q33 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

Material Provided reportedEPSAnchor

reported Numerator

120067000000 USD/share · actual · Qualification Q34 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

weighted Denominator

24514000000 USD/share · actual · Qualification Q34 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

Reported historical EPS — unsupported remains unknown

4.9 USD/share · actual · Qualification Q34 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

annual Period

2025-01-27/2026-01-25 text · not-applicable · Qualification Q34 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Historical FY26 fiscal52week window and displayed EPS two-decimal precision read from actual issuer statements; no live EPS inference.

precision

2 count · assumption · Qualification Q34 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Historical FY26 fiscal52week window and displayed EPS two-decimal precision read from actual issuer statements; no live EPS inference.

Bounded source/proof detail — exact archive, NOT financial assumptions

full Archive

[internal evidence reference] artifact path · not-applicable · Qualification Q35 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

full Archive SHA

1900d87c2fa2ab79b937fa9292636486e5e4f5dc6563f1428e5fb468080e4b73 SHA256 · not-applicable · Qualification Q36 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·

Shared financial qualifications — exact scopes/formulas, not numeric assumptions

Qualification Q1 — exact field scope

NVDA actual21-field knownchange/source-bound review: currentOrdinaryShares=24100000000. Original measuredsource 2026-08-21, current analystthroughday 2026-10-03; source-informed cash/share drift age increments independently recomputed, exact newSECdisclosures examined. MUtwo immediatecommon29 grants separatefrom fixed17Maward proxy; deferred38notcurrentcommon/cash. TERsecondary167sale notissuerretirement. Cashownership fraction/zeroNCI/no-convert apply only originaldefinedconsolidated/claim scope, not absence of all contingent/currentclaims or guarantee. Newknown changes and widenedcash/issuance ranges caninvalidate funding/qualification. Originalterminal operating/profit/price/casewindow unchanged. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q2 — exact field scope

NVDA actual21-field knownchange/source-bound review: currentValuationShares=24200000000. Original measuredsource 2026-08-21, current analystthroughday 2026-10-03; source-informed cash/share drift age increments independently recomputed, exact newSECdisclosures examined. MUtwo immediatecommon29 grants separatefrom fixed17Maward proxy; deferred38notcurrentcommon/cash. TERsecondary167sale notissuerretirement. Cashownership fraction/zeroNCI/no-convert apply only originaldefinedconsolidated/claim scope, not absence of all contingent/currentclaims or guarantee. Newknown changes and widenedcash/issuance ranges caninvalidate funding/qualification. Originalterminal operating/profit/price/casewindow unchanged. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q3 — exact field scope

NVDA actual21-field knownchange/source-bound review: postMeasurementShareChange=0. Original measuredsource 2026-08-21, current analystthroughday 2026-10-03; source-informed cash/share drift age increments independently recomputed, exact newSECdisclosures examined. MUtwo immediatecommon29 grants separatefrom fixed17Maward proxy; deferred38notcurrentcommon/cash. TERsecondary167sale notissuerretirement. Cashownership fraction/zeroNCI/no-convert apply only originaldefinedconsolidated/claim scope, not absence of all contingent/currentclaims or guarantee. Newknown changes and widenedcash/issuance ranges caninvalidate funding/qualification. Originalterminal operating/profit/price/casewindow unchanged. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q4 — exact field scope

NVDA actual21-field knownchange/source-bound review: shareReconciledThrough=2026-10-03. Original measuredsource 2026-08-21, current analystthroughday 2026-10-03; source-informed cash/share drift age increments independently recomputed, exact newSECdisclosures examined. MUtwo immediatecommon29 grants separatefrom fixed17Maward proxy; deferred38notcurrentcommon/cash. TERsecondary167sale notissuerretirement. Cashownership fraction/zeroNCI/no-convert apply only originaldefinedconsolidated/claim scope, not absence of all contingent/currentclaims or guarantee. Newknown changes and widenedcash/issuance ranges caninvalidate funding/qualification. Originalterminal operating/profit/price/casewindow unchanged. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q5 — exact field scope

NVDA actual21-field knownchange/source-bound review: optionsIncrementalShares=100000000. Original measuredsource 2026-08-21, current analystthroughday 2026-10-03; source-informed cash/share drift age increments independently recomputed, exact newSECdisclosures examined. MUtwo immediatecommon29 grants separatefrom fixed17Maward proxy; deferred38notcurrentcommon/cash. TERsecondary167sale notissuerretirement. Cashownership fraction/zeroNCI/no-convert apply only originaldefinedconsolidated/claim scope, not absence of all contingent/currentclaims or guarantee. Newknown changes and widenedcash/issuance ranges caninvalidate funding/qualification. Originalterminal operating/profit/price/casewindow unchanged. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q6 — exact field scope

NVDA actual21-field knownchange/source-bound review: convertibleIncrementalShares=0. Original measuredsource 2026-08-21, current analystthroughday 2026-10-03; source-informed cash/share drift age increments independently recomputed, exact newSECdisclosures examined. MUtwo immediatecommon29 grants separatefrom fixed17Maward proxy; deferred38notcurrentcommon/cash. TERsecondary167sale notissuerretirement. Cashownership fraction/zeroNCI/no-convert apply only originaldefinedconsolidated/claim scope, not absence of all contingent/currentclaims or guarantee. Newknown changes and widenedcash/issuance ranges caninvalidate funding/qualification. Originalterminal operating/profit/price/casewindow unchanged. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q7 — exact field scope

NVDA actual21-field knownchange/source-bound review: shareReconciliation=NVDA rounded24.1B August21 common plus0.1B prospective diluted award proxy; rounding +/-0.05B and subsequent retirement/issuance +/-0.2B bounded, not exact October float.. Original measuredsource 2026-08-21, current analystthroughday 2026-10-03; source-informed cash/share drift age increments independently recomputed, exact newSECdisclosures examined. MUtwo immediatecommon29 grants separatefrom fixed17Maward proxy; deferred38notcurrentcommon/cash. TERsecondary167sale notissuerretirement. Cashownership fraction/zeroNCI/no-convert apply only originaldefinedconsolidated/claim scope, not absence of all contingent/currentclaims or guarantee. Newknown changes and widenedcash/issuance ranges caninvalidate funding/qualification. Originalterminal operating/profit/price/casewindow unchanged. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q8 — exact field scope

NVDA actual21-field knownchange/source-bound review: balanceReconciledThrough=2026-10-03. Original measuredsource 2026-07-26, current analystthroughday 2026-10-03; source-informed cash/share drift age increments independently recomputed, exact newSECdisclosures examined. MUtwo immediatecommon29 grants separatefrom fixed17Maward proxy; deferred38notcurrentcommon/cash. TERsecondary167sale notissuerretirement. Cashownership fraction/zeroNCI/no-convert apply only originaldefinedconsolidated/claim scope, not absence of all contingent/currentclaims or guarantee. Newknown changes and widenedcash/issuance ranges caninvalidate funding/qualification. Originalterminal operating/profit/price/casewindow unchanged. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q9 — exact field scope

NVDA actual21-field knownchange/source-bound review: postBalanceCashChange=0. Original measuredsource 2026-07-26, current analystthroughday 2026-10-03; source-informed cash/share drift age increments independently recomputed, exact newSECdisclosures examined. MUtwo immediatecommon29 grants separatefrom fixed17Maward proxy; deferred38notcurrentcommon/cash. TERsecondary167sale notissuerretirement. Cashownership fraction/zeroNCI/no-convert apply only originaldefinedconsolidated/claim scope, not absence of all contingent/currentclaims or guarantee. Newknown changes and widenedcash/issuance ranges caninvalidate funding/qualification. Originalterminal operating/profit/price/casewindow unchanged. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q10 — exact field scope

NVDA actual21-field knownchange/source-bound review: postBalanceDebtChange=0. Original measuredsource 2026-07-26, current analystthroughday 2026-10-03; source-informed cash/share drift age increments independently recomputed, exact newSECdisclosures examined. MUtwo immediatecommon29 grants separatefrom fixed17Maward proxy; deferred38notcurrentcommon/cash. TERsecondary167sale notissuerretirement. Cashownership fraction/zeroNCI/no-convert apply only originaldefinedconsolidated/claim scope, not absence of all contingent/currentclaims or guarantee. Newknown changes and widenedcash/issuance ranges caninvalidate funding/qualification. Originalterminal operating/profit/price/casewindow unchanged. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q11 — exact field scope

NVDA actual21-field knownchange/source-bound review: postBalanceTransactions=NVDA June25B senior notes already in July balance; August gross guarantees conditional, not cash/debt closing; dated balance plus zero identified completed change only, operating drift bounded.. Original measuredsource 2026-07-26, current analystthroughday 2026-10-03; source-informed cash/share drift age increments independently recomputed, exact newSECdisclosures examined. MUtwo immediatecommon29 grants separatefrom fixed17Maward proxy; deferred38notcurrentcommon/cash. TERsecondary167sale notissuerretirement. Cashownership fraction/zeroNCI/no-convert apply only originaldefinedconsolidated/claim scope, not absence of all contingent/currentclaims or guarantee. Newknown changes and widenedcash/issuance ranges caninvalidate funding/qualification. Originalterminal operating/profit/price/casewindow unchanged. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q12 — exact field scope

NVDA actual21-field knownchange/source-bound review: convertibleDebtRemoved=0. Original measuredsource 2026-07-26, current analystthroughday 2026-10-03; source-informed cash/share drift age increments independently recomputed, exact newSECdisclosures examined. MUtwo immediatecommon29 grants separatefrom fixed17Maward proxy; deferred38notcurrentcommon/cash. TERsecondary167sale notissuerretirement. Cashownership fraction/zeroNCI/no-convert apply only originaldefinedconsolidated/claim scope, not absence of all contingent/currentclaims or guarantee. Newknown changes and widenedcash/issuance ranges caninvalidate funding/qualification. Originalterminal operating/profit/price/casewindow unchanged. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q13 — exact field scope

NVDA actual21-field knownchange/source-bound review: ownershipLiability=0. Original measuredsource 2026-07-26, current analystthroughday 2026-10-03; source-informed cash/share drift age increments independently recomputed, exact newSECdisclosures examined. MUtwo immediatecommon29 grants separatefrom fixed17Maward proxy; deferred38notcurrentcommon/cash. TERsecondary167sale notissuerretirement. Cashownership fraction/zeroNCI/no-convert apply only originaldefinedconsolidated/claim scope, not absence of all contingent/currentclaims or guarantee. Newknown changes and widenedcash/issuance ranges caninvalidate funding/qualification. Originalterminal operating/profit/price/casewindow unchanged. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q14 — exact field scope

NVDA actual21-field knownchange/source-bound review: convertibleTreatment=none. Original measuredsource 2026-07-26, current analystthroughday 2026-10-03; source-informed cash/share drift age increments independently recomputed, exact newSECdisclosures examined. MUtwo immediatecommon29 grants separatefrom fixed17Maward proxy; deferred38notcurrentcommon/cash. TERsecondary167sale notissuerretirement. Cashownership fraction/zeroNCI/no-convert apply only originaldefinedconsolidated/claim scope, not absence of all contingent/currentclaims or guarantee. Newknown changes and widenedcash/issuance ranges caninvalidate funding/qualification. Originalterminal operating/profit/price/casewindow unchanged. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q15 — exact field scope

NVDA actual21-field knownchange/source-bound review: convertibleConversionPrice=not-applicable. Original measuredsource 2026-07-26, current analystthroughday 2026-10-03; source-informed cash/share drift age increments independently recomputed, exact newSECdisclosures examined. MUtwo immediatecommon29 grants separatefrom fixed17Maward proxy; deferred38notcurrentcommon/cash. TERsecondary167sale notissuerretirement. Cashownership fraction/zeroNCI/no-convert apply only originaldefinedconsolidated/claim scope, not absence of all contingent/currentclaims or guarantee. Newknown changes and widenedcash/issuance ranges caninvalidate funding/qualification. Originalterminal operating/profit/price/casewindow unchanged. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q16 — exact field scope

NVDA actual21-field knownchange/source-bound review: convertibleCashSettlement=0. Original measuredsource 2026-07-26, current analystthroughday 2026-10-03; source-informed cash/share drift age increments independently recomputed, exact newSECdisclosures examined. MUtwo immediatecommon29 grants separatefrom fixed17Maward proxy; deferred38notcurrentcommon/cash. TERsecondary167sale notissuerretirement. Cashownership fraction/zeroNCI/no-convert apply only originaldefinedconsolidated/claim scope, not absence of all contingent/currentclaims or guarantee. Newknown changes and widenedcash/issuance ranges caninvalidate funding/qualification. Originalterminal operating/profit/price/casewindow unchanged. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q17 — exact field scope

NVDA actual21-field knownchange/source-bound review: postBalanceOtherCashChange=0. Original measuredsource 2026-07-26, current analystthroughday 2026-10-03; source-informed cash/share drift age increments independently recomputed, exact newSECdisclosures examined. MUtwo immediatecommon29 grants separatefrom fixed17Maward proxy; deferred38notcurrentcommon/cash. TERsecondary167sale notissuerretirement. Cashownership fraction/zeroNCI/no-convert apply only originaldefinedconsolidated/claim scope, not absence of all contingent/currentclaims or guarantee. Newknown changes and widenedcash/issuance ranges caninvalidate funding/qualification. Originalterminal operating/profit/price/casewindow unchanged. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q18 — exact field scope

NVDA actual21-field knownchange/source-bound review: cashOwnershipFraction=1. Original measuredsource 2026-07-26, current analystthroughday 2026-10-03; source-informed cash/share drift age increments independently recomputed, exact newSECdisclosures examined. MUtwo immediatecommon29 grants separatefrom fixed17Maward proxy; deferred38notcurrentcommon/cash. TERsecondary167sale notissuerretirement. Cashownership fraction/zeroNCI/no-convert apply only originaldefinedconsolidated/claim scope, not absence of all contingent/currentclaims or guarantee. Newknown changes and widenedcash/issuance ranges caninvalidate funding/qualification. Originalterminal operating/profit/price/casewindow unchanged. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q19 — exact field scope

NVDA actual21-field knownchange/source-bound review: cashNciDeduction=0. Original measuredsource 2026-07-26, current analystthroughday 2026-10-03; source-informed cash/share drift age increments independently recomputed, exact newSECdisclosures examined. MUtwo immediatecommon29 grants separatefrom fixed17Maward proxy; deferred38notcurrentcommon/cash. TERsecondary167sale notissuerretirement. Cashownership fraction/zeroNCI/no-convert apply only originaldefinedconsolidated/claim scope, not absence of all contingent/currentclaims or guarantee. Newknown changes and widenedcash/issuance ranges caninvalidate funding/qualification. Originalterminal operating/profit/price/casewindow unchanged. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q20 — exact field scope

NVDA actual21-field knownchange/source-bound review: cashJvContribution=0. Original measuredsource 2026-07-26, current analystthroughday 2026-10-03; source-informed cash/share drift age increments independently recomputed, exact newSECdisclosures examined. MUtwo immediatecommon29 grants separatefrom fixed17Maward proxy; deferred38notcurrentcommon/cash. TERsecondary167sale notissuerretirement. Cashownership fraction/zeroNCI/no-convert apply only originaldefinedconsolidated/claim scope, not absence of all contingent/currentclaims or guarantee. Newknown changes and widenedcash/issuance ranges caninvalidate funding/qualification. Originalterminal operating/profit/price/casewindow unchanged. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q21 — exact field scope

NVDA actual21-field knownchange/source-bound review: cashOwnershipReconciliation=NVDA consolidated balance has no NCI or preferred claim shown; liquid cash excludes equity investments; no JV cash added. Ownership fraction1 applies solely consolidated liquid cash, not every investment asset.. Original measuredsource 2026-07-26, current analystthroughday 2026-10-03; source-informed cash/share drift age increments independently recomputed, exact newSECdisclosures examined. MUtwo immediatecommon29 grants separatefrom fixed17Maward proxy; deferred38notcurrentcommon/cash. TERsecondary167sale notissuerretirement. Cashownership fraction/zeroNCI/no-convert apply only originaldefinedconsolidated/claim scope, not absence of all contingent/currentclaims or guarantee. Newknown changes and widenedcash/issuance ranges caninvalidate funding/qualification. Originalterminal operating/profit/price/casewindow unchanged. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q22 — exact field scope

NVDA actual current review of currentValuationShares: underlying dated stock 2026-08-21, old analyst proxy 24200000000; original lower/upper 23950000000.0/24450000000.0. Additional disclosed-stock age 42->43 days. Cash/share drift lower/upper distances prorated by 43/42, NVDA50M rounding fixed; other debt maturity and defined outside-owner scope intervals stay original conditional ranges. Result 23945238095.238094/24454761904.761906. No newbank/FD measurement, no assumption-free funding guarantee or exact future award condition. SECindex inspected; new MUcommon58 separately known, deferred38 not common; TERsecondarysale not issuerretirement. Operating/accessibility or undisclosed changes beyond range invalidate interpretation, not silently assert absence. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q23 — exact field scope

NVDA actual current review of commonCash: underlying dated stock 2026-07-26, old analyst proxy 56586000000; original lower/upper 31586000000.0/81586000000.0. Additional disclosed-stock age 68->69 days. Cash/share drift lower/upper distances prorated by 69/68, NVDA50M rounding fixed; other debt maturity and defined outside-owner scope intervals stay original conditional ranges. Result 31218352941.17647/81953647058.82353. No newbank/FD measurement, no assumption-free funding guarantee or exact future award condition. SECindex inspected; new MUcommon58 separately known, deferred38 not common; TERsecondarysale not issuerretirement. Operating/accessibility or undisclosed changes beyond range invalidate interpretation, not silently assert absence. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q24 — exact field scope

NVDA actual current review of debt: underlying dated stock 2026-07-26, old analyst proxy 33366000000; original lower/upper 32366000000.0/33366000000.0. Additional disclosed-stock age 68->69 days. Cash/share drift lower/upper distances prorated by 69/68, NVDA50M rounding fixed; other debt maturity and defined outside-owner scope intervals stay original conditional ranges. Result 32366000000.0/33366000000.0. No newbank/FD measurement, no assumption-free funding guarantee or exact future award condition. SECindex inspected; new MUcommon58 separately known, deferred38 not common; TERsecondarysale not issuerretirement. Operating/accessibility or undisclosed changes beyond range invalidate interpretation, not silently assert absence. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q25 — exact field scope

NVDA actual current review of ownershipLiability: underlying dated stock 2026-07-26, old analyst proxy 0; original lower/upper 0/0. Additional disclosed-stock age 68->69 days. Cash/share drift lower/upper distances prorated by 69/68, NVDA50M rounding fixed; other debt maturity and defined outside-owner scope intervals stay original conditional ranges. Result 0/0. No newbank/FD measurement, no assumption-free funding guarantee or exact future award condition. SECindex inspected; new MUcommon58 separately known, deferred38 not common; TERsecondarysale not issuerretirement. Operating/accessibility or undisclosed changes beyond range invalidate interpretation, not silently assert absence. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q26 — exact field scope

Exact retained native financials inputs. Review/source time, monetary/share basis and uncertainty are original. Typed native bookkeeping is NOT source truth or all-model-resolution certification. Original measurement {'start': '2025-07-28', 'end': '2026-07-26', 'basis': 'original retained financial measurement; native stock/share dates separately stated'}; dated balance/share values NOT quote-day cap-table guarantees. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q27 — exact field scope

Actual current soleanalyst reconciliation, not issuer currentmeasurement. Original source dates {'sharesAt': '2026-08-21', 'balanceSheetAt': '2026-07-26'} unchanged. New MUimmediatecommon58 distinct deferred38, TERsecondarysale notissuerflow; conditional source-specific age-drift bound. Exact reviewed receipt in current candidate. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q28 — exact field scope

Exact retained native valuation inputs. Review/source time, monetary/share basis and uncertainty are original. Typed native bookkeeping is NOT source truth or all-model-resolution certification. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Formula qualification Q29

Formula for native.valuation.sectorBridge.exclusions: NVDA normalized historical owner income = (130.387+117.270-50.078)B GAAP operating income *0.83 =163.99057B;17% forward-normalization tax proxy within issuer16%-18% FY27 full-year tax guide excluding discrete items, NOT reported normalized EPS. Remove equity marks by starting from EBIT, keep SBC expensed; zero net recurring other income assumption. Reported TTM common NI192.88B=120.067+118.010-45.197 remains separate. Difference-28.88943B is a full recurring normalization, NOT an exact aftertax sum of equity gains alone. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q30

Formula for native.valuation.sectorBridge.normalizedAmount: NVDA normalized historical owner income = (130.387+117.270-50.078)B GAAP operating income *0.83 =163.99057B;17% forward-normalization tax proxy within issuer16%-18% FY27 full-year tax guide excluding discrete items, NOT reported normalized EPS. Remove equity marks by starting from EBIT, keep SBC expensed; zero net recurring other income assumption. Reported TTM common NI192.88B=120.067+118.010-45.197 remains separate. Difference-28.88943B is a full recurring normalization, NOT an exact aftertax sum of equity gains alone. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q31

Formula for native.valuation.sectorBridge.attributableAmount: NVDA normalized historical owner income = (130.387+117.270-50.078)B GAAP operating income *0.83 =163.99057B;17% forward-normalization tax proxy within issuer16%-18% FY27 full-year tax guide excluding discrete items, NOT reported normalized EPS. Remove equity marks by starting from EBIT, keep SBC expensed; zero net recurring other income assumption. Reported TTM common NI192.88B=120.067+118.010-45.197 remains separate. Difference-28.88943B is a full recurring normalization, NOT an exact aftertax sum of equity gains alone. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q32

Formula for native.valuation.sectorBridge.reconciliation: NVDA normalized historical owner income = (130.387+117.270-50.078)B GAAP operating income *0.83 =163.99057B;17% forward-normalization tax proxy within issuer16%-18% FY27 full-year tax guide excluding discrete items, NOT reported normalized EPS. Remove equity marks by starting from EBIT, keep SBC expensed; zero net recurring other income assumption. Reported TTM common NI192.88B=120.067+118.010-45.197 remains separate. Difference-28.88943B is a full recurring normalization, NOT an exact aftertax sum of equity gains alone. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Qualification Q33 — exact field scope

CURRENT conditional public-stock overlay. Dated source periods/capture untouched; ranges recomputed, not exact currentbank or FD. Source/proxy receipts in current candidate. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q34 — exact field scope

Exact retained native reportedEPSAnchor inputs. Review/source time, monetary/share basis and uncertainty are original. Typed native bookkeeping is NOT source truth or all-model-resolution certification. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q35 — exact field scope

Exact original route pointer /modelViews/39 scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q36 — exact field scope

Hash equality is not semantic source proof scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Qualification Q37 — exact field scope

Exact provided downside12month assumptions/known source cutoffs, not four-times guidance or completed future recognition scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Formula qualification Q38

Formula for native.scenarios.downside.horizonMonths: NVDA recognized annual420/500/580B from explicit quarter shipment125/135/150/170B bull, not108Bquarterx4.65-66%GAAPmargin supportedQ2~66.24% butfuture hypothesis. Rubin production/customer deployments plus279Bnominal supply commitments support plausibility, not capacityoracle; payment/energization/customerfinancing stillconditional. Investment gains excluded; taxes signed, SBC remains expensed then cashaddback.60Bfutureinvesting +15Bsupport reserve not ordinaryCOGS twice;108.5Bgrossguarantee not currentcash/debt,SBfirstFY2029. Buybacks,1Bwithholding and0.3Bleaseprincipal disjoint fromOCF/dividends. Exact original input/reconciliation: horizonMonths=12 exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q39

Formula for native.scenarios.downside.revenueGrowth: NVDA recognized annual420/500/580B from explicit quarter shipment125/135/150/170B bull, not108Bquarterx4.65-66%GAAPmargin supportedQ2~66.24% butfuture hypothesis. Rubin production/customer deployments plus279Bnominal supply commitments support plausibility, not capacityoracle; payment/energization/customerfinancing stillconditional. Investment gains excluded; taxes signed, SBC remains expensed then cashaddback.60Bfutureinvesting +15Bsupport reserve not ordinaryCOGS twice;108.5Bgrossguarantee not currentcash/debt,SBfirstFY2029. Buybacks,1Bwithholding and0.3Bleaseprincipal disjoint fromOCF/dividends. Exact original input/reconciliation: revenueGrowth=0.38627586889791066 exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q40

Formula for native.scenarios.downside.operatingMargin: NVDA recognized annual420/500/580B from explicit quarter shipment125/135/150/170B bull, not108Bquarterx4.65-66%GAAPmargin supportedQ2~66.24% butfuture hypothesis. Rubin production/customer deployments plus279Bnominal supply commitments support plausibility, not capacityoracle; payment/energization/customerfinancing stillconditional. Investment gains excluded; taxes signed, SBC remains expensed then cashaddback.60Bfutureinvesting +15Bsupport reserve not ordinaryCOGS twice;108.5Bgrossguarantee not currentcash/debt,SBfirstFY2029. Buybacks,1Bwithholding and0.3Bleaseprincipal disjoint fromOCF/dividends. Exact original input/reconciliation: operatingMargin=0.58 exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q41

Formula for native.scenarios.downside.dilution: NVDA forecast140M NET employee delivery before ordinary repurchases retained as conservative analyst assumption, not actual gross69M H1issuance nor added23Mwithheld shares. H1net69-23=46M, doubled92M only context. Native grossShareIssuance label carries defined modeled common-share deliveries gross of ordinary repurchases, not gross payroll shares; source reconciliation explicitly distinguishes.100M existing residual award proxy (~95M Q2diluted-basic context) remains separate; no convert/preferred claim invented. Future buyback cash/averageprice yields shares retired; no extra external equity financing credited. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q42

Formula for native.scenarios.downside.runwayMonths: NVDA recognized annual420/500/580B from explicit quarter shipment125/135/150/170B bull, not108Bquarterx4.65-66%GAAPmargin supportedQ2~66.24% butfuture hypothesis. Rubin production/customer deployments plus279Bnominal supply commitments support plausibility, not capacityoracle; payment/energization/customerfinancing stillconditional. Investment gains excluded; taxes signed, SBC remains expensed then cashaddback.60Bfutureinvesting +15Bsupport reserve not ordinaryCOGS twice;108.5Bgrossguarantee not currentcash/debt,SBfirstFY2029. Buybacks,1Bwithholding and0.3Bleaseprincipal disjoint fromOCF/dividends. Exact original input/reconciliation: runwayMonths=12 exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q43

Formula for native.scenarios.downside.capacityRevenueCeiling: NVDA580B ceiling is the author recognized-shipment revenue hypothesis125+135+150+170B; not disclosed physical wafer/rack/megawatt maximum. Q2recognized96.221B, Q3guide108B, fullproduction Rubin context plus279Bnominal supply commitments support a plausible ramp but do NOT prove deliveries or customer power/cash. Hypothesis requires170Bfinal-quarter revenue (~57.4% above108Bguide midpoint), mixed ASP/rack content and collection execution. Original bound retained un-narrowed; reviewer considers conditional underwriting only, independent source capacity certainty unavailable. Margin ceiling66.24% is rounded observed63.734/96.221 Q2GAAP evidence; not issuer forward operating-margin guidance. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q44

Formula for native.scenarios.downside.maxOperatingMargin: NVDA580B ceiling is the author recognized-shipment revenue hypothesis125+135+150+170B; not disclosed physical wafer/rack/megawatt maximum. Q2recognized96.221B, Q3guide108B, fullproduction Rubin context plus279Bnominal supply commitments support a plausible ramp but do NOT prove deliveries or customer power/cash. Hypothesis requires170Bfinal-quarter revenue (~57.4% above108Bguide midpoint), mixed ASP/rack content and collection execution. Original bound retained un-narrowed; reviewer considers conditional underwriting only, independent source capacity certainty unavailable. Margin ceiling66.24% is rounded observed63.734/96.221 Q2GAAP evidence; not issuer forward operating-margin guidance. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q45

Formula for native.scenarios.downside.execution: NVDA recognized annual420/500/580B from explicit quarter shipment125/135/150/170B bull, not108Bquarterx4.65-66%GAAPmargin supportedQ2~66.24% butfuture hypothesis. Rubin production/customer deployments plus279Bnominal supply commitments support plausibility, not capacityoracle; payment/energization/customerfinancing stillconditional. Investment gains excluded; taxes signed, SBC remains expensed then cashaddback.60Bfutureinvesting +15Bsupport reserve not ordinaryCOGS twice;108.5Bgrossguarantee not currentcash/debt,SBfirstFY2029. Buybacks,1Bwithholding and0.3Bleaseprincipal disjoint fromOCF/dividends. Exact original input/reconciliation: execution=supported exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q46

Formula for native.scenarios.downside.terminalMultiple: NVDA recognized annual420/500/580B from explicit quarter shipment125/135/150/170B bull, not108Bquarterx4.65-66%GAAPmargin supportedQ2~66.24% butfuture hypothesis. Rubin production/customer deployments plus279Bnominal supply commitments support plausibility, not capacityoracle; payment/energization/customerfinancing stillconditional. Investment gains excluded; taxes signed, SBC remains expensed then cashaddback.60Bfutureinvesting +15Bsupport reserve not ordinaryCOGS twice;108.5Bgrossguarantee not currentcash/debt,SBfirstFY2029. Buybacks,1Bwithholding and0.3Bleaseprincipal disjoint fromOCF/dividends. Exact original input/reconciliation: terminalMultiple=20 exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q47

Formula for native.scenarios.downside.drivers: NVDA downside analyst cumulative quote-date12mo scenario: recognized quarterly sales[104, 104, 105, 107]B total420B, GAAP margin0.58, tax0.18; not4x quarterly issuer guidance. CFO EBIT minus fixed cash tax plus7B D&A/9B SBC/2B deferred tax and-45B workingcapital. SBC retained in GAAP earnings; forecast cash tax held fixed in native sensitivities is a conservative downside convention not dynamic marginal tax model. EXPLICIT alternative employee proceeds0 credited, NOT claim actual proceeds0;9.1B withholding separate. Alternative has1B less annual available cash than reconciled+1B case. Native financing0 no added market issuance. Original proceeds contract gap remains. Financialdebt33.366B minus1B notes principal=32.366B;0.3B lease payment remains OUTSIDE debt. Buybacks25.0B at180 assumed average price; net140M employee delivery plus100M residual dilution not zero-cost common dilution suppression. Strategic equity60B purchases vs historical H142.404B are investing not acquisition/CFO; reserve15B is unavailable liquidity NOT paid loss/debt/default pledge. SBfirstFY2029 not expected current105B draw; hypothetical15B buffer addresses exposure without asserting issuer restricted cash. No acquisition/JV cash in original proposed scenario; actual H1acquisition298M remains disclosed, no claim future or current liabilities vanish. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q48

Formula for native.scenarios.downside.cashPeriodStart: NVDA recognized annual420/500/580B from explicit quarter shipment125/135/150/170B bull, not108Bquarterx4.65-66%GAAPmargin supportedQ2~66.24% butfuture hypothesis. Rubin production/customer deployments plus279Bnominal supply commitments support plausibility, not capacityoracle; payment/energization/customerfinancing stillconditional. Investment gains excluded; taxes signed, SBC remains expensed then cashaddback.60Bfutureinvesting +15Bsupport reserve not ordinaryCOGS twice;108.5Bgrossguarantee not currentcash/debt,SBfirstFY2029. Buybacks,1Bwithholding and0.3Bleaseprincipal disjoint fromOCF/dividends. Exact original input/reconciliation: cashPeriodStart=2026-10-01 exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q49

Formula for native.scenarios.downside.cashPeriodEnd: NVDA recognized annual420/500/580B from explicit quarter shipment125/135/150/170B bull, not108Bquarterx4.65-66%GAAPmargin supportedQ2~66.24% butfuture hypothesis. Rubin production/customer deployments plus279Bnominal supply commitments support plausibility, not capacityoracle; payment/energization/customerfinancing stillconditional. Investment gains excluded; taxes signed, SBC remains expensed then cashaddback.60Bfutureinvesting +15Bsupport reserve not ordinaryCOGS twice;108.5Bgrossguarantee not currentcash/debt,SBfirstFY2029. Buybacks,1Bwithholding and0.3Bleaseprincipal disjoint fromOCF/dividends. Exact original input/reconciliation: cashPeriodEnd=2027-10-01 exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q50

Formula for native.scenarios.downside.cashPeriodBasis: NVDA recognized annual420/500/580B from explicit quarter shipment125/135/150/170B bull, not108Bquarterx4.65-66%GAAPmargin supportedQ2~66.24% butfuture hypothesis. Rubin production/customer deployments plus279Bnominal supply commitments support plausibility, not capacityoracle; payment/energization/customerfinancing stillconditional. Investment gains excluded; taxes signed, SBC remains expensed then cashaddback.60Bfutureinvesting +15Bsupport reserve not ordinaryCOGS twice;108.5Bgrossguarantee not currentcash/debt,SBfirstFY2029. Buybacks,1Bwithholding and0.3Bleaseprincipal disjoint fromOCF/dividends. Exact original input/reconciliation: cashPeriodBasis=cumulative-12mo exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q51

Formula for native.scenarios.downside.cashBridgeRationale: NVDA downside analyst cumulative quote-date12mo scenario: recognized quarterly sales[104, 104, 105, 107]B total420B, GAAP margin0.58, tax0.18; not4x quarterly issuer guidance. CFO EBIT minus fixed cash tax plus7B D&A/9B SBC/2B deferred tax and-45B workingcapital. SBC retained in GAAP earnings; forecast cash tax held fixed in native sensitivities is a conservative downside convention not dynamic marginal tax model. EXPLICIT alternative employee proceeds0 credited, NOT claim actual proceeds0;9.1B withholding separate. Alternative has1B less annual available cash than reconciled+1B case. Native financing0 no added market issuance. Original proceeds contract gap remains. Financialdebt33.366B minus1B notes principal=32.366B;0.3B lease payment remains OUTSIDE debt. Buybacks25.0B at180 assumed average price; net140M employee delivery plus100M residual dilution not zero-cost common dilution suppression. Strategic equity60B purchases vs historical H142.404B are investing not acquisition/CFO; reserve15B is unavailable liquidity NOT paid loss/debt/default pledge. SBfirstFY2029 not expected current105B draw; hypothetical15B buffer addresses exposure without asserting issuer restricted cash. No acquisition/JV cash in original proposed scenario; actual H1acquisition298M remains disclosed, no claim future or current liabilities vanish. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q52

Formula for native.scenarios.downside.fundingExecution: NVDA recognized annual420/500/580B from explicit quarter shipment125/135/150/170B bull, not108Bquarterx4.65-66%GAAPmargin supportedQ2~66.24% butfuture hypothesis. Rubin production/customer deployments plus279Bnominal supply commitments support plausibility, not capacityoracle; payment/energization/customerfinancing stillconditional. Investment gains excluded; taxes signed, SBC remains expensed then cashaddback.60Bfutureinvesting +15Bsupport reserve not ordinaryCOGS twice;108.5Bgrossguarantee not currentcash/debt,SBfirstFY2029. Buybacks,1Bwithholding and0.3Bleaseprincipal disjoint fromOCF/dividends. Exact original input/reconciliation: fundingExecution=supported exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q53

Formula for native.scenarios.downside.ownershipLiability: NVDA recognized annual420/500/580B from explicit quarter shipment125/135/150/170B bull, not108Bquarterx4.65-66%GAAPmargin supportedQ2~66.24% butfuture hypothesis. Rubin production/customer deployments plus279Bnominal supply commitments support plausibility, not capacityoracle; payment/energization/customerfinancing stillconditional. Investment gains excluded; taxes signed, SBC remains expensed then cashaddback.60Bfutureinvesting +15Bsupport reserve not ordinaryCOGS twice;108.5Bgrossguarantee not currentcash/debt,SBfirstFY2029. Buybacks,1Bwithholding and0.3Bleaseprincipal disjoint fromOCF/dividends. Exact original input/reconciliation: ownershipLiability=0 exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q54

Formula for native.scenarios.downside.cashOwnershipFraction: NVDA recognized annual420/500/580B from explicit quarter shipment125/135/150/170B bull, not108Bquarterx4.65-66%GAAPmargin supportedQ2~66.24% butfuture hypothesis. Rubin production/customer deployments plus279Bnominal supply commitments support plausibility, not capacityoracle; payment/energization/customerfinancing stillconditional. Investment gains excluded; taxes signed, SBC remains expensed then cashaddback.60Bfutureinvesting +15Bsupport reserve not ordinaryCOGS twice;108.5Bgrossguarantee not currentcash/debt,SBfirstFY2029. Buybacks,1Bwithholding and0.3Bleaseprincipal disjoint fromOCF/dividends. Exact original input/reconciliation: cashOwnershipFraction=1 exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q55

Formula for native.scenarios.downside.cashNciDeduction: NVDA recognized annual420/500/580B from explicit quarter shipment125/135/150/170B bull, not108Bquarterx4.65-66%GAAPmargin supportedQ2~66.24% butfuture hypothesis. Rubin production/customer deployments plus279Bnominal supply commitments support plausibility, not capacityoracle; payment/energization/customerfinancing stillconditional. Investment gains excluded; taxes signed, SBC remains expensed then cashaddback.60Bfutureinvesting +15Bsupport reserve not ordinaryCOGS twice;108.5Bgrossguarantee not currentcash/debt,SBfirstFY2029. Buybacks,1Bwithholding and0.3Bleaseprincipal disjoint fromOCF/dividends. Exact original input/reconciliation: cashNciDeduction=0 exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q56

Formula for native.scenarios.downside.cashJvContribution: NVDA recognized annual420/500/580B from explicit quarter shipment125/135/150/170B bull, not108Bquarterx4.65-66%GAAPmargin supportedQ2~66.24% butfuture hypothesis. Rubin production/customer deployments plus279Bnominal supply commitments support plausibility, not capacityoracle; payment/energization/customerfinancing stillconditional. Investment gains excluded; taxes signed, SBC remains expensed then cashaddback.60Bfutureinvesting +15Bsupport reserve not ordinaryCOGS twice;108.5Bgrossguarantee not currentcash/debt,SBfirstFY2029. Buybacks,1Bwithholding and0.3Bleaseprincipal disjoint fromOCF/dividends. Exact original input/reconciliation: cashJvContribution=0 exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q57

Formula for native.scenarios.downside.cashAttributionRationale: NVDA downside analyst cumulative quote-date12mo scenario: recognized quarterly sales[104, 104, 105, 107]B total420B, GAAP margin0.58, tax0.18; not4x quarterly issuer guidance. CFO EBIT minus fixed cash tax plus7B D&A/9B SBC/2B deferred tax and-45B workingcapital. SBC retained in GAAP earnings; forecast cash tax held fixed in native sensitivities is a conservative downside convention not dynamic marginal tax model. EXPLICIT alternative employee proceeds0 credited, NOT claim actual proceeds0;9.1B withholding separate. Alternative has1B less annual available cash than reconciled+1B case. Native financing0 no added market issuance. Original proceeds contract gap remains. Financialdebt33.366B minus1B notes principal=32.366B;0.3B lease payment remains OUTSIDE debt. Buybacks25.0B at180 assumed average price; net140M employee delivery plus100M residual dilution not zero-cost common dilution suppression. Strategic equity60B purchases vs historical H142.404B are investing not acquisition/CFO; reserve15B is unavailable liquidity NOT paid loss/debt/default pledge. SBfirstFY2029 not expected current105B draw; hypothetical15B buffer addresses exposure without asserting issuer restricted cash. No acquisition/JV cash in original proposed scenario; actual H1acquisition298M remains disclosed, no claim future or current liabilities vanish. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q58

Formula for native.scenarios.downside.shareholderDistributions: NVDA recognized annual420/500/580B from explicit quarter shipment125/135/150/170B bull, not108Bquarterx4.65-66%GAAPmargin supportedQ2~66.24% butfuture hypothesis. Rubin production/customer deployments plus279Bnominal supply commitments support plausibility, not capacityoracle; payment/energization/customerfinancing stillconditional. Investment gains excluded; taxes signed, SBC remains expensed then cashaddback.60Bfutureinvesting +15Bsupport reserve not ordinaryCOGS twice;108.5Bgrossguarantee not currentcash/debt,SBfirstFY2029. Buybacks,1Bwithholding and0.3Bleaseprincipal disjoint fromOCF/dividends. Exact original input/reconciliation: shareholderDistributions=24000000000.0 exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q59

Formula for native.scenarios.downside.sectorBridgeRationale: NVDA downside analyst cumulative quote-date12mo scenario: recognized quarterly sales[104, 104, 105, 107]B total420B, GAAP margin0.58, tax0.18; not4x quarterly issuer guidance. CFO EBIT minus fixed cash tax plus7B D&A/9B SBC/2B deferred tax and-45B workingcapital. SBC retained in GAAP earnings; forecast cash tax held fixed in native sensitivities is a conservative downside convention not dynamic marginal tax model. EXPLICIT alternative employee proceeds0 credited, NOT claim actual proceeds0;9.1B withholding separate. Alternative has1B less annual available cash than reconciled+1B case. Native financing0 no added market issuance. Original proceeds contract gap remains. Financialdebt33.366B minus1B notes principal=32.366B;0.3B lease payment remains OUTSIDE debt. Buybacks25.0B at180 assumed average price; net140M employee delivery plus100M residual dilution not zero-cost common dilution suppression. Strategic equity60B purchases vs historical H142.404B are investing not acquisition/CFO; reserve15B is unavailable liquidity NOT paid loss/debt/default pledge. SBfirstFY2029 not expected current105B draw; hypothetical15B buffer addresses exposure without asserting issuer restricted cash. No acquisition/JV cash in original proposed scenario; actual H1acquisition298M remains disclosed, no claim future or current liabilities vanish. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q60

Formula for native.scenarios.downside.netShareChange: NVDA forecast140M NET employee delivery before ordinary repurchases retained as conservative analyst assumption, not actual gross69M H1issuance nor added23Mwithheld shares. H1net69-23=46M, doubled92M only context. Native grossShareIssuance label carries defined modeled common-share deliveries gross of ordinary repurchases, not gross payroll shares; source reconciliation explicitly distinguishes.100M existing residual award proxy (~95M Q2diluted-basic context) remains separate; no convert/preferred claim invented. Future buyback cash/averageprice yields shares retired; no extra external equity financing credited. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q61

Formula for native.scenarios.downside.grossShareIssuance: NVDA forecast140M NET employee delivery before ordinary repurchases retained as conservative analyst assumption, not actual gross69M H1issuance nor added23Mwithheld shares. H1net69-23=46M, doubled92M only context. Native grossShareIssuance label carries defined modeled common-share deliveries gross of ordinary repurchases, not gross payroll shares; source reconciliation explicitly distinguishes.100M existing residual award proxy (~95M Q2diluted-basic context) remains separate; no convert/preferred claim invented. Future buyback cash/averageprice yields shares retired; no extra external equity financing credited. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q62

Formula for native.scenarios.downside.capitalAllocationRationale: NVDA downside analyst cumulative quote-date12mo scenario: recognized quarterly sales[104, 104, 105, 107]B total420B, GAAP margin0.58, tax0.18; not4x quarterly issuer guidance. CFO EBIT minus fixed cash tax plus7B D&A/9B SBC/2B deferred tax and-45B workingcapital. SBC retained in GAAP earnings; forecast cash tax held fixed in native sensitivities is a conservative downside convention not dynamic marginal tax model. EXPLICIT alternative employee proceeds0 credited, NOT claim actual proceeds0;9.1B withholding separate. Alternative has1B less annual available cash than reconciled+1B case. Native financing0 no added market issuance. Original proceeds contract gap remains. Financialdebt33.366B minus1B notes principal=32.366B;0.3B lease payment remains OUTSIDE debt. Buybacks25.0B at180 assumed average price; net140M employee delivery plus100M residual dilution not zero-cost common dilution suppression. Strategic equity60B purchases vs historical H142.404B are investing not acquisition/CFO; reserve15B is unavailable liquidity NOT paid loss/debt/default pledge. SBfirstFY2029 not expected current105B draw; hypothetical15B buffer addresses exposure without asserting issuer restricted cash. No acquisition/JV cash in original proposed scenario; actual H1acquisition298M remains disclosed, no claim future or current liabilities vanish. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q63

Formula for native.scenarios.downside.scenarioEconomicCashUses.equityInvestmentCash: NVDA downside analyst cumulative quote-date12mo scenario: recognized quarterly sales[104, 104, 105, 107]B total420B, GAAP margin0.58, tax0.18; not4x quarterly issuer guidance. CFO EBIT minus fixed cash tax plus7B D&A/9B SBC/2B deferred tax and-45B workingcapital. SBC retained in GAAP earnings; forecast cash tax held fixed in native sensitivities is a conservative downside convention not dynamic marginal tax model. Employee receipt+1B and withholding9.1B distinct financing cash; receipt unsupported in native leaf scope and cannot be netted into9.1B tax/CFO. Financialdebt33.366B minus1B notes principal=32.366B;0.3B lease payment remains OUTSIDE debt. Buybacks25.0B at180 assumed average price; net140M employee delivery plus100M residual dilution not zero-cost common dilution suppression. Strategic equity60B purchases vs historical H142.404B are investing not acquisition/CFO; reserve15B is unavailable liquidity NOT paid loss/debt/default pledge. SBfirstFY2029 not expected current105B draw; hypothetical15B buffer addresses exposure without asserting issuer restricted cash. No acquisition/JV cash in original proposed scenario; actual H1acquisition298M remains disclosed, no claim future or current liabilities vanish. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q64

Formula for native.scenarios.downside.scenarioEconomicCashUses.contingentSupportReserve: NVDA downside analyst cumulative quote-date12mo scenario: recognized quarterly sales[104, 104, 105, 107]B total420B, GAAP margin0.58, tax0.18; not4x quarterly issuer guidance. CFO EBIT minus fixed cash tax plus7B D&A/9B SBC/2B deferred tax and-45B workingcapital. SBC retained in GAAP earnings; forecast cash tax held fixed in native sensitivities is a conservative downside convention not dynamic marginal tax model. Employee receipt+1B and withholding9.1B distinct financing cash; receipt unsupported in native leaf scope and cannot be netted into9.1B tax/CFO. Financialdebt33.366B minus1B notes principal=32.366B;0.3B lease payment remains OUTSIDE debt. Buybacks25.0B at180 assumed average price; net140M employee delivery plus100M residual dilution not zero-cost common dilution suppression. Strategic equity60B purchases vs historical H142.404B are investing not acquisition/CFO; reserve15B is unavailable liquidity NOT paid loss/debt/default pledge. SBfirstFY2029 not expected current105B draw; hypothetical15B buffer addresses exposure without asserting issuer restricted cash. No acquisition/JV cash in original proposed scenario; actual H1acquisition298M remains disclosed, no claim future or current liabilities vanish. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q65

Formula for native.scenarios.downside.scenarioEconomicCashUses.financeLeasePrincipalCash: NVDA downside analyst cumulative quote-date12mo scenario: recognized quarterly sales[104, 104, 105, 107]B total420B, GAAP margin0.58, tax0.18; not4x quarterly issuer guidance. CFO EBIT minus fixed cash tax plus7B D&A/9B SBC/2B deferred tax and-45B workingcapital. SBC retained in GAAP earnings; forecast cash tax held fixed in native sensitivities is a conservative downside convention not dynamic marginal tax model. Employee receipt+1B and withholding9.1B distinct financing cash; receipt unsupported in native leaf scope and cannot be netted into9.1B tax/CFO. Financialdebt33.366B minus1B notes principal=32.366B;0.3B lease payment remains OUTSIDE debt. Buybacks25.0B at180 assumed average price; net140M employee delivery plus100M residual dilution not zero-cost common dilution suppression. Strategic equity60B purchases vs historical H142.404B are investing not acquisition/CFO; reserve15B is unavailable liquidity NOT paid loss/debt/default pledge. SBfirstFY2029 not expected current105B draw; hypothetical15B buffer addresses exposure without asserting issuer restricted cash. No acquisition/JV cash in original proposed scenario; actual H1acquisition298M remains disclosed, no claim future or current liabilities vanish. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q66

Formula for native.scenarios.downside.scenarioEconomicCashUses.leasePrincipalDebtTreatment: NVDA downside analyst cumulative quote-date12mo scenario: recognized quarterly sales[104, 104, 105, 107]B total420B, GAAP margin0.58, tax0.18; not4x quarterly issuer guidance. CFO EBIT minus fixed cash tax plus7B D&A/9B SBC/2B deferred tax and-45B workingcapital. SBC retained in GAAP earnings; forecast cash tax held fixed in native sensitivities is a conservative downside convention not dynamic marginal tax model. Employee receipt+1B and withholding9.1B distinct financing cash; receipt unsupported in native leaf scope and cannot be netted into9.1B tax/CFO. Financialdebt33.366B minus1B notes principal=32.366B;0.3B lease payment remains OUTSIDE debt. Buybacks25.0B at180 assumed average price; net140M employee delivery plus100M residual dilution not zero-cost common dilution suppression. Strategic equity60B purchases vs historical H142.404B are investing not acquisition/CFO; reserve15B is unavailable liquidity NOT paid loss/debt/default pledge. SBfirstFY2029 not expected current105B draw; hypothetical15B buffer addresses exposure without asserting issuer restricted cash. No acquisition/JV cash in original proposed scenario; actual H1acquisition298M remains disclosed, no claim future or current liabilities vanish. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q67

Formula for native.scenarios.downside.scenarioEconomicCashUses.openingFinanceLeaseDebtIncluded: NVDA downside analyst cumulative quote-date12mo scenario: recognized quarterly sales[104, 104, 105, 107]B total420B, GAAP margin0.58, tax0.18; not4x quarterly issuer guidance. CFO EBIT minus fixed cash tax plus7B D&A/9B SBC/2B deferred tax and-45B workingcapital. SBC retained in GAAP earnings; forecast cash tax held fixed in native sensitivities is a conservative downside convention not dynamic marginal tax model. Employee receipt+1B and withholding9.1B distinct financing cash; receipt unsupported in native leaf scope and cannot be netted into9.1B tax/CFO. Financialdebt33.366B minus1B notes principal=32.366B;0.3B lease payment remains OUTSIDE debt. Buybacks25.0B at180 assumed average price; net140M employee delivery plus100M residual dilution not zero-cost common dilution suppression. Strategic equity60B purchases vs historical H142.404B are investing not acquisition/CFO; reserve15B is unavailable liquidity NOT paid loss/debt/default pledge. SBfirstFY2029 not expected current105B draw; hypothetical15B buffer addresses exposure without asserting issuer restricted cash. No acquisition/JV cash in original proposed scenario; actual H1acquisition298M remains disclosed, no claim future or current liabilities vanish. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q68

Formula for native.scenarios.downside.scenarioEconomicCashUses.supportReserveBasis: NVDA downside analyst cumulative quote-date12mo scenario: recognized quarterly sales[104, 104, 105, 107]B total420B, GAAP margin0.58, tax0.18; not4x quarterly issuer guidance. CFO EBIT minus fixed cash tax plus7B D&A/9B SBC/2B deferred tax and-45B workingcapital. SBC retained in GAAP earnings; forecast cash tax held fixed in native sensitivities is a conservative downside convention not dynamic marginal tax model. Employee receipt+1B and withholding9.1B distinct financing cash; receipt unsupported in native leaf scope and cannot be netted into9.1B tax/CFO. Financialdebt33.366B minus1B notes principal=32.366B;0.3B lease payment remains OUTSIDE debt. Buybacks25.0B at180 assumed average price; net140M employee delivery plus100M residual dilution not zero-cost common dilution suppression. Strategic equity60B purchases vs historical H142.404B are investing not acquisition/CFO; reserve15B is unavailable liquidity NOT paid loss/debt/default pledge. SBfirstFY2029 not expected current105B draw; hypothetical15B buffer addresses exposure without asserting issuer restricted cash. No acquisition/JV cash in original proposed scenario; actual H1acquisition298M remains disclosed, no claim future or current liabilities vanish. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q69

Formula for native.scenarios.downside.scenarioEconomicCashUses.openingSupportReserveBalance: NVDA downside analyst cumulative quote-date12mo scenario: recognized quarterly sales[104, 104, 105, 107]B total420B, GAAP margin0.58, tax0.18; not4x quarterly issuer guidance. CFO EBIT minus fixed cash tax plus7B D&A/9B SBC/2B deferred tax and-45B workingcapital. SBC retained in GAAP earnings; forecast cash tax held fixed in native sensitivities is a conservative downside convention not dynamic marginal tax model. Employee receipt+1B and withholding9.1B distinct financing cash; receipt unsupported in native leaf scope and cannot be netted into9.1B tax/CFO. Financialdebt33.366B minus1B notes principal=32.366B;0.3B lease payment remains OUTSIDE debt. Buybacks25.0B at180 assumed average price; net140M employee delivery plus100M residual dilution not zero-cost common dilution suppression. Strategic equity60B purchases vs historical H142.404B are investing not acquisition/CFO; reserve15B is unavailable liquidity NOT paid loss/debt/default pledge. SBfirstFY2029 not expected current105B draw; hypothetical15B buffer addresses exposure without asserting issuer restricted cash. No acquisition/JV cash in original proposed scenario; actual H1acquisition298M remains disclosed, no claim future or current liabilities vanish. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q70

Formula for native.scenarios.downside.scenarioEconomicCashUses.quarterEquityInvestmentCash: Four successive quote-window buckets Oct2026-Dec2026/Jan2027-Mar2027/Apr2027-Jun2027/Jul2027-Sep2027 (end boundary2027-10-01), NOT fiscal earnings quarters. Straight-line native cash increments include all existing annual scopes; equity15B/quarter and lease0.075B/quarter; reserve BALANCES3.75/7.5/11.25/15B, never cumulatively sum reserve balances. Opening reserve0 is defined new-hypothesis scope, not issuer nil liability. Frontload15%annualcashcapex+25%equitycash additional timing deduction, original code not outdated35%/half comment. Historical H1AR cash use24.590B/inventory10.204B and Q2OCF24.077B versus NI59.688B caution collection lumpiness. Investmentcommitments18B remainderFY27 plus3B FY28 and ongoing supply/partner energization are not proof of uniform payment. Timing is plausible conditional stress, not a complete bank/covenant/intraday guarantee; acceleration beyond haircut requires new review. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q71

Formula for native.scenarios.downside.scenarioEconomicCashUses.quarterFinanceLeasePrincipalCash: Four successive quote-window buckets Oct2026-Dec2026/Jan2027-Mar2027/Apr2027-Jun2027/Jul2027-Sep2027 (end boundary2027-10-01), NOT fiscal earnings quarters. Straight-line native cash increments include all existing annual scopes; equity15B/quarter and lease0.075B/quarter; reserve BALANCES3.75/7.5/11.25/15B, never cumulatively sum reserve balances. Opening reserve0 is defined new-hypothesis scope, not issuer nil liability. Frontload15%annualcashcapex+25%equitycash additional timing deduction, original code not outdated35%/half comment. Historical H1AR cash use24.590B/inventory10.204B and Q2OCF24.077B versus NI59.688B caution collection lumpiness. Investmentcommitments18B remainderFY27 plus3B FY28 and ongoing supply/partner energization are not proof of uniform payment. Timing is plausible conditional stress, not a complete bank/covenant/intraday guarantee; acceleration beyond haircut requires new review. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q72

Formula for native.scenarios.downside.scenarioEconomicCashUses.quarterSupportReserveBalances: Four successive quote-window buckets Oct2026-Dec2026/Jan2027-Mar2027/Apr2027-Jun2027/Jul2027-Sep2027 (end boundary2027-10-01), NOT fiscal earnings quarters. Straight-line native cash increments include all existing annual scopes; equity15B/quarter and lease0.075B/quarter; reserve BALANCES3.75/7.5/11.25/15B, never cumulatively sum reserve balances. Opening reserve0 is defined new-hypothesis scope, not issuer nil liability. Frontload15%annualcashcapex+25%equitycash additional timing deduction, original code not outdated35%/half comment. Historical H1AR cash use24.590B/inventory10.204B and Q2OCF24.077B versus NI59.688B caution collection lumpiness. Investmentcommitments18B remainderFY27 plus3B FY28 and ongoing supply/partner energization are not proof of uniform payment. Timing is plausible conditional stress, not a complete bank/covenant/intraday guarantee; acceleration beyond haircut requires new review. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q73

Formula for native.scenarios.downside.scenarioEconomicCashUses.quarterCashBeforeEconomicUses: EXPLICIT DIFFERENT hypothesis: credit ZERO future employee proceeds despite actual trailing789M and original+1B forecast. Conservative no-credit cash budget with9.1B tax outflow and unchanged140M net delivery dilution; not issuer forecast or silent translation. Quarter differences-0.25/-0.5/-0.75/-1B, no CFO/debt/financing plug. Four successive quote-window buckets Oct2026-Dec2026/Jan2027-Mar2027/Apr2027-Jun2027/Jul2027-Sep2027 (end boundary2027-10-01), NOT fiscal earnings quarters. Straight-line native cash increments include all existing annual scopes; equity15B/quarter and lease0.075B/quarter; reserve BALANCES3.75/7.5/11.25/15B, never cumulatively sum reserve balances. Opening reserve0 is defined new-hypothesis scope, not issuer nil liability. Frontload15%annualcashcapex+25%equitycash additional timing deduction, original code not outdated35%/half comment. Historical H1AR cash use24.590B/inventory10.204B and Q2OCF24.077B versus NI59.688B caution collection lumpiness. Investmentcommitments18B remainderFY27 plus3B FY28 and ongoing supply/partner energization are not proof of uniform payment. Timing is plausible conditional stress, not a complete bank/covenant/intraday guarantee; acceleration beyond haircut requires new review. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q74

Formula for native.scenarios.downside.scenarioEconomicCashUses.stressCfoCumulativeAllocation: Four successive quote-window buckets Oct2026-Dec2026/Jan2027-Mar2027/Apr2027-Jun2027/Jul2027-Sep2027 (end boundary2027-10-01), NOT fiscal earnings quarters. Straight-line native cash increments include all existing annual scopes; equity15B/quarter and lease0.075B/quarter; reserve BALANCES3.75/7.5/11.25/15B, never cumulatively sum reserve balances. Opening reserve0 is defined new-hypothesis scope, not issuer nil liability. Frontload15%annualcashcapex+25%equitycash additional timing deduction, original code not outdated35%/half comment. Historical H1AR cash use24.590B/inventory10.204B and Q2OCF24.077B versus NI59.688B caution collection lumpiness. Investmentcommitments18B remainderFY27 plus3B FY28 and ongoing supply/partner energization are not proof of uniform payment. Timing is plausible conditional stress, not a complete bank/covenant/intraday guarantee; acceleration beyond haircut requires new review. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q75

Formula for native.scenarios.downside.scenarioEconomicCashUses.intraYearLiquidityTimingHaircut: Four successive quote-window buckets Oct2026-Dec2026/Jan2027-Mar2027/Apr2027-Jun2027/Jul2027-Sep2027 (end boundary2027-10-01), NOT fiscal earnings quarters. Straight-line native cash increments include all existing annual scopes; equity15B/quarter and lease0.075B/quarter; reserve BALANCES3.75/7.5/11.25/15B, never cumulatively sum reserve balances. Opening reserve0 is defined new-hypothesis scope, not issuer nil liability. Frontload15%annualcashcapex+25%equitycash additional timing deduction, original code not outdated35%/half comment. Historical H1AR cash use24.590B/inventory10.204B and Q2OCF24.077B versus NI59.688B caution collection lumpiness. Investmentcommitments18B remainderFY27 plus3B FY28 and ongoing supply/partner energization are not proof of uniform payment. Timing is plausible conditional stress, not a complete bank/covenant/intraday guarantee; acceleration beyond haircut requires new review. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q76

Formula for native.scenarios.downside.scenarioEconomicCashUses.minimumCashBasis: Four successive quote-window buckets Oct2026-Dec2026/Jan2027-Mar2027/Apr2027-Jun2027/Jul2027-Sep2027 (end boundary2027-10-01), NOT fiscal earnings quarters. Straight-line native cash increments include all existing annual scopes; equity15B/quarter and lease0.075B/quarter; reserve BALANCES3.75/7.5/11.25/15B, never cumulatively sum reserve balances. Opening reserve0 is defined new-hypothesis scope, not issuer nil liability. Frontload15%annualcashcapex+25%equitycash additional timing deduction, original code not outdated35%/half comment. Historical H1AR cash use24.590B/inventory10.204B and Q2OCF24.077B versus NI59.688B caution collection lumpiness. Investmentcommitments18B remainderFY27 plus3B FY28 and ongoing supply/partner energization are not proof of uniform payment. Timing is plausible conditional stress, not a complete bank/covenant/intraday guarantee; acceleration beyond haircut requires new review. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q77

Formula for native.scenarios.downside.scenarioEconomicCashUses.capitalAllocationRationale: EXPLICIT zero-proceeds conservative alternative, forecast net employee cash-9.1B; original+1B/-9.1B remains separate blocked hypothesis. NVDA downside analyst cumulative quote-date12mo scenario: recognized quarterly sales[104, 104, 105, 107]B total420B, GAAP margin0.58, tax0.18; not4x quarterly issuer guidance. CFO EBIT minus fixed cash tax plus7B D&A/9B SBC/2B deferred tax and-45B workingcapital. SBC retained in GAAP earnings; forecast cash tax held fixed in native sensitivities is a conservative downside convention not dynamic marginal tax model. ORIGINAL employee+1B/9.1Btax remains distinct historical proposed case, not this alternate; this alternate credits0receipts and retains9.1Btax, loweringannualcash1B. Financialdebt33.366B minus1B notes principal=32.366B;0.3B lease payment remains OUTSIDE debt. Buybacks25.0B at180 assumed average price; net140M employee delivery plus100M residual dilution not zero-cost common dilution suppression. Strategic equity60B purchases vs historical H142.404B are investing not acquisition/CFO; reserve15B is unavailable liquidity NOT paid loss/debt/default pledge. SBfirstFY2029 not expected current105B draw; hypothetical15B buffer addresses exposure without asserting issuer restricted cash. No acquisition/JV cash in original proposed scenario; actual H1acquisition298M remains disclosed, no claim future or current liabilities vanish. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q78

Formula for native.scenarios.downside.scenarioEconomicCashUses.cashUsesTimingRationale: EXPLICIT zero-proceeds conservative alternative, forecast net employee cash-9.1B; original+1B/-9.1B remains separate blocked hypothesis. Four successive quote-window buckets Oct2026-Dec2026/Jan2027-Mar2027/Apr2027-Jun2027/Jul2027-Sep2027 (end boundary2027-10-01), NOT fiscal earnings quarters. Straight-line native cash increments include all existing annual scopes; equity15B/quarter and lease0.075B/quarter; reserve BALANCES3.75/7.5/11.25/15B, never cumulatively sum reserve balances. Opening reserve0 is defined new-hypothesis scope, not issuer nil liability. Frontload15%annualcashcapex+25%equitycash additional timing deduction, original code not outdated35%/half comment. Historical H1AR cash use24.590B/inventory10.204B and Q2OCF24.077B versus NI59.688B caution collection lumpiness. Investmentcommitments18B remainderFY27 plus3B FY28 and ongoing supply/partner energization are not proof of uniform payment. Timing is plausible conditional stress, not a complete bank/covenant/intraday guarantee; acceleration beyond haircut requires new review. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Qualification Q79 — exact field scope

Exact provided base12month assumptions/known source cutoffs, not four-times guidance or completed future recognition scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Formula qualification Q80

Formula for native.scenarios.base.horizonMonths: NVDA recognized annual420/500/580B from explicit quarter shipment125/135/150/170B bull, not108Bquarterx4.65-66%GAAPmargin supportedQ2~66.24% butfuture hypothesis. Rubin production/customer deployments plus279Bnominal supply commitments support plausibility, not capacityoracle; payment/energization/customerfinancing stillconditional. Investment gains excluded; taxes signed, SBC remains expensed then cashaddback.60Bfutureinvesting +15Bsupport reserve not ordinaryCOGS twice;108.5Bgrossguarantee not currentcash/debt,SBfirstFY2029. Buybacks,1Bwithholding and0.3Bleaseprincipal disjoint fromOCF/dividends. Exact original input/reconciliation: horizonMonths=12 exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q81

Formula for native.scenarios.base.revenueGrowth: NVDA recognized annual420/500/580B from explicit quarter shipment125/135/150/170B bull, not108Bquarterx4.65-66%GAAPmargin supportedQ2~66.24% butfuture hypothesis. Rubin production/customer deployments plus279Bnominal supply commitments support plausibility, not capacityoracle; payment/energization/customerfinancing stillconditional. Investment gains excluded; taxes signed, SBC remains expensed then cashaddback.60Bfutureinvesting +15Bsupport reserve not ordinaryCOGS twice;108.5Bgrossguarantee not currentcash/debt,SBfirstFY2029. Buybacks,1Bwithholding and0.3Bleaseprincipal disjoint fromOCF/dividends. Exact original input/reconciliation: revenueGrowth=0.6503284153546556 exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q82

Formula for native.scenarios.base.operatingMargin: NVDA recognized annual420/500/580B from explicit quarter shipment125/135/150/170B bull, not108Bquarterx4.65-66%GAAPmargin supportedQ2~66.24% butfuture hypothesis. Rubin production/customer deployments plus279Bnominal supply commitments support plausibility, not capacityoracle; payment/energization/customerfinancing stillconditional. Investment gains excluded; taxes signed, SBC remains expensed then cashaddback.60Bfutureinvesting +15Bsupport reserve not ordinaryCOGS twice;108.5Bgrossguarantee not currentcash/debt,SBfirstFY2029. Buybacks,1Bwithholding and0.3Bleaseprincipal disjoint fromOCF/dividends. Exact original input/reconciliation: operatingMargin=0.65 exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q83

Formula for native.scenarios.base.dilution: NVDA forecast140M NET employee delivery before ordinary repurchases retained as conservative analyst assumption, not actual gross69M H1issuance nor added23Mwithheld shares. H1net69-23=46M, doubled92M only context. Native grossShareIssuance label carries defined modeled common-share deliveries gross of ordinary repurchases, not gross payroll shares; source reconciliation explicitly distinguishes.100M existing residual award proxy (~95M Q2diluted-basic context) remains separate; no convert/preferred claim invented. Future buyback cash/averageprice yields shares retired; no extra external equity financing credited. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q84

Formula for native.scenarios.base.runwayMonths: NVDA recognized annual420/500/580B from explicit quarter shipment125/135/150/170B bull, not108Bquarterx4.65-66%GAAPmargin supportedQ2~66.24% butfuture hypothesis. Rubin production/customer deployments plus279Bnominal supply commitments support plausibility, not capacityoracle; payment/energization/customerfinancing stillconditional. Investment gains excluded; taxes signed, SBC remains expensed then cashaddback.60Bfutureinvesting +15Bsupport reserve not ordinaryCOGS twice;108.5Bgrossguarantee not currentcash/debt,SBfirstFY2029. Buybacks,1Bwithholding and0.3Bleaseprincipal disjoint fromOCF/dividends. Exact original input/reconciliation: runwayMonths=12 exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q85

Formula for native.scenarios.base.capacityRevenueCeiling: NVDA580B ceiling is the author recognized-shipment revenue hypothesis125+135+150+170B; not disclosed physical wafer/rack/megawatt maximum. Q2recognized96.221B, Q3guide108B, fullproduction Rubin context plus279Bnominal supply commitments support a plausible ramp but do NOT prove deliveries or customer power/cash. Hypothesis requires170Bfinal-quarter revenue (~57.4% above108Bguide midpoint), mixed ASP/rack content and collection execution. Original bound retained un-narrowed; reviewer considers conditional underwriting only, independent source capacity certainty unavailable. Margin ceiling66.24% is rounded observed63.734/96.221 Q2GAAP evidence; not issuer forward operating-margin guidance. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q86

Formula for native.scenarios.base.maxOperatingMargin: NVDA580B ceiling is the author recognized-shipment revenue hypothesis125+135+150+170B; not disclosed physical wafer/rack/megawatt maximum. Q2recognized96.221B, Q3guide108B, fullproduction Rubin context plus279Bnominal supply commitments support a plausible ramp but do NOT prove deliveries or customer power/cash. Hypothesis requires170Bfinal-quarter revenue (~57.4% above108Bguide midpoint), mixed ASP/rack content and collection execution. Original bound retained un-narrowed; reviewer considers conditional underwriting only, independent source capacity certainty unavailable. Margin ceiling66.24% is rounded observed63.734/96.221 Q2GAAP evidence; not issuer forward operating-margin guidance. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q87

Formula for native.scenarios.base.execution: NVDA recognized annual420/500/580B from explicit quarter shipment125/135/150/170B bull, not108Bquarterx4.65-66%GAAPmargin supportedQ2~66.24% butfuture hypothesis. Rubin production/customer deployments plus279Bnominal supply commitments support plausibility, not capacityoracle; payment/energization/customerfinancing stillconditional. Investment gains excluded; taxes signed, SBC remains expensed then cashaddback.60Bfutureinvesting +15Bsupport reserve not ordinaryCOGS twice;108.5Bgrossguarantee not currentcash/debt,SBfirstFY2029. Buybacks,1Bwithholding and0.3Bleaseprincipal disjoint fromOCF/dividends. Exact original input/reconciliation: execution=supported exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q88

Formula for native.scenarios.base.terminalMultiple: NVDA recognized annual420/500/580B from explicit quarter shipment125/135/150/170B bull, not108Bquarterx4.65-66%GAAPmargin supportedQ2~66.24% butfuture hypothesis. Rubin production/customer deployments plus279Bnominal supply commitments support plausibility, not capacityoracle; payment/energization/customerfinancing stillconditional. Investment gains excluded; taxes signed, SBC remains expensed then cashaddback.60Bfutureinvesting +15Bsupport reserve not ordinaryCOGS twice;108.5Bgrossguarantee not currentcash/debt,SBfirstFY2029. Buybacks,1Bwithholding and0.3Bleaseprincipal disjoint fromOCF/dividends. Exact original input/reconciliation: terminalMultiple=25 exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q89

Formula for native.scenarios.base.drivers: NVDA base analyst cumulative quote-date12mo scenario: recognized quarterly sales[112, 120, 128, 140]B total500B, GAAP margin0.65, tax0.17; not4x quarterly issuer guidance. CFO EBIT minus fixed cash tax plus7B D&A/9B SBC/2B deferred tax and-55B workingcapital. SBC retained in GAAP earnings; forecast cash tax held fixed in native sensitivities is a conservative downside convention not dynamic marginal tax model. EXPLICIT alternative employee proceeds0 credited, NOT claim actual proceeds0;9.1B withholding separate. Alternative has1B less annual available cash than reconciled+1B case. Native financing0 no added market issuance. Original proceeds contract gap remains. Financialdebt33.366B minus1B notes principal=32.366B;0.3B lease payment remains OUTSIDE debt. Buybacks75.0B at270 assumed average price; net140M employee delivery plus100M residual dilution not zero-cost common dilution suppression. Strategic equity60B purchases vs historical H142.404B are investing not acquisition/CFO; reserve15B is unavailable liquidity NOT paid loss/debt/default pledge. SBfirstFY2029 not expected current105B draw; hypothetical15B buffer addresses exposure without asserting issuer restricted cash. No acquisition/JV cash in original proposed scenario; actual H1acquisition298M remains disclosed, no claim future or current liabilities vanish. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q90

Formula for native.scenarios.base.cashPeriodStart: NVDA recognized annual420/500/580B from explicit quarter shipment125/135/150/170B bull, not108Bquarterx4.65-66%GAAPmargin supportedQ2~66.24% butfuture hypothesis. Rubin production/customer deployments plus279Bnominal supply commitments support plausibility, not capacityoracle; payment/energization/customerfinancing stillconditional. Investment gains excluded; taxes signed, SBC remains expensed then cashaddback.60Bfutureinvesting +15Bsupport reserve not ordinaryCOGS twice;108.5Bgrossguarantee not currentcash/debt,SBfirstFY2029. Buybacks,1Bwithholding and0.3Bleaseprincipal disjoint fromOCF/dividends. Exact original input/reconciliation: cashPeriodStart=2026-10-01 exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q91

Formula for native.scenarios.base.cashPeriodEnd: NVDA recognized annual420/500/580B from explicit quarter shipment125/135/150/170B bull, not108Bquarterx4.65-66%GAAPmargin supportedQ2~66.24% butfuture hypothesis. Rubin production/customer deployments plus279Bnominal supply commitments support plausibility, not capacityoracle; payment/energization/customerfinancing stillconditional. Investment gains excluded; taxes signed, SBC remains expensed then cashaddback.60Bfutureinvesting +15Bsupport reserve not ordinaryCOGS twice;108.5Bgrossguarantee not currentcash/debt,SBfirstFY2029. Buybacks,1Bwithholding and0.3Bleaseprincipal disjoint fromOCF/dividends. Exact original input/reconciliation: cashPeriodEnd=2027-10-01 exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q92

Formula for native.scenarios.base.cashPeriodBasis: NVDA recognized annual420/500/580B from explicit quarter shipment125/135/150/170B bull, not108Bquarterx4.65-66%GAAPmargin supportedQ2~66.24% butfuture hypothesis. Rubin production/customer deployments plus279Bnominal supply commitments support plausibility, not capacityoracle; payment/energization/customerfinancing stillconditional. Investment gains excluded; taxes signed, SBC remains expensed then cashaddback.60Bfutureinvesting +15Bsupport reserve not ordinaryCOGS twice;108.5Bgrossguarantee not currentcash/debt,SBfirstFY2029. Buybacks,1Bwithholding and0.3Bleaseprincipal disjoint fromOCF/dividends. Exact original input/reconciliation: cashPeriodBasis=cumulative-12mo exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q93

Formula for native.scenarios.base.cashBridgeRationale: NVDA base analyst cumulative quote-date12mo scenario: recognized quarterly sales[112, 120, 128, 140]B total500B, GAAP margin0.65, tax0.17; not4x quarterly issuer guidance. CFO EBIT minus fixed cash tax plus7B D&A/9B SBC/2B deferred tax and-55B workingcapital. SBC retained in GAAP earnings; forecast cash tax held fixed in native sensitivities is a conservative downside convention not dynamic marginal tax model. EXPLICIT alternative employee proceeds0 credited, NOT claim actual proceeds0;9.1B withholding separate. Alternative has1B less annual available cash than reconciled+1B case. Native financing0 no added market issuance. Original proceeds contract gap remains. Financialdebt33.366B minus1B notes principal=32.366B;0.3B lease payment remains OUTSIDE debt. Buybacks75.0B at270 assumed average price; net140M employee delivery plus100M residual dilution not zero-cost common dilution suppression. Strategic equity60B purchases vs historical H142.404B are investing not acquisition/CFO; reserve15B is unavailable liquidity NOT paid loss/debt/default pledge. SBfirstFY2029 not expected current105B draw; hypothetical15B buffer addresses exposure without asserting issuer restricted cash. No acquisition/JV cash in original proposed scenario; actual H1acquisition298M remains disclosed, no claim future or current liabilities vanish. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q94

Formula for native.scenarios.base.fundingExecution: NVDA recognized annual420/500/580B from explicit quarter shipment125/135/150/170B bull, not108Bquarterx4.65-66%GAAPmargin supportedQ2~66.24% butfuture hypothesis. Rubin production/customer deployments plus279Bnominal supply commitments support plausibility, not capacityoracle; payment/energization/customerfinancing stillconditional. Investment gains excluded; taxes signed, SBC remains expensed then cashaddback.60Bfutureinvesting +15Bsupport reserve not ordinaryCOGS twice;108.5Bgrossguarantee not currentcash/debt,SBfirstFY2029. Buybacks,1Bwithholding and0.3Bleaseprincipal disjoint fromOCF/dividends. Exact original input/reconciliation: fundingExecution=supported exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q95

Formula for native.scenarios.base.ownershipLiability: NVDA recognized annual420/500/580B from explicit quarter shipment125/135/150/170B bull, not108Bquarterx4.65-66%GAAPmargin supportedQ2~66.24% butfuture hypothesis. Rubin production/customer deployments plus279Bnominal supply commitments support plausibility, not capacityoracle; payment/energization/customerfinancing stillconditional. Investment gains excluded; taxes signed, SBC remains expensed then cashaddback.60Bfutureinvesting +15Bsupport reserve not ordinaryCOGS twice;108.5Bgrossguarantee not currentcash/debt,SBfirstFY2029. Buybacks,1Bwithholding and0.3Bleaseprincipal disjoint fromOCF/dividends. Exact original input/reconciliation: ownershipLiability=0 exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q96

Formula for native.scenarios.base.cashOwnershipFraction: NVDA recognized annual420/500/580B from explicit quarter shipment125/135/150/170B bull, not108Bquarterx4.65-66%GAAPmargin supportedQ2~66.24% butfuture hypothesis. Rubin production/customer deployments plus279Bnominal supply commitments support plausibility, not capacityoracle; payment/energization/customerfinancing stillconditional. Investment gains excluded; taxes signed, SBC remains expensed then cashaddback.60Bfutureinvesting +15Bsupport reserve not ordinaryCOGS twice;108.5Bgrossguarantee not currentcash/debt,SBfirstFY2029. Buybacks,1Bwithholding and0.3Bleaseprincipal disjoint fromOCF/dividends. Exact original input/reconciliation: cashOwnershipFraction=1 exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q97

Formula for native.scenarios.base.cashNciDeduction: NVDA recognized annual420/500/580B from explicit quarter shipment125/135/150/170B bull, not108Bquarterx4.65-66%GAAPmargin supportedQ2~66.24% butfuture hypothesis. Rubin production/customer deployments plus279Bnominal supply commitments support plausibility, not capacityoracle; payment/energization/customerfinancing stillconditional. Investment gains excluded; taxes signed, SBC remains expensed then cashaddback.60Bfutureinvesting +15Bsupport reserve not ordinaryCOGS twice;108.5Bgrossguarantee not currentcash/debt,SBfirstFY2029. Buybacks,1Bwithholding and0.3Bleaseprincipal disjoint fromOCF/dividends. Exact original input/reconciliation: cashNciDeduction=0 exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q98

Formula for native.scenarios.base.cashJvContribution: NVDA recognized annual420/500/580B from explicit quarter shipment125/135/150/170B bull, not108Bquarterx4.65-66%GAAPmargin supportedQ2~66.24% butfuture hypothesis. Rubin production/customer deployments plus279Bnominal supply commitments support plausibility, not capacityoracle; payment/energization/customerfinancing stillconditional. Investment gains excluded; taxes signed, SBC remains expensed then cashaddback.60Bfutureinvesting +15Bsupport reserve not ordinaryCOGS twice;108.5Bgrossguarantee not currentcash/debt,SBfirstFY2029. Buybacks,1Bwithholding and0.3Bleaseprincipal disjoint fromOCF/dividends. Exact original input/reconciliation: cashJvContribution=0 exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q99

Formula for native.scenarios.base.cashAttributionRationale: NVDA base analyst cumulative quote-date12mo scenario: recognized quarterly sales[112, 120, 128, 140]B total500B, GAAP margin0.65, tax0.17; not4x quarterly issuer guidance. CFO EBIT minus fixed cash tax plus7B D&A/9B SBC/2B deferred tax and-55B workingcapital. SBC retained in GAAP earnings; forecast cash tax held fixed in native sensitivities is a conservative downside convention not dynamic marginal tax model. EXPLICIT alternative employee proceeds0 credited, NOT claim actual proceeds0;9.1B withholding separate. Alternative has1B less annual available cash than reconciled+1B case. Native financing0 no added market issuance. Original proceeds contract gap remains. Financialdebt33.366B minus1B notes principal=32.366B;0.3B lease payment remains OUTSIDE debt. Buybacks75.0B at270 assumed average price; net140M employee delivery plus100M residual dilution not zero-cost common dilution suppression. Strategic equity60B purchases vs historical H142.404B are investing not acquisition/CFO; reserve15B is unavailable liquidity NOT paid loss/debt/default pledge. SBfirstFY2029 not expected current105B draw; hypothetical15B buffer addresses exposure without asserting issuer restricted cash. No acquisition/JV cash in original proposed scenario; actual H1acquisition298M remains disclosed, no claim future or current liabilities vanish. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q100

Formula for native.scenarios.base.shareholderDistributions: NVDA recognized annual420/500/580B from explicit quarter shipment125/135/150/170B bull, not108Bquarterx4.65-66%GAAPmargin supportedQ2~66.24% butfuture hypothesis. Rubin production/customer deployments plus279Bnominal supply commitments support plausibility, not capacityoracle; payment/energization/customerfinancing stillconditional. Investment gains excluded; taxes signed, SBC remains expensed then cashaddback.60Bfutureinvesting +15Bsupport reserve not ordinaryCOGS twice;108.5Bgrossguarantee not currentcash/debt,SBfirstFY2029. Buybacks,1Bwithholding and0.3Bleaseprincipal disjoint fromOCF/dividends. Exact original input/reconciliation: shareholderDistributions=24000000000.0 exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q101

Formula for native.scenarios.base.sectorBridgeRationale: NVDA base analyst cumulative quote-date12mo scenario: recognized quarterly sales[112, 120, 128, 140]B total500B, GAAP margin0.65, tax0.17; not4x quarterly issuer guidance. CFO EBIT minus fixed cash tax plus7B D&A/9B SBC/2B deferred tax and-55B workingcapital. SBC retained in GAAP earnings; forecast cash tax held fixed in native sensitivities is a conservative downside convention not dynamic marginal tax model. EXPLICIT alternative employee proceeds0 credited, NOT claim actual proceeds0;9.1B withholding separate. Alternative has1B less annual available cash than reconciled+1B case. Native financing0 no added market issuance. Original proceeds contract gap remains. Financialdebt33.366B minus1B notes principal=32.366B;0.3B lease payment remains OUTSIDE debt. Buybacks75.0B at270 assumed average price; net140M employee delivery plus100M residual dilution not zero-cost common dilution suppression. Strategic equity60B purchases vs historical H142.404B are investing not acquisition/CFO; reserve15B is unavailable liquidity NOT paid loss/debt/default pledge. SBfirstFY2029 not expected current105B draw; hypothetical15B buffer addresses exposure without asserting issuer restricted cash. No acquisition/JV cash in original proposed scenario; actual H1acquisition298M remains disclosed, no claim future or current liabilities vanish. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q102

Formula for native.scenarios.base.netShareChange: NVDA forecast140M NET employee delivery before ordinary repurchases retained as conservative analyst assumption, not actual gross69M H1issuance nor added23Mwithheld shares. H1net69-23=46M, doubled92M only context. Native grossShareIssuance label carries defined modeled common-share deliveries gross of ordinary repurchases, not gross payroll shares; source reconciliation explicitly distinguishes.100M existing residual award proxy (~95M Q2diluted-basic context) remains separate; no convert/preferred claim invented. Future buyback cash/averageprice yields shares retired; no extra external equity financing credited. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q103

Formula for native.scenarios.base.grossShareIssuance: NVDA forecast140M NET employee delivery before ordinary repurchases retained as conservative analyst assumption, not actual gross69M H1issuance nor added23Mwithheld shares. H1net69-23=46M, doubled92M only context. Native grossShareIssuance label carries defined modeled common-share deliveries gross of ordinary repurchases, not gross payroll shares; source reconciliation explicitly distinguishes.100M existing residual award proxy (~95M Q2diluted-basic context) remains separate; no convert/preferred claim invented. Future buyback cash/averageprice yields shares retired; no extra external equity financing credited. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q104

Formula for native.scenarios.base.capitalAllocationRationale: NVDA base analyst cumulative quote-date12mo scenario: recognized quarterly sales[112, 120, 128, 140]B total500B, GAAP margin0.65, tax0.17; not4x quarterly issuer guidance. CFO EBIT minus fixed cash tax plus7B D&A/9B SBC/2B deferred tax and-55B workingcapital. SBC retained in GAAP earnings; forecast cash tax held fixed in native sensitivities is a conservative downside convention not dynamic marginal tax model. EXPLICIT alternative employee proceeds0 credited, NOT claim actual proceeds0;9.1B withholding separate. Alternative has1B less annual available cash than reconciled+1B case. Native financing0 no added market issuance. Original proceeds contract gap remains. Financialdebt33.366B minus1B notes principal=32.366B;0.3B lease payment remains OUTSIDE debt. Buybacks75.0B at270 assumed average price; net140M employee delivery plus100M residual dilution not zero-cost common dilution suppression. Strategic equity60B purchases vs historical H142.404B are investing not acquisition/CFO; reserve15B is unavailable liquidity NOT paid loss/debt/default pledge. SBfirstFY2029 not expected current105B draw; hypothetical15B buffer addresses exposure without asserting issuer restricted cash. No acquisition/JV cash in original proposed scenario; actual H1acquisition298M remains disclosed, no claim future or current liabilities vanish. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q105

Formula for native.scenarios.base.scenarioEconomicCashUses.equityInvestmentCash: NVDA base analyst cumulative quote-date12mo scenario: recognized quarterly sales[112, 120, 128, 140]B total500B, GAAP margin0.65, tax0.17; not4x quarterly issuer guidance. CFO EBIT minus fixed cash tax plus7B D&A/9B SBC/2B deferred tax and-55B workingcapital. SBC retained in GAAP earnings; forecast cash tax held fixed in native sensitivities is a conservative downside convention not dynamic marginal tax model. Employee receipt+1B and withholding9.1B distinct financing cash; receipt unsupported in native leaf scope and cannot be netted into9.1B tax/CFO. Financialdebt33.366B minus1B notes principal=32.366B;0.3B lease payment remains OUTSIDE debt. Buybacks75.0B at270 assumed average price; net140M employee delivery plus100M residual dilution not zero-cost common dilution suppression. Strategic equity60B purchases vs historical H142.404B are investing not acquisition/CFO; reserve15B is unavailable liquidity NOT paid loss/debt/default pledge. SBfirstFY2029 not expected current105B draw; hypothetical15B buffer addresses exposure without asserting issuer restricted cash. No acquisition/JV cash in original proposed scenario; actual H1acquisition298M remains disclosed, no claim future or current liabilities vanish. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q106

Formula for native.scenarios.base.scenarioEconomicCashUses.contingentSupportReserve: NVDA base analyst cumulative quote-date12mo scenario: recognized quarterly sales[112, 120, 128, 140]B total500B, GAAP margin0.65, tax0.17; not4x quarterly issuer guidance. CFO EBIT minus fixed cash tax plus7B D&A/9B SBC/2B deferred tax and-55B workingcapital. SBC retained in GAAP earnings; forecast cash tax held fixed in native sensitivities is a conservative downside convention not dynamic marginal tax model. Employee receipt+1B and withholding9.1B distinct financing cash; receipt unsupported in native leaf scope and cannot be netted into9.1B tax/CFO. Financialdebt33.366B minus1B notes principal=32.366B;0.3B lease payment remains OUTSIDE debt. Buybacks75.0B at270 assumed average price; net140M employee delivery plus100M residual dilution not zero-cost common dilution suppression. Strategic equity60B purchases vs historical H142.404B are investing not acquisition/CFO; reserve15B is unavailable liquidity NOT paid loss/debt/default pledge. SBfirstFY2029 not expected current105B draw; hypothetical15B buffer addresses exposure without asserting issuer restricted cash. No acquisition/JV cash in original proposed scenario; actual H1acquisition298M remains disclosed, no claim future or current liabilities vanish. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q107

Formula for native.scenarios.base.scenarioEconomicCashUses.financeLeasePrincipalCash: NVDA base analyst cumulative quote-date12mo scenario: recognized quarterly sales[112, 120, 128, 140]B total500B, GAAP margin0.65, tax0.17; not4x quarterly issuer guidance. CFO EBIT minus fixed cash tax plus7B D&A/9B SBC/2B deferred tax and-55B workingcapital. SBC retained in GAAP earnings; forecast cash tax held fixed in native sensitivities is a conservative downside convention not dynamic marginal tax model. Employee receipt+1B and withholding9.1B distinct financing cash; receipt unsupported in native leaf scope and cannot be netted into9.1B tax/CFO. Financialdebt33.366B minus1B notes principal=32.366B;0.3B lease payment remains OUTSIDE debt. Buybacks75.0B at270 assumed average price; net140M employee delivery plus100M residual dilution not zero-cost common dilution suppression. Strategic equity60B purchases vs historical H142.404B are investing not acquisition/CFO; reserve15B is unavailable liquidity NOT paid loss/debt/default pledge. SBfirstFY2029 not expected current105B draw; hypothetical15B buffer addresses exposure without asserting issuer restricted cash. No acquisition/JV cash in original proposed scenario; actual H1acquisition298M remains disclosed, no claim future or current liabilities vanish. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q108

Formula for native.scenarios.base.scenarioEconomicCashUses.leasePrincipalDebtTreatment: NVDA base analyst cumulative quote-date12mo scenario: recognized quarterly sales[112, 120, 128, 140]B total500B, GAAP margin0.65, tax0.17; not4x quarterly issuer guidance. CFO EBIT minus fixed cash tax plus7B D&A/9B SBC/2B deferred tax and-55B workingcapital. SBC retained in GAAP earnings; forecast cash tax held fixed in native sensitivities is a conservative downside convention not dynamic marginal tax model. Employee receipt+1B and withholding9.1B distinct financing cash; receipt unsupported in native leaf scope and cannot be netted into9.1B tax/CFO. Financialdebt33.366B minus1B notes principal=32.366B;0.3B lease payment remains OUTSIDE debt. Buybacks75.0B at270 assumed average price; net140M employee delivery plus100M residual dilution not zero-cost common dilution suppression. Strategic equity60B purchases vs historical H142.404B are investing not acquisition/CFO; reserve15B is unavailable liquidity NOT paid loss/debt/default pledge. SBfirstFY2029 not expected current105B draw; hypothetical15B buffer addresses exposure without asserting issuer restricted cash. No acquisition/JV cash in original proposed scenario; actual H1acquisition298M remains disclosed, no claim future or current liabilities vanish. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q109

Formula for native.scenarios.base.scenarioEconomicCashUses.openingFinanceLeaseDebtIncluded: NVDA base analyst cumulative quote-date12mo scenario: recognized quarterly sales[112, 120, 128, 140]B total500B, GAAP margin0.65, tax0.17; not4x quarterly issuer guidance. CFO EBIT minus fixed cash tax plus7B D&A/9B SBC/2B deferred tax and-55B workingcapital. SBC retained in GAAP earnings; forecast cash tax held fixed in native sensitivities is a conservative downside convention not dynamic marginal tax model. Employee receipt+1B and withholding9.1B distinct financing cash; receipt unsupported in native leaf scope and cannot be netted into9.1B tax/CFO. Financialdebt33.366B minus1B notes principal=32.366B;0.3B lease payment remains OUTSIDE debt. Buybacks75.0B at270 assumed average price; net140M employee delivery plus100M residual dilution not zero-cost common dilution suppression. Strategic equity60B purchases vs historical H142.404B are investing not acquisition/CFO; reserve15B is unavailable liquidity NOT paid loss/debt/default pledge. SBfirstFY2029 not expected current105B draw; hypothetical15B buffer addresses exposure without asserting issuer restricted cash. No acquisition/JV cash in original proposed scenario; actual H1acquisition298M remains disclosed, no claim future or current liabilities vanish. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q110

Formula for native.scenarios.base.scenarioEconomicCashUses.supportReserveBasis: NVDA base analyst cumulative quote-date12mo scenario: recognized quarterly sales[112, 120, 128, 140]B total500B, GAAP margin0.65, tax0.17; not4x quarterly issuer guidance. CFO EBIT minus fixed cash tax plus7B D&A/9B SBC/2B deferred tax and-55B workingcapital. SBC retained in GAAP earnings; forecast cash tax held fixed in native sensitivities is a conservative downside convention not dynamic marginal tax model. Employee receipt+1B and withholding9.1B distinct financing cash; receipt unsupported in native leaf scope and cannot be netted into9.1B tax/CFO. Financialdebt33.366B minus1B notes principal=32.366B;0.3B lease payment remains OUTSIDE debt. Buybacks75.0B at270 assumed average price; net140M employee delivery plus100M residual dilution not zero-cost common dilution suppression. Strategic equity60B purchases vs historical H142.404B are investing not acquisition/CFO; reserve15B is unavailable liquidity NOT paid loss/debt/default pledge. SBfirstFY2029 not expected current105B draw; hypothetical15B buffer addresses exposure without asserting issuer restricted cash. No acquisition/JV cash in original proposed scenario; actual H1acquisition298M remains disclosed, no claim future or current liabilities vanish. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q111

Formula for native.scenarios.base.scenarioEconomicCashUses.openingSupportReserveBalance: NVDA base analyst cumulative quote-date12mo scenario: recognized quarterly sales[112, 120, 128, 140]B total500B, GAAP margin0.65, tax0.17; not4x quarterly issuer guidance. CFO EBIT minus fixed cash tax plus7B D&A/9B SBC/2B deferred tax and-55B workingcapital. SBC retained in GAAP earnings; forecast cash tax held fixed in native sensitivities is a conservative downside convention not dynamic marginal tax model. Employee receipt+1B and withholding9.1B distinct financing cash; receipt unsupported in native leaf scope and cannot be netted into9.1B tax/CFO. Financialdebt33.366B minus1B notes principal=32.366B;0.3B lease payment remains OUTSIDE debt. Buybacks75.0B at270 assumed average price; net140M employee delivery plus100M residual dilution not zero-cost common dilution suppression. Strategic equity60B purchases vs historical H142.404B are investing not acquisition/CFO; reserve15B is unavailable liquidity NOT paid loss/debt/default pledge. SBfirstFY2029 not expected current105B draw; hypothetical15B buffer addresses exposure without asserting issuer restricted cash. No acquisition/JV cash in original proposed scenario; actual H1acquisition298M remains disclosed, no claim future or current liabilities vanish. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q112

Formula for native.scenarios.base.scenarioEconomicCashUses.quarterEquityInvestmentCash: Four successive quote-window buckets Oct2026-Dec2026/Jan2027-Mar2027/Apr2027-Jun2027/Jul2027-Sep2027 (end boundary2027-10-01), NOT fiscal earnings quarters. Straight-line native cash increments include all existing annual scopes; equity15B/quarter and lease0.075B/quarter; reserve BALANCES3.75/7.5/11.25/15B, never cumulatively sum reserve balances. Opening reserve0 is defined new-hypothesis scope, not issuer nil liability. Frontload15%annualcashcapex+25%equitycash additional timing deduction, original code not outdated35%/half comment. Historical H1AR cash use24.590B/inventory10.204B and Q2OCF24.077B versus NI59.688B caution collection lumpiness. Investmentcommitments18B remainderFY27 plus3B FY28 and ongoing supply/partner energization are not proof of uniform payment. Timing is plausible conditional stress, not a complete bank/covenant/intraday guarantee; acceleration beyond haircut requires new review. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q113

Formula for native.scenarios.base.scenarioEconomicCashUses.quarterFinanceLeasePrincipalCash: Four successive quote-window buckets Oct2026-Dec2026/Jan2027-Mar2027/Apr2027-Jun2027/Jul2027-Sep2027 (end boundary2027-10-01), NOT fiscal earnings quarters. Straight-line native cash increments include all existing annual scopes; equity15B/quarter and lease0.075B/quarter; reserve BALANCES3.75/7.5/11.25/15B, never cumulatively sum reserve balances. Opening reserve0 is defined new-hypothesis scope, not issuer nil liability. Frontload15%annualcashcapex+25%equitycash additional timing deduction, original code not outdated35%/half comment. Historical H1AR cash use24.590B/inventory10.204B and Q2OCF24.077B versus NI59.688B caution collection lumpiness. Investmentcommitments18B remainderFY27 plus3B FY28 and ongoing supply/partner energization are not proof of uniform payment. Timing is plausible conditional stress, not a complete bank/covenant/intraday guarantee; acceleration beyond haircut requires new review. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q114

Formula for native.scenarios.base.scenarioEconomicCashUses.quarterSupportReserveBalances: Four successive quote-window buckets Oct2026-Dec2026/Jan2027-Mar2027/Apr2027-Jun2027/Jul2027-Sep2027 (end boundary2027-10-01), NOT fiscal earnings quarters. Straight-line native cash increments include all existing annual scopes; equity15B/quarter and lease0.075B/quarter; reserve BALANCES3.75/7.5/11.25/15B, never cumulatively sum reserve balances. Opening reserve0 is defined new-hypothesis scope, not issuer nil liability. Frontload15%annualcashcapex+25%equitycash additional timing deduction, original code not outdated35%/half comment. Historical H1AR cash use24.590B/inventory10.204B and Q2OCF24.077B versus NI59.688B caution collection lumpiness. Investmentcommitments18B remainderFY27 plus3B FY28 and ongoing supply/partner energization are not proof of uniform payment. Timing is plausible conditional stress, not a complete bank/covenant/intraday guarantee; acceleration beyond haircut requires new review. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q115

Formula for native.scenarios.base.scenarioEconomicCashUses.quarterCashBeforeEconomicUses: EXPLICIT DIFFERENT hypothesis: credit ZERO future employee proceeds despite actual trailing789M and original+1B forecast. Conservative no-credit cash budget with9.1B tax outflow and unchanged140M net delivery dilution; not issuer forecast or silent translation. Quarter differences-0.25/-0.5/-0.75/-1B, no CFO/debt/financing plug. Four successive quote-window buckets Oct2026-Dec2026/Jan2027-Mar2027/Apr2027-Jun2027/Jul2027-Sep2027 (end boundary2027-10-01), NOT fiscal earnings quarters. Straight-line native cash increments include all existing annual scopes; equity15B/quarter and lease0.075B/quarter; reserve BALANCES3.75/7.5/11.25/15B, never cumulatively sum reserve balances. Opening reserve0 is defined new-hypothesis scope, not issuer nil liability. Frontload15%annualcashcapex+25%equitycash additional timing deduction, original code not outdated35%/half comment. Historical H1AR cash use24.590B/inventory10.204B and Q2OCF24.077B versus NI59.688B caution collection lumpiness. Investmentcommitments18B remainderFY27 plus3B FY28 and ongoing supply/partner energization are not proof of uniform payment. Timing is plausible conditional stress, not a complete bank/covenant/intraday guarantee; acceleration beyond haircut requires new review. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q116

Formula for native.scenarios.base.scenarioEconomicCashUses.stressCfoCumulativeAllocation: Four successive quote-window buckets Oct2026-Dec2026/Jan2027-Mar2027/Apr2027-Jun2027/Jul2027-Sep2027 (end boundary2027-10-01), NOT fiscal earnings quarters. Straight-line native cash increments include all existing annual scopes; equity15B/quarter and lease0.075B/quarter; reserve BALANCES3.75/7.5/11.25/15B, never cumulatively sum reserve balances. Opening reserve0 is defined new-hypothesis scope, not issuer nil liability. Frontload15%annualcashcapex+25%equitycash additional timing deduction, original code not outdated35%/half comment. Historical H1AR cash use24.590B/inventory10.204B and Q2OCF24.077B versus NI59.688B caution collection lumpiness. Investmentcommitments18B remainderFY27 plus3B FY28 and ongoing supply/partner energization are not proof of uniform payment. Timing is plausible conditional stress, not a complete bank/covenant/intraday guarantee; acceleration beyond haircut requires new review. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q117

Formula for native.scenarios.base.scenarioEconomicCashUses.intraYearLiquidityTimingHaircut: Four successive quote-window buckets Oct2026-Dec2026/Jan2027-Mar2027/Apr2027-Jun2027/Jul2027-Sep2027 (end boundary2027-10-01), NOT fiscal earnings quarters. Straight-line native cash increments include all existing annual scopes; equity15B/quarter and lease0.075B/quarter; reserve BALANCES3.75/7.5/11.25/15B, never cumulatively sum reserve balances. Opening reserve0 is defined new-hypothesis scope, not issuer nil liability. Frontload15%annualcashcapex+25%equitycash additional timing deduction, original code not outdated35%/half comment. Historical H1AR cash use24.590B/inventory10.204B and Q2OCF24.077B versus NI59.688B caution collection lumpiness. Investmentcommitments18B remainderFY27 plus3B FY28 and ongoing supply/partner energization are not proof of uniform payment. Timing is plausible conditional stress, not a complete bank/covenant/intraday guarantee; acceleration beyond haircut requires new review. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q118

Formula for native.scenarios.base.scenarioEconomicCashUses.minimumCashBasis: Four successive quote-window buckets Oct2026-Dec2026/Jan2027-Mar2027/Apr2027-Jun2027/Jul2027-Sep2027 (end boundary2027-10-01), NOT fiscal earnings quarters. Straight-line native cash increments include all existing annual scopes; equity15B/quarter and lease0.075B/quarter; reserve BALANCES3.75/7.5/11.25/15B, never cumulatively sum reserve balances. Opening reserve0 is defined new-hypothesis scope, not issuer nil liability. Frontload15%annualcashcapex+25%equitycash additional timing deduction, original code not outdated35%/half comment. Historical H1AR cash use24.590B/inventory10.204B and Q2OCF24.077B versus NI59.688B caution collection lumpiness. Investmentcommitments18B remainderFY27 plus3B FY28 and ongoing supply/partner energization are not proof of uniform payment. Timing is plausible conditional stress, not a complete bank/covenant/intraday guarantee; acceleration beyond haircut requires new review. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q119

Formula for native.scenarios.base.scenarioEconomicCashUses.capitalAllocationRationale: EXPLICIT zero-proceeds conservative alternative, forecast net employee cash-9.1B; original+1B/-9.1B remains separate blocked hypothesis. NVDA base analyst cumulative quote-date12mo scenario: recognized quarterly sales[112, 120, 128, 140]B total500B, GAAP margin0.65, tax0.17; not4x quarterly issuer guidance. CFO EBIT minus fixed cash tax plus7B D&A/9B SBC/2B deferred tax and-55B workingcapital. SBC retained in GAAP earnings; forecast cash tax held fixed in native sensitivities is a conservative downside convention not dynamic marginal tax model. ORIGINAL employee+1B/9.1Btax remains distinct historical proposed case, not this alternate; this alternate credits0receipts and retains9.1Btax, loweringannualcash1B. Financialdebt33.366B minus1B notes principal=32.366B;0.3B lease payment remains OUTSIDE debt. Buybacks75.0B at270 assumed average price; net140M employee delivery plus100M residual dilution not zero-cost common dilution suppression. Strategic equity60B purchases vs historical H142.404B are investing not acquisition/CFO; reserve15B is unavailable liquidity NOT paid loss/debt/default pledge. SBfirstFY2029 not expected current105B draw; hypothetical15B buffer addresses exposure without asserting issuer restricted cash. No acquisition/JV cash in original proposed scenario; actual H1acquisition298M remains disclosed, no claim future or current liabilities vanish. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q120

Formula for native.scenarios.base.scenarioEconomicCashUses.cashUsesTimingRationale: EXPLICIT zero-proceeds conservative alternative, forecast net employee cash-9.1B; original+1B/-9.1B remains separate blocked hypothesis. Four successive quote-window buckets Oct2026-Dec2026/Jan2027-Mar2027/Apr2027-Jun2027/Jul2027-Sep2027 (end boundary2027-10-01), NOT fiscal earnings quarters. Straight-line native cash increments include all existing annual scopes; equity15B/quarter and lease0.075B/quarter; reserve BALANCES3.75/7.5/11.25/15B, never cumulatively sum reserve balances. Opening reserve0 is defined new-hypothesis scope, not issuer nil liability. Frontload15%annualcashcapex+25%equitycash additional timing deduction, original code not outdated35%/half comment. Historical H1AR cash use24.590B/inventory10.204B and Q2OCF24.077B versus NI59.688B caution collection lumpiness. Investmentcommitments18B remainderFY27 plus3B FY28 and ongoing supply/partner energization are not proof of uniform payment. Timing is plausible conditional stress, not a complete bank/covenant/intraday guarantee; acceleration beyond haircut requires new review. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Qualification Q121 — exact field scope

Exact provided bull12month assumptions/known source cutoffs, not four-times guidance or completed future recognition scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·

Formula qualification Q122

Formula for native.scenarios.bull.horizonMonths: NVDA recognized annual420/500/580B from explicit quarter shipment125/135/150/170B bull, not108Bquarterx4.65-66%GAAPmargin supportedQ2~66.24% butfuture hypothesis. Rubin production/customer deployments plus279Bnominal supply commitments support plausibility, not capacityoracle; payment/energization/customerfinancing stillconditional. Investment gains excluded; taxes signed, SBC remains expensed then cashaddback.60Bfutureinvesting +15Bsupport reserve not ordinaryCOGS twice;108.5Bgrossguarantee not currentcash/debt,SBfirstFY2029. Buybacks,1Bwithholding and0.3Bleaseprincipal disjoint fromOCF/dividends. Exact original input/reconciliation: horizonMonths=12 exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q123

Formula for native.scenarios.bull.revenueGrowth: NVDA recognized annual420/500/580B from explicit quarter shipment125/135/150/170B bull, not108Bquarterx4.65-66%GAAPmargin supportedQ2~66.24% butfuture hypothesis. Rubin production/customer deployments plus279Bnominal supply commitments support plausibility, not capacityoracle; payment/energization/customerfinancing stillconditional. Investment gains excluded; taxes signed, SBC remains expensed then cashaddback.60Bfutureinvesting +15Bsupport reserve not ordinaryCOGS twice;108.5Bgrossguarantee not currentcash/debt,SBfirstFY2029. Buybacks,1Bwithholding and0.3Bleaseprincipal disjoint fromOCF/dividends. Exact original input/reconciliation: revenueGrowth=0.9143809618114005 exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q124

Formula for native.scenarios.bull.operatingMargin: NVDA recognized annual420/500/580B from explicit quarter shipment125/135/150/170B bull, not108Bquarterx4.65-66%GAAPmargin supportedQ2~66.24% butfuture hypothesis. Rubin production/customer deployments plus279Bnominal supply commitments support plausibility, not capacityoracle; payment/energization/customerfinancing stillconditional. Investment gains excluded; taxes signed, SBC remains expensed then cashaddback.60Bfutureinvesting +15Bsupport reserve not ordinaryCOGS twice;108.5Bgrossguarantee not currentcash/debt,SBfirstFY2029. Buybacks,1Bwithholding and0.3Bleaseprincipal disjoint fromOCF/dividends. Exact original input/reconciliation: operatingMargin=0.66 exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q125

Formula for native.scenarios.bull.dilution: NVDA forecast140M NET employee delivery before ordinary repurchases retained as conservative analyst assumption, not actual gross69M H1issuance nor added23Mwithheld shares. H1net69-23=46M, doubled92M only context. Native grossShareIssuance label carries defined modeled common-share deliveries gross of ordinary repurchases, not gross payroll shares; source reconciliation explicitly distinguishes.100M existing residual award proxy (~95M Q2diluted-basic context) remains separate; no convert/preferred claim invented. Future buyback cash/averageprice yields shares retired; no extra external equity financing credited. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q126

Formula for native.scenarios.bull.runwayMonths: NVDA recognized annual420/500/580B from explicit quarter shipment125/135/150/170B bull, not108Bquarterx4.65-66%GAAPmargin supportedQ2~66.24% butfuture hypothesis. Rubin production/customer deployments plus279Bnominal supply commitments support plausibility, not capacityoracle; payment/energization/customerfinancing stillconditional. Investment gains excluded; taxes signed, SBC remains expensed then cashaddback.60Bfutureinvesting +15Bsupport reserve not ordinaryCOGS twice;108.5Bgrossguarantee not currentcash/debt,SBfirstFY2029. Buybacks,1Bwithholding and0.3Bleaseprincipal disjoint fromOCF/dividends. Exact original input/reconciliation: runwayMonths=12 exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q127

Formula for native.scenarios.bull.capacityRevenueCeiling: NVDA580B ceiling is the author recognized-shipment revenue hypothesis125+135+150+170B; not disclosed physical wafer/rack/megawatt maximum. Q2recognized96.221B, Q3guide108B, fullproduction Rubin context plus279Bnominal supply commitments support a plausible ramp but do NOT prove deliveries or customer power/cash. Hypothesis requires170Bfinal-quarter revenue (~57.4% above108Bguide midpoint), mixed ASP/rack content and collection execution. Original bound retained un-narrowed; reviewer considers conditional underwriting only, independent source capacity certainty unavailable. Margin ceiling66.24% is rounded observed63.734/96.221 Q2GAAP evidence; not issuer forward operating-margin guidance. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q128

Formula for native.scenarios.bull.maxOperatingMargin: NVDA580B ceiling is the author recognized-shipment revenue hypothesis125+135+150+170B; not disclosed physical wafer/rack/megawatt maximum. Q2recognized96.221B, Q3guide108B, fullproduction Rubin context plus279Bnominal supply commitments support a plausible ramp but do NOT prove deliveries or customer power/cash. Hypothesis requires170Bfinal-quarter revenue (~57.4% above108Bguide midpoint), mixed ASP/rack content and collection execution. Original bound retained un-narrowed; reviewer considers conditional underwriting only, independent source capacity certainty unavailable. Margin ceiling66.24% is rounded observed63.734/96.221 Q2GAAP evidence; not issuer forward operating-margin guidance. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q129

Formula for native.scenarios.bull.execution: NVDA recognized annual420/500/580B from explicit quarter shipment125/135/150/170B bull, not108Bquarterx4.65-66%GAAPmargin supportedQ2~66.24% butfuture hypothesis. Rubin production/customer deployments plus279Bnominal supply commitments support plausibility, not capacityoracle; payment/energization/customerfinancing stillconditional. Investment gains excluded; taxes signed, SBC remains expensed then cashaddback.60Bfutureinvesting +15Bsupport reserve not ordinaryCOGS twice;108.5Bgrossguarantee not currentcash/debt,SBfirstFY2029. Buybacks,1Bwithholding and0.3Bleaseprincipal disjoint fromOCF/dividends. Exact original input/reconciliation: execution=supported exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q130

Formula for native.scenarios.bull.terminalMultiple: NVDA recognized annual420/500/580B from explicit quarter shipment125/135/150/170B bull, not108Bquarterx4.65-66%GAAPmargin supportedQ2~66.24% butfuture hypothesis. Rubin production/customer deployments plus279Bnominal supply commitments support plausibility, not capacityoracle; payment/energization/customerfinancing stillconditional. Investment gains excluded; taxes signed, SBC remains expensed then cashaddback.60Bfutureinvesting +15Bsupport reserve not ordinaryCOGS twice;108.5Bgrossguarantee not currentcash/debt,SBfirstFY2029. Buybacks,1Bwithholding and0.3Bleaseprincipal disjoint fromOCF/dividends. Exact original input/reconciliation: terminalMultiple=28 exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q131

Formula for native.scenarios.bull.drivers: NVDA bull analyst cumulative quote-date12mo scenario: recognized quarterly sales[125, 135, 150, 170]B total580B, GAAP margin0.66, tax0.17; not4x quarterly issuer guidance. CFO EBIT minus fixed cash tax plus7B D&A/9B SBC/2B deferred tax and-75B workingcapital. SBC retained in GAAP earnings; forecast cash tax held fixed in native sensitivities is a conservative downside convention not dynamic marginal tax model. EXPLICIT alternative employee proceeds0 credited, NOT claim actual proceeds0;9.1B withholding separate. Alternative has1B less annual available cash than reconciled+1B case. Native financing0 no added market issuance. Original proceeds contract gap remains. Financialdebt33.366B minus1B notes principal=32.366B;0.3B lease payment remains OUTSIDE debt. Buybacks90.0B at330 assumed average price; net140M employee delivery plus100M residual dilution not zero-cost common dilution suppression. Strategic equity60B purchases vs historical H142.404B are investing not acquisition/CFO; reserve15B is unavailable liquidity NOT paid loss/debt/default pledge. SBfirstFY2029 not expected current105B draw; hypothetical15B buffer addresses exposure without asserting issuer restricted cash. No acquisition/JV cash in original proposed scenario; actual H1acquisition298M remains disclosed, no claim future or current liabilities vanish. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q132

Formula for native.scenarios.bull.cashPeriodStart: NVDA recognized annual420/500/580B from explicit quarter shipment125/135/150/170B bull, not108Bquarterx4.65-66%GAAPmargin supportedQ2~66.24% butfuture hypothesis. Rubin production/customer deployments plus279Bnominal supply commitments support plausibility, not capacityoracle; payment/energization/customerfinancing stillconditional. Investment gains excluded; taxes signed, SBC remains expensed then cashaddback.60Bfutureinvesting +15Bsupport reserve not ordinaryCOGS twice;108.5Bgrossguarantee not currentcash/debt,SBfirstFY2029. Buybacks,1Bwithholding and0.3Bleaseprincipal disjoint fromOCF/dividends. Exact original input/reconciliation: cashPeriodStart=2026-10-01 exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q133

Formula for native.scenarios.bull.cashPeriodEnd: NVDA recognized annual420/500/580B from explicit quarter shipment125/135/150/170B bull, not108Bquarterx4.65-66%GAAPmargin supportedQ2~66.24% butfuture hypothesis. Rubin production/customer deployments plus279Bnominal supply commitments support plausibility, not capacityoracle; payment/energization/customerfinancing stillconditional. Investment gains excluded; taxes signed, SBC remains expensed then cashaddback.60Bfutureinvesting +15Bsupport reserve not ordinaryCOGS twice;108.5Bgrossguarantee not currentcash/debt,SBfirstFY2029. Buybacks,1Bwithholding and0.3Bleaseprincipal disjoint fromOCF/dividends. Exact original input/reconciliation: cashPeriodEnd=2027-10-01 exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q134

Formula for native.scenarios.bull.cashPeriodBasis: NVDA recognized annual420/500/580B from explicit quarter shipment125/135/150/170B bull, not108Bquarterx4.65-66%GAAPmargin supportedQ2~66.24% butfuture hypothesis. Rubin production/customer deployments plus279Bnominal supply commitments support plausibility, not capacityoracle; payment/energization/customerfinancing stillconditional. Investment gains excluded; taxes signed, SBC remains expensed then cashaddback.60Bfutureinvesting +15Bsupport reserve not ordinaryCOGS twice;108.5Bgrossguarantee not currentcash/debt,SBfirstFY2029. Buybacks,1Bwithholding and0.3Bleaseprincipal disjoint fromOCF/dividends. Exact original input/reconciliation: cashPeriodBasis=cumulative-12mo exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q135

Formula for native.scenarios.bull.cashBridgeRationale: NVDA bull analyst cumulative quote-date12mo scenario: recognized quarterly sales[125, 135, 150, 170]B total580B, GAAP margin0.66, tax0.17; not4x quarterly issuer guidance. CFO EBIT minus fixed cash tax plus7B D&A/9B SBC/2B deferred tax and-75B workingcapital. SBC retained in GAAP earnings; forecast cash tax held fixed in native sensitivities is a conservative downside convention not dynamic marginal tax model. EXPLICIT alternative employee proceeds0 credited, NOT claim actual proceeds0;9.1B withholding separate. Alternative has1B less annual available cash than reconciled+1B case. Native financing0 no added market issuance. Original proceeds contract gap remains. Financialdebt33.366B minus1B notes principal=32.366B;0.3B lease payment remains OUTSIDE debt. Buybacks90.0B at330 assumed average price; net140M employee delivery plus100M residual dilution not zero-cost common dilution suppression. Strategic equity60B purchases vs historical H142.404B are investing not acquisition/CFO; reserve15B is unavailable liquidity NOT paid loss/debt/default pledge. SBfirstFY2029 not expected current105B draw; hypothetical15B buffer addresses exposure without asserting issuer restricted cash. No acquisition/JV cash in original proposed scenario; actual H1acquisition298M remains disclosed, no claim future or current liabilities vanish. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q136

Formula for native.scenarios.bull.fundingExecution: NVDA recognized annual420/500/580B from explicit quarter shipment125/135/150/170B bull, not108Bquarterx4.65-66%GAAPmargin supportedQ2~66.24% butfuture hypothesis. Rubin production/customer deployments plus279Bnominal supply commitments support plausibility, not capacityoracle; payment/energization/customerfinancing stillconditional. Investment gains excluded; taxes signed, SBC remains expensed then cashaddback.60Bfutureinvesting +15Bsupport reserve not ordinaryCOGS twice;108.5Bgrossguarantee not currentcash/debt,SBfirstFY2029. Buybacks,1Bwithholding and0.3Bleaseprincipal disjoint fromOCF/dividends. Exact original input/reconciliation: fundingExecution=supported exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q137

Formula for native.scenarios.bull.ownershipLiability: NVDA recognized annual420/500/580B from explicit quarter shipment125/135/150/170B bull, not108Bquarterx4.65-66%GAAPmargin supportedQ2~66.24% butfuture hypothesis. Rubin production/customer deployments plus279Bnominal supply commitments support plausibility, not capacityoracle; payment/energization/customerfinancing stillconditional. Investment gains excluded; taxes signed, SBC remains expensed then cashaddback.60Bfutureinvesting +15Bsupport reserve not ordinaryCOGS twice;108.5Bgrossguarantee not currentcash/debt,SBfirstFY2029. Buybacks,1Bwithholding and0.3Bleaseprincipal disjoint fromOCF/dividends. Exact original input/reconciliation: ownershipLiability=0 exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q138

Formula for native.scenarios.bull.cashOwnershipFraction: NVDA recognized annual420/500/580B from explicit quarter shipment125/135/150/170B bull, not108Bquarterx4.65-66%GAAPmargin supportedQ2~66.24% butfuture hypothesis. Rubin production/customer deployments plus279Bnominal supply commitments support plausibility, not capacityoracle; payment/energization/customerfinancing stillconditional. Investment gains excluded; taxes signed, SBC remains expensed then cashaddback.60Bfutureinvesting +15Bsupport reserve not ordinaryCOGS twice;108.5Bgrossguarantee not currentcash/debt,SBfirstFY2029. Buybacks,1Bwithholding and0.3Bleaseprincipal disjoint fromOCF/dividends. Exact original input/reconciliation: cashOwnershipFraction=1 exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q139

Formula for native.scenarios.bull.cashNciDeduction: NVDA recognized annual420/500/580B from explicit quarter shipment125/135/150/170B bull, not108Bquarterx4.65-66%GAAPmargin supportedQ2~66.24% butfuture hypothesis. Rubin production/customer deployments plus279Bnominal supply commitments support plausibility, not capacityoracle; payment/energization/customerfinancing stillconditional. Investment gains excluded; taxes signed, SBC remains expensed then cashaddback.60Bfutureinvesting +15Bsupport reserve not ordinaryCOGS twice;108.5Bgrossguarantee not currentcash/debt,SBfirstFY2029. Buybacks,1Bwithholding and0.3Bleaseprincipal disjoint fromOCF/dividends. Exact original input/reconciliation: cashNciDeduction=0 exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q140

Formula for native.scenarios.bull.cashJvContribution: NVDA recognized annual420/500/580B from explicit quarter shipment125/135/150/170B bull, not108Bquarterx4.65-66%GAAPmargin supportedQ2~66.24% butfuture hypothesis. Rubin production/customer deployments plus279Bnominal supply commitments support plausibility, not capacityoracle; payment/energization/customerfinancing stillconditional. Investment gains excluded; taxes signed, SBC remains expensed then cashaddback.60Bfutureinvesting +15Bsupport reserve not ordinaryCOGS twice;108.5Bgrossguarantee not currentcash/debt,SBfirstFY2029. Buybacks,1Bwithholding and0.3Bleaseprincipal disjoint fromOCF/dividends. Exact original input/reconciliation: cashJvContribution=0 exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q141

Formula for native.scenarios.bull.cashAttributionRationale: NVDA bull analyst cumulative quote-date12mo scenario: recognized quarterly sales[125, 135, 150, 170]B total580B, GAAP margin0.66, tax0.17; not4x quarterly issuer guidance. CFO EBIT minus fixed cash tax plus7B D&A/9B SBC/2B deferred tax and-75B workingcapital. SBC retained in GAAP earnings; forecast cash tax held fixed in native sensitivities is a conservative downside convention not dynamic marginal tax model. EXPLICIT alternative employee proceeds0 credited, NOT claim actual proceeds0;9.1B withholding separate. Alternative has1B less annual available cash than reconciled+1B case. Native financing0 no added market issuance. Original proceeds contract gap remains. Financialdebt33.366B minus1B notes principal=32.366B;0.3B lease payment remains OUTSIDE debt. Buybacks90.0B at330 assumed average price; net140M employee delivery plus100M residual dilution not zero-cost common dilution suppression. Strategic equity60B purchases vs historical H142.404B are investing not acquisition/CFO; reserve15B is unavailable liquidity NOT paid loss/debt/default pledge. SBfirstFY2029 not expected current105B draw; hypothetical15B buffer addresses exposure without asserting issuer restricted cash. No acquisition/JV cash in original proposed scenario; actual H1acquisition298M remains disclosed, no claim future or current liabilities vanish. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q142

Formula for native.scenarios.bull.shareholderDistributions: NVDA recognized annual420/500/580B from explicit quarter shipment125/135/150/170B bull, not108Bquarterx4.65-66%GAAPmargin supportedQ2~66.24% butfuture hypothesis. Rubin production/customer deployments plus279Bnominal supply commitments support plausibility, not capacityoracle; payment/energization/customerfinancing stillconditional. Investment gains excluded; taxes signed, SBC remains expensed then cashaddback.60Bfutureinvesting +15Bsupport reserve not ordinaryCOGS twice;108.5Bgrossguarantee not currentcash/debt,SBfirstFY2029. Buybacks,1Bwithholding and0.3Bleaseprincipal disjoint fromOCF/dividends. Exact original input/reconciliation: shareholderDistributions=24000000000.0 exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q143

Formula for native.scenarios.bull.sectorBridgeRationale: NVDA bull analyst cumulative quote-date12mo scenario: recognized quarterly sales[125, 135, 150, 170]B total580B, GAAP margin0.66, tax0.17; not4x quarterly issuer guidance. CFO EBIT minus fixed cash tax plus7B D&A/9B SBC/2B deferred tax and-75B workingcapital. SBC retained in GAAP earnings; forecast cash tax held fixed in native sensitivities is a conservative downside convention not dynamic marginal tax model. EXPLICIT alternative employee proceeds0 credited, NOT claim actual proceeds0;9.1B withholding separate. Alternative has1B less annual available cash than reconciled+1B case. Native financing0 no added market issuance. Original proceeds contract gap remains. Financialdebt33.366B minus1B notes principal=32.366B;0.3B lease payment remains OUTSIDE debt. Buybacks90.0B at330 assumed average price; net140M employee delivery plus100M residual dilution not zero-cost common dilution suppression. Strategic equity60B purchases vs historical H142.404B are investing not acquisition/CFO; reserve15B is unavailable liquidity NOT paid loss/debt/default pledge. SBfirstFY2029 not expected current105B draw; hypothetical15B buffer addresses exposure without asserting issuer restricted cash. No acquisition/JV cash in original proposed scenario; actual H1acquisition298M remains disclosed, no claim future or current liabilities vanish. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q144

Formula for native.scenarios.bull.netShareChange: NVDA forecast140M NET employee delivery before ordinary repurchases retained as conservative analyst assumption, not actual gross69M H1issuance nor added23Mwithheld shares. H1net69-23=46M, doubled92M only context. Native grossShareIssuance label carries defined modeled common-share deliveries gross of ordinary repurchases, not gross payroll shares; source reconciliation explicitly distinguishes.100M existing residual award proxy (~95M Q2diluted-basic context) remains separate; no convert/preferred claim invented. Future buyback cash/averageprice yields shares retired; no extra external equity financing credited. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q145

Formula for native.scenarios.bull.grossShareIssuance: NVDA forecast140M NET employee delivery before ordinary repurchases retained as conservative analyst assumption, not actual gross69M H1issuance nor added23Mwithheld shares. H1net69-23=46M, doubled92M only context. Native grossShareIssuance label carries defined modeled common-share deliveries gross of ordinary repurchases, not gross payroll shares; source reconciliation explicitly distinguishes.100M existing residual award proxy (~95M Q2diluted-basic context) remains separate; no convert/preferred claim invented. Future buyback cash/averageprice yields shares retired; no extra external equity financing credited. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q146

Formula for native.scenarios.bull.capitalAllocationRationale: NVDA bull analyst cumulative quote-date12mo scenario: recognized quarterly sales[125, 135, 150, 170]B total580B, GAAP margin0.66, tax0.17; not4x quarterly issuer guidance. CFO EBIT minus fixed cash tax plus7B D&A/9B SBC/2B deferred tax and-75B workingcapital. SBC retained in GAAP earnings; forecast cash tax held fixed in native sensitivities is a conservative downside convention not dynamic marginal tax model. EXPLICIT alternative employee proceeds0 credited, NOT claim actual proceeds0;9.1B withholding separate. Alternative has1B less annual available cash than reconciled+1B case. Native financing0 no added market issuance. Original proceeds contract gap remains. Financialdebt33.366B minus1B notes principal=32.366B;0.3B lease payment remains OUTSIDE debt. Buybacks90.0B at330 assumed average price; net140M employee delivery plus100M residual dilution not zero-cost common dilution suppression. Strategic equity60B purchases vs historical H142.404B are investing not acquisition/CFO; reserve15B is unavailable liquidity NOT paid loss/debt/default pledge. SBfirstFY2029 not expected current105B draw; hypothetical15B buffer addresses exposure without asserting issuer restricted cash. No acquisition/JV cash in original proposed scenario; actual H1acquisition298M remains disclosed, no claim future or current liabilities vanish. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q147

Formula for native.scenarios.bull.scenarioEconomicCashUses.equityInvestmentCash: NVDA bull analyst cumulative quote-date12mo scenario: recognized quarterly sales[125, 135, 150, 170]B total580B, GAAP margin0.66, tax0.17; not4x quarterly issuer guidance. CFO EBIT minus fixed cash tax plus7B D&A/9B SBC/2B deferred tax and-75B workingcapital. SBC retained in GAAP earnings; forecast cash tax held fixed in native sensitivities is a conservative downside convention not dynamic marginal tax model. Employee receipt+1B and withholding9.1B distinct financing cash; receipt unsupported in native leaf scope and cannot be netted into9.1B tax/CFO. Financialdebt33.366B minus1B notes principal=32.366B;0.3B lease payment remains OUTSIDE debt. Buybacks90.0B at330 assumed average price; net140M employee delivery plus100M residual dilution not zero-cost common dilution suppression. Strategic equity60B purchases vs historical H142.404B are investing not acquisition/CFO; reserve15B is unavailable liquidity NOT paid loss/debt/default pledge. SBfirstFY2029 not expected current105B draw; hypothetical15B buffer addresses exposure without asserting issuer restricted cash. No acquisition/JV cash in original proposed scenario; actual H1acquisition298M remains disclosed, no claim future or current liabilities vanish. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q148

Formula for native.scenarios.bull.scenarioEconomicCashUses.contingentSupportReserve: NVDA bull analyst cumulative quote-date12mo scenario: recognized quarterly sales[125, 135, 150, 170]B total580B, GAAP margin0.66, tax0.17; not4x quarterly issuer guidance. CFO EBIT minus fixed cash tax plus7B D&A/9B SBC/2B deferred tax and-75B workingcapital. SBC retained in GAAP earnings; forecast cash tax held fixed in native sensitivities is a conservative downside convention not dynamic marginal tax model. Employee receipt+1B and withholding9.1B distinct financing cash; receipt unsupported in native leaf scope and cannot be netted into9.1B tax/CFO. Financialdebt33.366B minus1B notes principal=32.366B;0.3B lease payment remains OUTSIDE debt. Buybacks90.0B at330 assumed average price; net140M employee delivery plus100M residual dilution not zero-cost common dilution suppression. Strategic equity60B purchases vs historical H142.404B are investing not acquisition/CFO; reserve15B is unavailable liquidity NOT paid loss/debt/default pledge. SBfirstFY2029 not expected current105B draw; hypothetical15B buffer addresses exposure without asserting issuer restricted cash. No acquisition/JV cash in original proposed scenario; actual H1acquisition298M remains disclosed, no claim future or current liabilities vanish. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q149

Formula for native.scenarios.bull.scenarioEconomicCashUses.financeLeasePrincipalCash: NVDA bull analyst cumulative quote-date12mo scenario: recognized quarterly sales[125, 135, 150, 170]B total580B, GAAP margin0.66, tax0.17; not4x quarterly issuer guidance. CFO EBIT minus fixed cash tax plus7B D&A/9B SBC/2B deferred tax and-75B workingcapital. SBC retained in GAAP earnings; forecast cash tax held fixed in native sensitivities is a conservative downside convention not dynamic marginal tax model. Employee receipt+1B and withholding9.1B distinct financing cash; receipt unsupported in native leaf scope and cannot be netted into9.1B tax/CFO. Financialdebt33.366B minus1B notes principal=32.366B;0.3B lease payment remains OUTSIDE debt. Buybacks90.0B at330 assumed average price; net140M employee delivery plus100M residual dilution not zero-cost common dilution suppression. Strategic equity60B purchases vs historical H142.404B are investing not acquisition/CFO; reserve15B is unavailable liquidity NOT paid loss/debt/default pledge. SBfirstFY2029 not expected current105B draw; hypothetical15B buffer addresses exposure without asserting issuer restricted cash. No acquisition/JV cash in original proposed scenario; actual H1acquisition298M remains disclosed, no claim future or current liabilities vanish. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q150

Formula for native.scenarios.bull.scenarioEconomicCashUses.leasePrincipalDebtTreatment: NVDA bull analyst cumulative quote-date12mo scenario: recognized quarterly sales[125, 135, 150, 170]B total580B, GAAP margin0.66, tax0.17; not4x quarterly issuer guidance. CFO EBIT minus fixed cash tax plus7B D&A/9B SBC/2B deferred tax and-75B workingcapital. SBC retained in GAAP earnings; forecast cash tax held fixed in native sensitivities is a conservative downside convention not dynamic marginal tax model. Employee receipt+1B and withholding9.1B distinct financing cash; receipt unsupported in native leaf scope and cannot be netted into9.1B tax/CFO. Financialdebt33.366B minus1B notes principal=32.366B;0.3B lease payment remains OUTSIDE debt. Buybacks90.0B at330 assumed average price; net140M employee delivery plus100M residual dilution not zero-cost common dilution suppression. Strategic equity60B purchases vs historical H142.404B are investing not acquisition/CFO; reserve15B is unavailable liquidity NOT paid loss/debt/default pledge. SBfirstFY2029 not expected current105B draw; hypothetical15B buffer addresses exposure without asserting issuer restricted cash. No acquisition/JV cash in original proposed scenario; actual H1acquisition298M remains disclosed, no claim future or current liabilities vanish. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q151

Formula for native.scenarios.bull.scenarioEconomicCashUses.openingFinanceLeaseDebtIncluded: NVDA bull analyst cumulative quote-date12mo scenario: recognized quarterly sales[125, 135, 150, 170]B total580B, GAAP margin0.66, tax0.17; not4x quarterly issuer guidance. CFO EBIT minus fixed cash tax plus7B D&A/9B SBC/2B deferred tax and-75B workingcapital. SBC retained in GAAP earnings; forecast cash tax held fixed in native sensitivities is a conservative downside convention not dynamic marginal tax model. Employee receipt+1B and withholding9.1B distinct financing cash; receipt unsupported in native leaf scope and cannot be netted into9.1B tax/CFO. Financialdebt33.366B minus1B notes principal=32.366B;0.3B lease payment remains OUTSIDE debt. Buybacks90.0B at330 assumed average price; net140M employee delivery plus100M residual dilution not zero-cost common dilution suppression. Strategic equity60B purchases vs historical H142.404B are investing not acquisition/CFO; reserve15B is unavailable liquidity NOT paid loss/debt/default pledge. SBfirstFY2029 not expected current105B draw; hypothetical15B buffer addresses exposure without asserting issuer restricted cash. No acquisition/JV cash in original proposed scenario; actual H1acquisition298M remains disclosed, no claim future or current liabilities vanish. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q152

Formula for native.scenarios.bull.scenarioEconomicCashUses.supportReserveBasis: NVDA bull analyst cumulative quote-date12mo scenario: recognized quarterly sales[125, 135, 150, 170]B total580B, GAAP margin0.66, tax0.17; not4x quarterly issuer guidance. CFO EBIT minus fixed cash tax plus7B D&A/9B SBC/2B deferred tax and-75B workingcapital. SBC retained in GAAP earnings; forecast cash tax held fixed in native sensitivities is a conservative downside convention not dynamic marginal tax model. Employee receipt+1B and withholding9.1B distinct financing cash; receipt unsupported in native leaf scope and cannot be netted into9.1B tax/CFO. Financialdebt33.366B minus1B notes principal=32.366B;0.3B lease payment remains OUTSIDE debt. Buybacks90.0B at330 assumed average price; net140M employee delivery plus100M residual dilution not zero-cost common dilution suppression. Strategic equity60B purchases vs historical H142.404B are investing not acquisition/CFO; reserve15B is unavailable liquidity NOT paid loss/debt/default pledge. SBfirstFY2029 not expected current105B draw; hypothetical15B buffer addresses exposure without asserting issuer restricted cash. No acquisition/JV cash in original proposed scenario; actual H1acquisition298M remains disclosed, no claim future or current liabilities vanish. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q153

Formula for native.scenarios.bull.scenarioEconomicCashUses.openingSupportReserveBalance: NVDA bull analyst cumulative quote-date12mo scenario: recognized quarterly sales[125, 135, 150, 170]B total580B, GAAP margin0.66, tax0.17; not4x quarterly issuer guidance. CFO EBIT minus fixed cash tax plus7B D&A/9B SBC/2B deferred tax and-75B workingcapital. SBC retained in GAAP earnings; forecast cash tax held fixed in native sensitivities is a conservative downside convention not dynamic marginal tax model. Employee receipt+1B and withholding9.1B distinct financing cash; receipt unsupported in native leaf scope and cannot be netted into9.1B tax/CFO. Financialdebt33.366B minus1B notes principal=32.366B;0.3B lease payment remains OUTSIDE debt. Buybacks90.0B at330 assumed average price; net140M employee delivery plus100M residual dilution not zero-cost common dilution suppression. Strategic equity60B purchases vs historical H142.404B are investing not acquisition/CFO; reserve15B is unavailable liquidity NOT paid loss/debt/default pledge. SBfirstFY2029 not expected current105B draw; hypothetical15B buffer addresses exposure without asserting issuer restricted cash. No acquisition/JV cash in original proposed scenario; actual H1acquisition298M remains disclosed, no claim future or current liabilities vanish. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q154

Formula for native.scenarios.bull.scenarioEconomicCashUses.quarterEquityInvestmentCash: Four successive quote-window buckets Oct2026-Dec2026/Jan2027-Mar2027/Apr2027-Jun2027/Jul2027-Sep2027 (end boundary2027-10-01), NOT fiscal earnings quarters. Straight-line native cash increments include all existing annual scopes; equity15B/quarter and lease0.075B/quarter; reserve BALANCES3.75/7.5/11.25/15B, never cumulatively sum reserve balances. Opening reserve0 is defined new-hypothesis scope, not issuer nil liability. Frontload15%annualcashcapex+25%equitycash additional timing deduction, original code not outdated35%/half comment. Historical H1AR cash use24.590B/inventory10.204B and Q2OCF24.077B versus NI59.688B caution collection lumpiness. Investmentcommitments18B remainderFY27 plus3B FY28 and ongoing supply/partner energization are not proof of uniform payment. Timing is plausible conditional stress, not a complete bank/covenant/intraday guarantee; acceleration beyond haircut requires new review. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q155

Formula for native.scenarios.bull.scenarioEconomicCashUses.quarterFinanceLeasePrincipalCash: Four successive quote-window buckets Oct2026-Dec2026/Jan2027-Mar2027/Apr2027-Jun2027/Jul2027-Sep2027 (end boundary2027-10-01), NOT fiscal earnings quarters. Straight-line native cash increments include all existing annual scopes; equity15B/quarter and lease0.075B/quarter; reserve BALANCES3.75/7.5/11.25/15B, never cumulatively sum reserve balances. Opening reserve0 is defined new-hypothesis scope, not issuer nil liability. Frontload15%annualcashcapex+25%equitycash additional timing deduction, original code not outdated35%/half comment. Historical H1AR cash use24.590B/inventory10.204B and Q2OCF24.077B versus NI59.688B caution collection lumpiness. Investmentcommitments18B remainderFY27 plus3B FY28 and ongoing supply/partner energization are not proof of uniform payment. Timing is plausible conditional stress, not a complete bank/covenant/intraday guarantee; acceleration beyond haircut requires new review. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q156

Formula for native.scenarios.bull.scenarioEconomicCashUses.quarterSupportReserveBalances: Four successive quote-window buckets Oct2026-Dec2026/Jan2027-Mar2027/Apr2027-Jun2027/Jul2027-Sep2027 (end boundary2027-10-01), NOT fiscal earnings quarters. Straight-line native cash increments include all existing annual scopes; equity15B/quarter and lease0.075B/quarter; reserve BALANCES3.75/7.5/11.25/15B, never cumulatively sum reserve balances. Opening reserve0 is defined new-hypothesis scope, not issuer nil liability. Frontload15%annualcashcapex+25%equitycash additional timing deduction, original code not outdated35%/half comment. Historical H1AR cash use24.590B/inventory10.204B and Q2OCF24.077B versus NI59.688B caution collection lumpiness. Investmentcommitments18B remainderFY27 plus3B FY28 and ongoing supply/partner energization are not proof of uniform payment. Timing is plausible conditional stress, not a complete bank/covenant/intraday guarantee; acceleration beyond haircut requires new review. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q157

Formula for native.scenarios.bull.scenarioEconomicCashUses.quarterCashBeforeEconomicUses: EXPLICIT DIFFERENT hypothesis: credit ZERO future employee proceeds despite actual trailing789M and original+1B forecast. Conservative no-credit cash budget with9.1B tax outflow and unchanged140M net delivery dilution; not issuer forecast or silent translation. Quarter differences-0.25/-0.5/-0.75/-1B, no CFO/debt/financing plug. Four successive quote-window buckets Oct2026-Dec2026/Jan2027-Mar2027/Apr2027-Jun2027/Jul2027-Sep2027 (end boundary2027-10-01), NOT fiscal earnings quarters. Straight-line native cash increments include all existing annual scopes; equity15B/quarter and lease0.075B/quarter; reserve BALANCES3.75/7.5/11.25/15B, never cumulatively sum reserve balances. Opening reserve0 is defined new-hypothesis scope, not issuer nil liability. Frontload15%annualcashcapex+25%equitycash additional timing deduction, original code not outdated35%/half comment. Historical H1AR cash use24.590B/inventory10.204B and Q2OCF24.077B versus NI59.688B caution collection lumpiness. Investmentcommitments18B remainderFY27 plus3B FY28 and ongoing supply/partner energization are not proof of uniform payment. Timing is plausible conditional stress, not a complete bank/covenant/intraday guarantee; acceleration beyond haircut requires new review. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q158

Formula for native.scenarios.bull.scenarioEconomicCashUses.stressCfoCumulativeAllocation: Four successive quote-window buckets Oct2026-Dec2026/Jan2027-Mar2027/Apr2027-Jun2027/Jul2027-Sep2027 (end boundary2027-10-01), NOT fiscal earnings quarters. Straight-line native cash increments include all existing annual scopes; equity15B/quarter and lease0.075B/quarter; reserve BALANCES3.75/7.5/11.25/15B, never cumulatively sum reserve balances. Opening reserve0 is defined new-hypothesis scope, not issuer nil liability. Frontload15%annualcashcapex+25%equitycash additional timing deduction, original code not outdated35%/half comment. Historical H1AR cash use24.590B/inventory10.204B and Q2OCF24.077B versus NI59.688B caution collection lumpiness. Investmentcommitments18B remainderFY27 plus3B FY28 and ongoing supply/partner energization are not proof of uniform payment. Timing is plausible conditional stress, not a complete bank/covenant/intraday guarantee; acceleration beyond haircut requires new review. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q159

Formula for native.scenarios.bull.scenarioEconomicCashUses.intraYearLiquidityTimingHaircut: Four successive quote-window buckets Oct2026-Dec2026/Jan2027-Mar2027/Apr2027-Jun2027/Jul2027-Sep2027 (end boundary2027-10-01), NOT fiscal earnings quarters. Straight-line native cash increments include all existing annual scopes; equity15B/quarter and lease0.075B/quarter; reserve BALANCES3.75/7.5/11.25/15B, never cumulatively sum reserve balances. Opening reserve0 is defined new-hypothesis scope, not issuer nil liability. Frontload15%annualcashcapex+25%equitycash additional timing deduction, original code not outdated35%/half comment. Historical H1AR cash use24.590B/inventory10.204B and Q2OCF24.077B versus NI59.688B caution collection lumpiness. Investmentcommitments18B remainderFY27 plus3B FY28 and ongoing supply/partner energization are not proof of uniform payment. Timing is plausible conditional stress, not a complete bank/covenant/intraday guarantee; acceleration beyond haircut requires new review. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q160

Formula for native.scenarios.bull.scenarioEconomicCashUses.minimumCashBasis: Four successive quote-window buckets Oct2026-Dec2026/Jan2027-Mar2027/Apr2027-Jun2027/Jul2027-Sep2027 (end boundary2027-10-01), NOT fiscal earnings quarters. Straight-line native cash increments include all existing annual scopes; equity15B/quarter and lease0.075B/quarter; reserve BALANCES3.75/7.5/11.25/15B, never cumulatively sum reserve balances. Opening reserve0 is defined new-hypothesis scope, not issuer nil liability. Frontload15%annualcashcapex+25%equitycash additional timing deduction, original code not outdated35%/half comment. Historical H1AR cash use24.590B/inventory10.204B and Q2OCF24.077B versus NI59.688B caution collection lumpiness. Investmentcommitments18B remainderFY27 plus3B FY28 and ongoing supply/partner energization are not proof of uniform payment. Timing is plausible conditional stress, not a complete bank/covenant/intraday guarantee; acceleration beyond haircut requires new review. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q161

Formula for native.scenarios.bull.scenarioEconomicCashUses.capitalAllocationRationale: EXPLICIT zero-proceeds conservative alternative, forecast net employee cash-9.1B; original+1B/-9.1B remains separate blocked hypothesis. NVDA bull analyst cumulative quote-date12mo scenario: recognized quarterly sales[125, 135, 150, 170]B total580B, GAAP margin0.66, tax0.17; not4x quarterly issuer guidance. CFO EBIT minus fixed cash tax plus7B D&A/9B SBC/2B deferred tax and-75B workingcapital. SBC retained in GAAP earnings; forecast cash tax held fixed in native sensitivities is a conservative downside convention not dynamic marginal tax model. ORIGINAL employee+1B/9.1Btax remains distinct historical proposed case, not this alternate; this alternate credits0receipts and retains9.1Btax, loweringannualcash1B. Financialdebt33.366B minus1B notes principal=32.366B;0.3B lease payment remains OUTSIDE debt. Buybacks90.0B at330 assumed average price; net140M employee delivery plus100M residual dilution not zero-cost common dilution suppression. Strategic equity60B purchases vs historical H142.404B are investing not acquisition/CFO; reserve15B is unavailable liquidity NOT paid loss/debt/default pledge. SBfirstFY2029 not expected current105B draw; hypothetical15B buffer addresses exposure without asserting issuer restricted cash. No acquisition/JV cash in original proposed scenario; actual H1acquisition298M remains disclosed, no claim future or current liabilities vanish. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Formula qualification Q162

Formula for native.scenarios.bull.scenarioEconomicCashUses.cashUsesTimingRationale: EXPLICIT zero-proceeds conservative alternative, forecast net employee cash-9.1B; original+1B/-9.1B remains separate blocked hypothesis. Four successive quote-window buckets Oct2026-Dec2026/Jan2027-Mar2027/Apr2027-Jun2027/Jul2027-Sep2027 (end boundary2027-10-01), NOT fiscal earnings quarters. Straight-line native cash increments include all existing annual scopes; equity15B/quarter and lease0.075B/quarter; reserve BALANCES3.75/7.5/11.25/15B, never cumulatively sum reserve balances. Opening reserve0 is defined new-hypothesis scope, not issuer nil liability. Frontload15%annualcashcapex+25%equitycash additional timing deduction, original code not outdated35%/half comment. Historical H1AR cash use24.590B/inventory10.204B and Q2OCF24.077B versus NI59.688B caution collection lumpiness. Investmentcommitments18B remainderFY27 plus3B FY28 and ongoing supply/partner energization are not proof of uniform payment. Timing is plausible conditional stress, not a complete bank/covenant/intraday guarantee; acceleration beyond haircut requires new review. exact formula/method text · not-applicable · Exact original formula retained once, not a new financial computation ·

Dated source/proof detail — actual citation sets, not source certainty

Historical/source evidence set E1 — shared actual citations

Exact source IDs shared by material rows; forward/derived use stays analyst conditional, not an issuer guarantee. Full claim/reviewer/sourceDAG in original archive. source/proof context, not a financial quantity · not-applicable · Source support is scoped. Hash equality is not literal/accounting proof. ·

Historical/source evidence set E2 — shared actual citations

Historical/source evidence set E3 — shared actual citations

Historical/source evidence set E4 — shared actual citations

Historical/source evidence set E5 — shared actual citations

Historical/source evidence set E6 — shared actual citations

Historical/source evidence set E7 — shared actual citations

Historical/source evidence set E8 — shared actual citations

Historical/source evidence set E9 — shared actual citations

Historical/source evidence set E10 — shared actual citations

Historical/source evidence set E11 — shared actual citations

Exact immutable source/model proofs — shared references, not source certainty

Exact value/origin proof P8447

Full immutable financial/source/derivation context for rows marked P8447. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8510

Full immutable financial/source/derivation context for rows marked P8510. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8511

Full immutable financial/source/derivation context for rows marked P8511. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8512

Full immutable financial/source/derivation context for rows marked P8512. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8513

Full immutable financial/source/derivation context for rows marked P8513. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8514

Full immutable financial/source/derivation context for rows marked P8514. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8515

Full immutable financial/source/derivation context for rows marked P8515. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8516

Full immutable financial/source/derivation context for rows marked P8516. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8517

Full immutable financial/source/derivation context for rows marked P8517. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8518

Full immutable financial/source/derivation context for rows marked P8518. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8519

Full immutable financial/source/derivation context for rows marked P8519. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8520

Full immutable financial/source/derivation context for rows marked P8520. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8521

Full immutable financial/source/derivation context for rows marked P8521. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8522

Full immutable financial/source/derivation context for rows marked P8522. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8523

Full immutable financial/source/derivation context for rows marked P8523. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8524

Full immutable financial/source/derivation context for rows marked P8524. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8525

Full immutable financial/source/derivation context for rows marked P8525. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8526

Full immutable financial/source/derivation context for rows marked P8526. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8527

Full immutable financial/source/derivation context for rows marked P8527. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8528

Full immutable financial/source/derivation context for rows marked P8528. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8529

Full immutable financial/source/derivation context for rows marked P8529. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8530

Full immutable financial/source/derivation context for rows marked P8530. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8531

Full immutable financial/source/derivation context for rows marked P8531. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

Exact value/origin proof P8532

Full immutable financial/source/derivation context for rows marked P8532. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·

downside · conditional-provided-not-issuer-guaranteed

Scenario period

2026-10-01 → 2027-10-01 · cumulative-12mo

horizon Months

12 months · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q38 in route shared notes

revenue Growth

0.38627586889791066 fraction · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q39 in route shared notes

operating Margin

0.58 fraction · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q40 in route shared notes

cash Taxes

43847999999.999985 USD · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA annual recognized[104, 104, 105, 107]B sales total420B *GAAP operatingmargin0.58 *tax0.18 gives cashTax43.848B. Issuer FY27 full-year16%-18% tax guide excludes discrete items; quote-window tax modeled as analyst operating-profit cashproxy, not true taxpayments or indefinite guide. Native stress keeps nominal cashTax fixed; downside no automatic relief.

noncash Adjustments

18000000000 USD · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA forward7B D&A+9B SBC+2B deferredtax=18B analyst cash bridge. H1actual2.124B/3.954B/0.982B respectively context. SBC retained in GAAP operatingmargin and separately dilution; no acquisition/gain/employee-proceeds plug.

working Capital Change

-45000000000 USD · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA forward-45B net workingcapital cashuse analyst growth-collection/inventory budget; H1AR-24.590B/inventory-10.204B offset partly by AP4.125B/accrual8.015B/otherliability1.970B. Scale differs with420/500/580B revenue, not hidden stockplan/strategicinvestment cash.

cash Interest

0 USD · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA zero SEPARATE recurring-interest cash addback/deduction assumes recurring netinterest cancels in author profit/operatingcash proxy. Financial debt33.366B and new25Bnotes interest exists, not asserted zero grosscoupon; no double counting or exact cost-of-debt forecast. The zero netinterest hypothesis needs ongoing source earnings review.

other Operating Cash

0 USD · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA0 additional other operating flow beyond enumerated tax/noncash/WC hypothesis. Employee proceeds explicitly OUTSIDE CFO; acquisitions/equity/lease/reserve not inserted here.

capex

12000000000 USD · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA12B annual cashPPE/intangible analyst capex budget vsH14.434B and nominalcommitments7B remainderFY27+1B FY28; expense/purchase once,0.3B lease principal separate; not all279Bsupply deducted as cashcapex.

financing

0 USD · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA0 new external market equity financing credited. 0 employee proceeds credited in EXPLICIT alternate; historical789M and originalforecast1B remain distinct. Do not invent employee option price or extra common shares to make a financing leaf fit.

financing Price

180 USD/ordinary-share · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA180USD/share is retained author scenario financing-price convention with ZERO financing amount; creates NO proceeds/financing shares. It is an unused positive scenario input, not verified employee plan strike or future issuance price. No unsupported1B credit through this convention.

debt Raised

0 USD · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA0 new forecast debt cash; June25B already included in opening33.366B. CPprogram25B is capacity not confirmed draw/guaranteed available finance.

debt Repaid

1000000000 USD · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA1B notes principal assumption matches dated currentfinancialdebt/maturity;0.3B financelease principal OUTSIDE financialdebt separate once. Public debtbound32.366-33.366B may already include earlier maturity retirement, so parent must inspect optional timing/double-pay interpretation; no share-debt cash settlement of convert.

dilution

0.00004591368227745876 fraction · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q41 in route shared notes

runway Months

12 months · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q42 in route shared notes

capacity Revenue Ceiling

580000000000 USD · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q43 in route shared notes

max Operating Margin

0.6624 fraction · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q44 in route shared notes

execution

supported text · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q45 in route shared notes

terminal Multiple

20 x · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q46 in route shared notes

drivers

NVDA downside analyst cumulative quote-date12mo scenario: recognized quarterly sales[104, 104, 105, 107]B total420B, GAAP margin0.58, tax0.18; not4x quarterly issuer guidance. CFO EBIT minus fixed cash tax plus7B D&A/9B SBC/2B deferred tax and-45B workingcapital. SBC retained in GAAP earnings; forecast cash tax held fixed in native sensitivities is a conservative downside convention not dynamic marginal tax model. EXPLICIT alternative employee proceeds0 credited, NOT claim actual proceeds0;9.1B withholding separate. Alternative has1B less annual available cash than reconciled+1B case. Native financing0 no added market issuance. Original proceeds contract gap remains. Financialdebt33.366B minus1B notes principal=32.366B;0.3B lease payment remains OUTSIDE debt. Buybacks25.0B at180 assumed average price; net140M employee delivery plus100M residual dilution not zero-cost common dilution suppression. Strategic equity60B purchases vs historical H142.404B are investing not acquisition/CFO; reserve15B is unavailable liquidity NOT paid loss/debt/default pledge. SBfirstFY2029 not expected current105B draw; hypothetical15B buffer addresses exposure without asserting issuer restricted cash. No acquisition/JV cash in original proposed scenario; actual H1acquisition298M remains disclosed, no claim future or current liabilities vanish. text · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q47 in route shared notes

cash Period Start

2026-10-01 text · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q48 in route shared notes

cash Period End

2027-10-01 text · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q49 in route shared notes

cash Period Basis

cumulative-12mo text · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q50 in route shared notes

cash Bridge Rationale

minimum Cash

39786000000 USD · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · min(opening available,quarter available endpoints)-15%capex-25%equityInvestments

funding Execution

supported text · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q52 in route shared notes

ownership Liability

0 USD · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q53 in route shared notes

cash Ownership Fraction

1 fraction · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q54 in route shared notes

cash Nci Deduction

0 USD · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q55 in route shared notes

cash Jv Contribution

0 USD · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q56 in route shared notes

cash Attribution Rationale

shareholder Distributions

24000000000 USD · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q58 in route shared notes

cash Distribution Rationale

NVDA24B annual common cash dividends ONLY. Buybacks separate. No preferred dividend assumed because balance preferred0, not invented preferred cash;24B budget is analyst extrapolation of new0.25quarterly dividend around24Bcommon shares, not issuer annual cash guidance. text · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Only common dividend cash, no double counting employee taxes/buybacks.

metric Revenue Coefficient

0.4756 fraction · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA forecast ownerNI/revenue coefficient =GAAPmargin0.58*(1-tax0.18)=0.4756. SBCexpensed, equitymarks excluded, zero recurring netotherincome. Native margin sensitivity does NOT recompute this coefficient: documented model-expression limit, not robust proof.

metric Constant

0 USD · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA0 recurring netotherincome/additional commonprofitconstant; avoid repeat equity investmentgains/portfolio-value cash addback. This is scope assumption not current absence of debtinterest or all nonoperatingincome.

metric Ceiling

199752000000 USD · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA downside maximum modeled ownerNI199.752B matches reviewed scenario sales and margin/tax conversion; not source-certified issuer income ceiling or narrowed physical capacity to induce target.

sector Bridge Rationale

sector Reported Amount

199752000000 USD · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA downside forecast commonNI=420B sales*0.58GAAPmargin*(1-0.18)=199.752B is analyst forecast, NOT reported future profit. Named legacy sectorReportedAmount refers to reviewed scenario numerator only.

sector Exclusions

0 USD · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA0 additional forecast ownerincome exclusions after constructing recurring EBIT-based NI; historicalmarks already excluded at historical bridge and no futuremarks included. No forecast fairvalue gain invented.

sector Ownership Fraction

1 fraction · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA consolidated recurringprofit attributed1 to common under no reported preferred/NCI claims on dated balance. Does not imply every investment has full ownership or all contingent claims absent.

sector Nci Deduction

0 USD · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA0 modeled forecast NCIprofit deduction within source consolidated common-profit scope, not assertion portfolio investees have no outsideowners.

sector Jv Contribution

0 USD · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA0 additional JVprofit counted atop recurring EBIT; no speculative equity/JV income contribution funded by cashinvestment.

net Share Change

1111111.111114502 ordinary-shares · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q60 in route shared notes

gross Share Issuance

140000000 ordinary-shares · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q61 in route shared notes

share Repurchase Shares

138888888.8888889 ordinary-shares · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA ordinary repurchases=25Bcash/180hypotheticalaverageprice, not source exactfuture volume or authorization-as-cash. No dividends treated as retirement.

share Repurchase Cash

25000000000 USD · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA25B modeled repurchasecash, separate from24Bdividend/9.1Bemployee withholding. Authorization99B is permission not source of liquidity; repurchases funding drawn from source cash/CFO assumptions.

acquisition Investing Cash

0 USD · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA0 separately proposed forecast acquisition cash in author scenario; H1actual298M and Groq financing2.944B shown, not zero actual spend. No unidentified announced future closing proceeds/payments credited; strategic60B purchases NOT acquisitions.

jv Investing Cash

0 USD · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA0 separately proposed JVcash contributions in this analyst scenario; not no actual thirdparty equity exposure. Strategic60B purchase/reserve remain distinct, no doublecount.

employee Equity Tax Withholding Cash

9100000000 USD · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA employee taxes9.1B separate financing outflow: rounded trailing9099M=7948+4531-3380M pace, analyst budget NOT issuer guidance; receipts1B separate and not netted into this leaf.

capital Allocation Rationale

equity Investment Cash

60000000000 USD · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q63 in route shared notes

contingent Support Reserve

15000000000 USD · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q64 in route shared notes

finance Lease Principal Cash

300000000 USD · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q65 in route shared notes

lease Principal Debt Treatment

outside-modeled-debt text · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q66 in route shared notes

opening Finance Lease Debt Included

0 USD · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q67 in route shared notes

support Reserve Basis

hypothetical-support-liquidity-buffer text · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q68 in route shared notes

opening Support Reserve Balance

0 USD · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q69 in route shared notes

quarter Equity Investment Cash

[15000000000.0, 15000000000.0, 15000000000.0, 15000000000.0] USD · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q70 in route shared notes

quarter Finance Lease Principal Cash

[75000000.0, 75000000.0, 75000000.0, 75000000.0] USD · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q71 in route shared notes

quarter Support Reserve Balances

[3750000000.0, 7500000000.0, 11250000000.0, 15000000000.0] USD · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q72 in route shared notes

quarter Cash Before Economic Uses

[81999000000.0, 107412000000.0, 132825000000.0, 158238000000.0] USD · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q73 in route shared notes

stress Cfo Cumulative Allocation

[0.25, 0.5, 0.75, 1] fraction · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q74 in route shared notes

intra Year Liquidity Timing Haircut

16800000000 USD · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q75 in route shared notes

minimum Cash Basis

after-economic-uses-and-reserves text · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q76 in route shared notes

capital Allocation Rationale

EXPLICIT zero-proceeds conservative alternative, forecast net employee cash-9.1B; original+1B/-9.1B remains separate blocked hypothesis. NVDA downside analyst cumulative quote-date12mo scenario: recognized quarterly sales[104, 104, 105, 107]B total420B, GAAP margin0.58, tax0.18; not4x quarterly issuer guidance. CFO EBIT minus fixed cash tax plus7B D&A/9B SBC/2B deferred tax and-45B workingcapital. SBC retained in GAAP earnings; forecast cash tax held fixed in native sensitivities is a conservative downside convention not dynamic marginal tax model. ORIGINAL employee+1B/9.1Btax remains distinct historical proposed case, not this alternate; this alternate credits0receipts and retains9.1Btax, loweringannualcash1B. Financialdebt33.366B minus1B notes principal=32.366B;0.3B lease payment remains OUTSIDE debt. Buybacks25.0B at180 assumed average price; net140M employee delivery plus100M residual dilution not zero-cost common dilution suppression. Strategic equity60B purchases vs historical H142.404B are investing not acquisition/CFO; reserve15B is unavailable liquidity NOT paid loss/debt/default pledge. SBfirstFY2029 not expected current105B draw; hypothetical15B buffer addresses exposure without asserting issuer restricted cash. No acquisition/JV cash in original proposed scenario; actual H1acquisition298M remains disclosed, no claim future or current liabilities vanish. text · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q77 in route shared notes

cash Uses Timing Rationale

EXPLICIT zero-proceeds conservative alternative, forecast net employee cash-9.1B; original+1B/-9.1B remains separate blocked hypothesis. Four successive quote-window buckets Oct2026-Dec2026/Jan2027-Mar2027/Apr2027-Jun2027/Jul2027-Sep2027 (end boundary2027-10-01), NOT fiscal earnings quarters. Straight-line native cash increments include all existing annual scopes; equity15B/quarter and lease0.075B/quarter; reserve BALANCES3.75/7.5/11.25/15B, never cumulatively sum reserve balances. Opening reserve0 is defined new-hypothesis scope, not issuer nil liability. Frontload15%annualcashcapex+25%equitycash additional timing deduction, original code not outdated35%/half comment. Historical H1AR cash use24.590B/inventory10.204B and Q2OCF24.077B versus NI59.688B caution collection lumpiness. Investmentcommitments18B remainderFY27 plus3B FY28 and ongoing supply/partner energization are not proof of uniform payment. Timing is plausible conditional stress, not a complete bank/covenant/intraday guarantee; acceleration beyond haircut requires new review. text · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q78 in route shared notes

basis

operating-margin-linked-normalized-common-income text · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · downside existingcoefficient=0.58*0.8200000000000001;effectiveCoefficient=existingCoefficient+reviewedSlope*(perturbedMargin-0.58);NI=perturbedRevenue*effectiveCoefficient+existingConstant;nominal unchanged

baseline Operating Margin

0.58 fraction · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · downside existingcoefficient=0.58*0.8200000000000001;effectiveCoefficient=existingCoefficient+reviewedSlope*(perturbedMargin-0.58);NI=perturbedRevenue*effectiveCoefficient+existingConstant;nominal unchanged

after Tax Owner Profit Slope

0.8200000000000001 fraction · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · downside existingcoefficient=0.58*0.8200000000000001;effectiveCoefficient=existingCoefficient+reviewedSlope*(perturbedMargin-0.58);NI=perturbedRevenue*effectiveCoefficient+existingConstant;nominal unchanged

rationale

NVDA downside: explicit conditional normalized commonowner profit slope 0.8200000000000001 with hypothetical tax 0.18; baseline GAAP operating margin 0.58, SBC retained and volatile equity marks excluded. Whole common ownership and zero recurring netnonoperating metricConstant assumption stay original. Issuer fullFY2027 16-18percent forecast is context; applying this planning rate through this quote-date12mo mixedFY27/FY28 horizon is analyst assumption,not issuerFY2028 guidance. Fixed forecast cash taxes/CFO and all cash/debt/reserve uses remain separately unchanged. Margin perturbation changes ownerNI/pricing via reviewed aftertax slope,not cash-tax or double NI in CFO. text · forecast · Qualification Q37 below. Historical source context only; exact immutable field-origin/proof mapping retained. · downside existingcoefficient=0.58*0.8200000000000001;effectiveCoefficient=existingCoefficient+reviewedSlope*(perturbedMargin-0.58);NI=perturbedRevenue*effectiveCoefficient+existingConstant;nominal unchanged

base · conditional-provided-not-issuer-guaranteed

Scenario period

2026-10-01 → 2027-10-01 · cumulative-12mo

horizon Months

12 months · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q80 in route shared notes

revenue Growth

0.6503284153546556 fraction · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q81 in route shared notes

operating Margin

0.65 fraction · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q82 in route shared notes

cash Taxes

55250000000 USD · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA annual recognized[112, 120, 128, 140]B sales total500B *GAAP operatingmargin0.65 *tax0.17 gives cashTax55.25000000000001B. Issuer FY27 full-year16%-18% tax guide excludes discrete items; quote-window tax modeled as analyst operating-profit cashproxy, not true taxpayments or indefinite guide. Native stress keeps nominal cashTax fixed; downside no automatic relief.

noncash Adjustments

18000000000 USD · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA forward7B D&A+9B SBC+2B deferredtax=18B analyst cash bridge. H1actual2.124B/3.954B/0.982B respectively context. SBC retained in GAAP operatingmargin and separately dilution; no acquisition/gain/employee-proceeds plug.

working Capital Change

-55000000000 USD · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA forward-55B net workingcapital cashuse analyst growth-collection/inventory budget; H1AR-24.590B/inventory-10.204B offset partly by AP4.125B/accrual8.015B/otherliability1.970B. Scale differs with420/500/580B revenue, not hidden stockplan/strategicinvestment cash.

cash Interest

0 USD · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA zero SEPARATE recurring-interest cash addback/deduction assumes recurring netinterest cancels in author profit/operatingcash proxy. Financial debt33.366B and new25Bnotes interest exists, not asserted zero grosscoupon; no double counting or exact cost-of-debt forecast. The zero netinterest hypothesis needs ongoing source earnings review.

other Operating Cash

0 USD · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA0 additional other operating flow beyond enumerated tax/noncash/WC hypothesis. Employee proceeds explicitly OUTSIDE CFO; acquisitions/equity/lease/reserve not inserted here.

capex

12000000000 USD · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA12B annual cashPPE/intangible analyst capex budget vsH14.434B and nominalcommitments7B remainderFY27+1B FY28; expense/purchase once,0.3B lease principal separate; not all279Bsupply deducted as cashcapex.

financing

0 USD · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA0 new external market equity financing credited. 0 employee proceeds credited in EXPLICIT alternate; historical789M and originalforecast1B remain distinct. Do not invent employee option price or extra common shares to make a financing leaf fit.

financing Price

270 USD/ordinary-share · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA270USD/share is retained author scenario financing-price convention with ZERO financing amount; creates NO proceeds/financing shares. It is an unused positive scenario input, not verified employee plan strike or future issuance price. No unsupported1B credit through this convention.

debt Raised

0 USD · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA0 new forecast debt cash; June25B already included in opening33.366B. CPprogram25B is capacity not confirmed draw/guaranteed available finance.

debt Repaid

1000000000 USD · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA1B notes principal assumption matches dated currentfinancialdebt/maturity;0.3B financelease principal OUTSIDE financialdebt separate once. Public debtbound32.366-33.366B may already include earlier maturity retirement, so parent must inspect optional timing/double-pay interpretation; no share-debt cash settlement of convert.

dilution

-0.005693296602387389 fraction · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q83 in route shared notes

runway Months

12 months · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q84 in route shared notes

capacity Revenue Ceiling

580000000000 USD · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q85 in route shared notes

max Operating Margin

0.6624 fraction · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q86 in route shared notes

execution

supported text · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q87 in route shared notes

terminal Multiple

25 x · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q88 in route shared notes

drivers

NVDA base analyst cumulative quote-date12mo scenario: recognized quarterly sales[112, 120, 128, 140]B total500B, GAAP margin0.65, tax0.17; not4x quarterly issuer guidance. CFO EBIT minus fixed cash tax plus7B D&A/9B SBC/2B deferred tax and-55B workingcapital. SBC retained in GAAP earnings; forecast cash tax held fixed in native sensitivities is a conservative downside convention not dynamic marginal tax model. EXPLICIT alternative employee proceeds0 credited, NOT claim actual proceeds0;9.1B withholding separate. Alternative has1B less annual available cash than reconciled+1B case. Native financing0 no added market issuance. Original proceeds contract gap remains. Financialdebt33.366B minus1B notes principal=32.366B;0.3B lease payment remains OUTSIDE debt. Buybacks75.0B at270 assumed average price; net140M employee delivery plus100M residual dilution not zero-cost common dilution suppression. Strategic equity60B purchases vs historical H142.404B are investing not acquisition/CFO; reserve15B is unavailable liquidity NOT paid loss/debt/default pledge. SBfirstFY2029 not expected current105B draw; hypothetical15B buffer addresses exposure without asserting issuer restricted cash. No acquisition/JV cash in original proposed scenario; actual H1acquisition298M remains disclosed, no claim future or current liabilities vanish. text · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q89 in route shared notes

cash Period Start

2026-10-01 text · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q90 in route shared notes

cash Period End

2027-10-01 text · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q91 in route shared notes

cash Period Basis

cumulative-12mo text · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q92 in route shared notes

cash Bridge Rationale

minimum Cash

39786000000 USD · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · min(opening available,quarter available endpoints)-15%capex-25%equityInvestments

funding Execution

supported text · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q94 in route shared notes

ownership Liability

0 USD · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q95 in route shared notes

cash Ownership Fraction

1 fraction · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q96 in route shared notes

cash Nci Deduction

0 USD · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q97 in route shared notes

cash Jv Contribution

0 USD · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q98 in route shared notes

cash Attribution Rationale

shareholder Distributions

24000000000 USD · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q100 in route shared notes

cash Distribution Rationale

NVDA24B annual common cash dividends ONLY. Buybacks separate. No preferred dividend assumed because balance preferred0, not invented preferred cash;24B budget is analyst extrapolation of new0.25quarterly dividend around24Bcommon shares, not issuer annual cash guidance. text · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Only common dividend cash, no double counting employee taxes/buybacks.

metric Revenue Coefficient

0.5395 fraction · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA forecast ownerNI/revenue coefficient =GAAPmargin0.65*(1-tax0.17)=0.5395. SBCexpensed, equitymarks excluded, zero recurring netotherincome. Native margin sensitivity does NOT recompute this coefficient: documented model-expression limit, not robust proof.

metric Constant

0 USD · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA0 recurring netotherincome/additional commonprofitconstant; avoid repeat equity investmentgains/portfolio-value cash addback. This is scope assumption not current absence of debtinterest or all nonoperatingincome.

metric Ceiling

269750000000 USD · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA base maximum modeled ownerNI269.75B matches reviewed scenario sales and margin/tax conversion; not source-certified issuer income ceiling or narrowed physical capacity to induce target.

sector Bridge Rationale

sector Reported Amount

269750000000 USD · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA base forecast commonNI=500B sales*0.65GAAPmargin*(1-0.17)=269.75B is analyst forecast, NOT reported future profit. Named legacy sectorReportedAmount refers to reviewed scenario numerator only.

sector Exclusions

0 USD · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA0 additional forecast ownerincome exclusions after constructing recurring EBIT-based NI; historicalmarks already excluded at historical bridge and no futuremarks included. No forecast fairvalue gain invented.

sector Ownership Fraction

1 fraction · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA consolidated recurringprofit attributed1 to common under no reported preferred/NCI claims on dated balance. Does not imply every investment has full ownership or all contingent claims absent.

sector Nci Deduction

0 USD · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA0 modeled forecast NCIprofit deduction within source consolidated common-profit scope, not assertion portfolio investees have no outsideowners.

sector Jv Contribution

0 USD · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA0 additional JVprofit counted atop recurring EBIT; no speculative equity/JV income contribution funded by cashinvestment.

net Share Change

-137777777.7777748 ordinary-shares · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q102 in route shared notes

gross Share Issuance

140000000 ordinary-shares · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q103 in route shared notes

share Repurchase Shares

277777777.7777778 ordinary-shares · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA ordinary repurchases=75Bcash/270hypotheticalaverageprice, not source exactfuture volume or authorization-as-cash. No dividends treated as retirement.

share Repurchase Cash

75000000000 USD · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA75B modeled repurchasecash, separate from24Bdividend/9.1Bemployee withholding. Authorization99B is permission not source of liquidity; repurchases funding drawn from source cash/CFO assumptions.

acquisition Investing Cash

0 USD · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA0 separately proposed forecast acquisition cash in author scenario; H1actual298M and Groq financing2.944B shown, not zero actual spend. No unidentified announced future closing proceeds/payments credited; strategic60B purchases NOT acquisitions.

jv Investing Cash

0 USD · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA0 separately proposed JVcash contributions in this analyst scenario; not no actual thirdparty equity exposure. Strategic60B purchase/reserve remain distinct, no doublecount.

employee Equity Tax Withholding Cash

9100000000 USD · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA employee taxes9.1B separate financing outflow: rounded trailing9099M=7948+4531-3380M pace, analyst budget NOT issuer guidance; receipts1B separate and not netted into this leaf.

capital Allocation Rationale

equity Investment Cash

60000000000 USD · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q105 in route shared notes

contingent Support Reserve

15000000000 USD · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q106 in route shared notes

finance Lease Principal Cash

300000000 USD · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q107 in route shared notes

lease Principal Debt Treatment

outside-modeled-debt text · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q108 in route shared notes

opening Finance Lease Debt Included

0 USD · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q109 in route shared notes

support Reserve Basis

hypothetical-support-liquidity-buffer text · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q110 in route shared notes

opening Support Reserve Balance

0 USD · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q111 in route shared notes

quarter Equity Investment Cash

[15000000000.0, 15000000000.0, 15000000000.0, 15000000000.0] USD · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q112 in route shared notes

quarter Finance Lease Principal Cash

[75000000.0, 75000000.0, 75000000.0, 75000000.0] USD · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q113 in route shared notes

quarter Support Reserve Balances

[3750000000.0, 7500000000.0, 11250000000.0, 15000000000.0] USD · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q114 in route shared notes

quarter Cash Before Economic Uses

[84498500000.0, 112411000000.0, 140323500000.0, 168236000000.0] USD · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q115 in route shared notes

stress Cfo Cumulative Allocation

[0.25, 0.5, 0.75, 1] fraction · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q116 in route shared notes

intra Year Liquidity Timing Haircut

16800000000 USD · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q117 in route shared notes

minimum Cash Basis

after-economic-uses-and-reserves text · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q118 in route shared notes

capital Allocation Rationale

EXPLICIT zero-proceeds conservative alternative, forecast net employee cash-9.1B; original+1B/-9.1B remains separate blocked hypothesis. NVDA base analyst cumulative quote-date12mo scenario: recognized quarterly sales[112, 120, 128, 140]B total500B, GAAP margin0.65, tax0.17; not4x quarterly issuer guidance. CFO EBIT minus fixed cash tax plus7B D&A/9B SBC/2B deferred tax and-55B workingcapital. SBC retained in GAAP earnings; forecast cash tax held fixed in native sensitivities is a conservative downside convention not dynamic marginal tax model. ORIGINAL employee+1B/9.1Btax remains distinct historical proposed case, not this alternate; this alternate credits0receipts and retains9.1Btax, loweringannualcash1B. Financialdebt33.366B minus1B notes principal=32.366B;0.3B lease payment remains OUTSIDE debt. Buybacks75.0B at270 assumed average price; net140M employee delivery plus100M residual dilution not zero-cost common dilution suppression. Strategic equity60B purchases vs historical H142.404B are investing not acquisition/CFO; reserve15B is unavailable liquidity NOT paid loss/debt/default pledge. SBfirstFY2029 not expected current105B draw; hypothetical15B buffer addresses exposure without asserting issuer restricted cash. No acquisition/JV cash in original proposed scenario; actual H1acquisition298M remains disclosed, no claim future or current liabilities vanish. text · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q119 in route shared notes

cash Uses Timing Rationale

EXPLICIT zero-proceeds conservative alternative, forecast net employee cash-9.1B; original+1B/-9.1B remains separate blocked hypothesis. Four successive quote-window buckets Oct2026-Dec2026/Jan2027-Mar2027/Apr2027-Jun2027/Jul2027-Sep2027 (end boundary2027-10-01), NOT fiscal earnings quarters. Straight-line native cash increments include all existing annual scopes; equity15B/quarter and lease0.075B/quarter; reserve BALANCES3.75/7.5/11.25/15B, never cumulatively sum reserve balances. Opening reserve0 is defined new-hypothesis scope, not issuer nil liability. Frontload15%annualcashcapex+25%equitycash additional timing deduction, original code not outdated35%/half comment. Historical H1AR cash use24.590B/inventory10.204B and Q2OCF24.077B versus NI59.688B caution collection lumpiness. Investmentcommitments18B remainderFY27 plus3B FY28 and ongoing supply/partner energization are not proof of uniform payment. Timing is plausible conditional stress, not a complete bank/covenant/intraday guarantee; acceleration beyond haircut requires new review. text · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q120 in route shared notes

basis

operating-margin-linked-normalized-common-income text · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · base existingcoefficient=0.65*0.83;effectiveCoefficient=existingCoefficient+reviewedSlope*(perturbedMargin-0.65);NI=perturbedRevenue*effectiveCoefficient+existingConstant;nominal unchanged

baseline Operating Margin

0.65 fraction · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · base existingcoefficient=0.65*0.83;effectiveCoefficient=existingCoefficient+reviewedSlope*(perturbedMargin-0.65);NI=perturbedRevenue*effectiveCoefficient+existingConstant;nominal unchanged

after Tax Owner Profit Slope

0.83 fraction · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · base existingcoefficient=0.65*0.83;effectiveCoefficient=existingCoefficient+reviewedSlope*(perturbedMargin-0.65);NI=perturbedRevenue*effectiveCoefficient+existingConstant;nominal unchanged

rationale

NVDA base: explicit conditional normalized commonowner profit slope 0.83 with hypothetical tax 0.17; baseline GAAP operating margin 0.65, SBC retained and volatile equity marks excluded. Whole common ownership and zero recurring netnonoperating metricConstant assumption stay original. Issuer fullFY2027 16-18percent forecast is context; applying this planning rate through this quote-date12mo mixedFY27/FY28 horizon is analyst assumption,not issuerFY2028 guidance. Fixed forecast cash taxes/CFO and all cash/debt/reserve uses remain separately unchanged. Margin perturbation changes ownerNI/pricing via reviewed aftertax slope,not cash-tax or double NI in CFO. text · forecast · Qualification Q79 below. Historical source context only; exact immutable field-origin/proof mapping retained. · base existingcoefficient=0.65*0.83;effectiveCoefficient=existingCoefficient+reviewedSlope*(perturbedMargin-0.65);NI=perturbedRevenue*effectiveCoefficient+existingConstant;nominal unchanged

bull · conditional-provided-not-issuer-guaranteed

Scenario period

2026-10-01 → 2027-10-01 · cumulative-12mo

horizon Months

12 months · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q122 in route shared notes

revenue Growth

0.9143809618114005 fraction · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q123 in route shared notes

operating Margin

0.66 fraction · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q124 in route shared notes

cash Taxes

65076000000.00002 USD · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA annual recognized[125, 135, 150, 170]B sales total580B *GAAP operatingmargin0.66 *tax0.17 gives cashTax65.07600000000001B. Issuer FY27 full-year16%-18% tax guide excludes discrete items; quote-window tax modeled as analyst operating-profit cashproxy, not true taxpayments or indefinite guide. Native stress keeps nominal cashTax fixed; downside no automatic relief.

noncash Adjustments

18000000000 USD · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA forward7B D&A+9B SBC+2B deferredtax=18B analyst cash bridge. H1actual2.124B/3.954B/0.982B respectively context. SBC retained in GAAP operatingmargin and separately dilution; no acquisition/gain/employee-proceeds plug.

working Capital Change

-75000000000 USD · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA forward-75B net workingcapital cashuse analyst growth-collection/inventory budget; H1AR-24.590B/inventory-10.204B offset partly by AP4.125B/accrual8.015B/otherliability1.970B. Scale differs with420/500/580B revenue, not hidden stockplan/strategicinvestment cash.

cash Interest

0 USD · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA zero SEPARATE recurring-interest cash addback/deduction assumes recurring netinterest cancels in author profit/operatingcash proxy. Financial debt33.366B and new25Bnotes interest exists, not asserted zero grosscoupon; no double counting or exact cost-of-debt forecast. The zero netinterest hypothesis needs ongoing source earnings review.

other Operating Cash

0 USD · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA0 additional other operating flow beyond enumerated tax/noncash/WC hypothesis. Employee proceeds explicitly OUTSIDE CFO; acquisitions/equity/lease/reserve not inserted here.

capex

14000000000 USD · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA14B annual cashPPE/intangible analyst capex budget vsH14.434B and nominalcommitments7B remainderFY27+1B FY28; expense/purchase once,0.3B lease principal separate; not all279Bsupply deducted as cashcapex.

financing

0 USD · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA0 new external market equity financing credited. 0 employee proceeds credited in EXPLICIT alternate; historical789M and originalforecast1B remain distinct. Do not invent employee option price or extra common shares to make a financing leaf fit.

financing Price

330 USD/ordinary-share · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA330USD/share is retained author scenario financing-price convention with ZERO financing amount; creates NO proceeds/financing shares. It is an unused positive scenario input, not verified employee plan strike or future issuance price. No unsupported1B credit through this convention.

debt Raised

0 USD · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA0 new forecast debt cash; June25B already included in opening33.366B. CPprogram25B is capacity not confirmed draw/guaranteed available finance.

debt Repaid

1000000000 USD · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA1B notes principal assumption matches dated currentfinancialdebt/maturity;0.3B financelease principal OUTSIDE financialdebt separate once. Public debtbound32.366-33.366B may already include earlier maturity retirement, so parent must inspect optional timing/double-pay interpretation; no share-debt cash settlement of convert.

dilution

-0.005484598046581331 fraction · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q125 in route shared notes

runway Months

12 months · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q126 in route shared notes

capacity Revenue Ceiling

580000000000 USD · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q127 in route shared notes

max Operating Margin

0.6624 fraction · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q128 in route shared notes

execution

supported text · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q129 in route shared notes

terminal Multiple

28 x · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q130 in route shared notes

drivers

NVDA bull analyst cumulative quote-date12mo scenario: recognized quarterly sales[125, 135, 150, 170]B total580B, GAAP margin0.66, tax0.17; not4x quarterly issuer guidance. CFO EBIT minus fixed cash tax plus7B D&A/9B SBC/2B deferred tax and-75B workingcapital. SBC retained in GAAP earnings; forecast cash tax held fixed in native sensitivities is a conservative downside convention not dynamic marginal tax model. EXPLICIT alternative employee proceeds0 credited, NOT claim actual proceeds0;9.1B withholding separate. Alternative has1B less annual available cash than reconciled+1B case. Native financing0 no added market issuance. Original proceeds contract gap remains. Financialdebt33.366B minus1B notes principal=32.366B;0.3B lease payment remains OUTSIDE debt. Buybacks90.0B at330 assumed average price; net140M employee delivery plus100M residual dilution not zero-cost common dilution suppression. Strategic equity60B purchases vs historical H142.404B are investing not acquisition/CFO; reserve15B is unavailable liquidity NOT paid loss/debt/default pledge. SBfirstFY2029 not expected current105B draw; hypothetical15B buffer addresses exposure without asserting issuer restricted cash. No acquisition/JV cash in original proposed scenario; actual H1acquisition298M remains disclosed, no claim future or current liabilities vanish. text · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q131 in route shared notes

cash Period Start

2026-10-01 text · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q132 in route shared notes

cash Period End

2027-10-01 text · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q133 in route shared notes

cash Period Basis

cumulative-12mo text · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q134 in route shared notes

cash Bridge Rationale

minimum Cash

39486000000 USD · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · min(opening available,quarter available endpoints)-15%capex-25%equityInvestments

funding Execution

supported text · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q136 in route shared notes

ownership Liability

0 USD · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q137 in route shared notes

cash Ownership Fraction

1 fraction · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q138 in route shared notes

cash Nci Deduction

0 USD · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q139 in route shared notes

cash Jv Contribution

0 USD · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q140 in route shared notes

cash Attribution Rationale

shareholder Distributions

24000000000 USD · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q142 in route shared notes

cash Distribution Rationale

NVDA24B annual common cash dividends ONLY. Buybacks separate. No preferred dividend assumed because balance preferred0, not invented preferred cash;24B budget is analyst extrapolation of new0.25quarterly dividend around24Bcommon shares, not issuer annual cash guidance. text · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Only common dividend cash, no double counting employee taxes/buybacks.

metric Revenue Coefficient

0.5478 fraction · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA forecast ownerNI/revenue coefficient =GAAPmargin0.66*(1-tax0.17)=0.5478. SBCexpensed, equitymarks excluded, zero recurring netotherincome. Native margin sensitivity does NOT recompute this coefficient: documented model-expression limit, not robust proof.

metric Constant

0 USD · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA0 recurring netotherincome/additional commonprofitconstant; avoid repeat equity investmentgains/portfolio-value cash addback. This is scope assumption not current absence of debtinterest or all nonoperatingincome.

metric Ceiling

317724000000 USD · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA bull maximum modeled ownerNI317.724B matches reviewed scenario sales and margin/tax conversion; not source-certified issuer income ceiling or narrowed physical capacity to induce target.

sector Bridge Rationale

sector Reported Amount

317724000000 USD · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA bull forecast commonNI=580B sales*0.66GAAPmargin*(1-0.17)=317.724B is analyst forecast, NOT reported future profit. Named legacy sectorReportedAmount refers to reviewed scenario numerator only.

sector Exclusions

0 USD · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA0 additional forecast ownerincome exclusions after constructing recurring EBIT-based NI; historicalmarks already excluded at historical bridge and no futuremarks included. No forecast fairvalue gain invented.

sector Ownership Fraction

1 fraction · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA consolidated recurringprofit attributed1 to common under no reported preferred/NCI claims on dated balance. Does not imply every investment has full ownership or all contingent claims absent.

sector Nci Deduction

0 USD · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA0 modeled forecast NCIprofit deduction within source consolidated common-profit scope, not assertion portfolio investees have no outsideowners.

sector Jv Contribution

0 USD · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA0 additional JVprofit counted atop recurring EBIT; no speculative equity/JV income contribution funded by cashinvestment.

net Share Change

-132727272.72726822 ordinary-shares · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q144 in route shared notes

gross Share Issuance

140000000 ordinary-shares · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q145 in route shared notes

share Repurchase Shares

272727272.72727275 ordinary-shares · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA ordinary repurchases=90Bcash/330hypotheticalaverageprice, not source exactfuture volume or authorization-as-cash. No dividends treated as retirement.

share Repurchase Cash

90000000000 USD · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA90B modeled repurchasecash, separate from24Bdividend/9.1Bemployee withholding. Authorization99B is permission not source of liquidity; repurchases funding drawn from source cash/CFO assumptions.

acquisition Investing Cash

0 USD · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA0 separately proposed forecast acquisition cash in author scenario; H1actual298M and Groq financing2.944B shown, not zero actual spend. No unidentified announced future closing proceeds/payments credited; strategic60B purchases NOT acquisitions.

jv Investing Cash

0 USD · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA0 separately proposed JVcash contributions in this analyst scenario; not no actual thirdparty equity exposure. Strategic60B purchase/reserve remain distinct, no doublecount.

employee Equity Tax Withholding Cash

9100000000 USD · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · NVDA employee taxes9.1B separate financing outflow: rounded trailing9099M=7948+4531-3380M pace, analyst budget NOT issuer guidance; receipts1B separate and not netted into this leaf.

capital Allocation Rationale

equity Investment Cash

60000000000 USD · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q147 in route shared notes

contingent Support Reserve

15000000000 USD · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q148 in route shared notes

finance Lease Principal Cash

300000000 USD · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q149 in route shared notes

lease Principal Debt Treatment

outside-modeled-debt text · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q150 in route shared notes

opening Finance Lease Debt Included

0 USD · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q151 in route shared notes

support Reserve Basis

hypothetical-support-liquidity-buffer text · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q152 in route shared notes

opening Support Reserve Balance

0 USD · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q153 in route shared notes

quarter Equity Investment Cash

[15000000000.0, 15000000000.0, 15000000000.0, 15000000000.0] USD · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q154 in route shared notes

quarter Finance Lease Principal Cash

[75000000.0, 75000000.0, 75000000.0, 75000000.0] USD · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q155 in route shared notes

quarter Support Reserve Balances

[3750000000.0, 7500000000.0, 11250000000.0, 15000000000.0] USD · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q156 in route shared notes

quarter Cash Before Economic Uses

[87242000000.0, 117898000000.0, 148554000000.0, 179210000000.0] USD · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q157 in route shared notes

stress Cfo Cumulative Allocation

[0.25, 0.5, 0.75, 1] fraction · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q158 in route shared notes

intra Year Liquidity Timing Haircut

17100000000 USD · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q159 in route shared notes

minimum Cash Basis

after-economic-uses-and-reserves text · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q160 in route shared notes

capital Allocation Rationale

EXPLICIT zero-proceeds conservative alternative, forecast net employee cash-9.1B; original+1B/-9.1B remains separate blocked hypothesis. NVDA bull analyst cumulative quote-date12mo scenario: recognized quarterly sales[125, 135, 150, 170]B total580B, GAAP margin0.66, tax0.17; not4x quarterly issuer guidance. CFO EBIT minus fixed cash tax plus7B D&A/9B SBC/2B deferred tax and-75B workingcapital. SBC retained in GAAP earnings; forecast cash tax held fixed in native sensitivities is a conservative downside convention not dynamic marginal tax model. ORIGINAL employee+1B/9.1Btax remains distinct historical proposed case, not this alternate; this alternate credits0receipts and retains9.1Btax, loweringannualcash1B. Financialdebt33.366B minus1B notes principal=32.366B;0.3B lease payment remains OUTSIDE debt. Buybacks90.0B at330 assumed average price; net140M employee delivery plus100M residual dilution not zero-cost common dilution suppression. Strategic equity60B purchases vs historical H142.404B are investing not acquisition/CFO; reserve15B is unavailable liquidity NOT paid loss/debt/default pledge. SBfirstFY2029 not expected current105B draw; hypothetical15B buffer addresses exposure without asserting issuer restricted cash. No acquisition/JV cash in original proposed scenario; actual H1acquisition298M remains disclosed, no claim future or current liabilities vanish. text · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q161 in route shared notes

cash Uses Timing Rationale

EXPLICIT zero-proceeds conservative alternative, forecast net employee cash-9.1B; original+1B/-9.1B remains separate blocked hypothesis. Four successive quote-window buckets Oct2026-Dec2026/Jan2027-Mar2027/Apr2027-Jun2027/Jul2027-Sep2027 (end boundary2027-10-01), NOT fiscal earnings quarters. Straight-line native cash increments include all existing annual scopes; equity15B/quarter and lease0.075B/quarter; reserve BALANCES3.75/7.5/11.25/15B, never cumulatively sum reserve balances. Opening reserve0 is defined new-hypothesis scope, not issuer nil liability. Frontload15%annualcashcapex+25%equitycash additional timing deduction, original code not outdated35%/half comment. Historical H1AR cash use24.590B/inventory10.204B and Q2OCF24.077B versus NI59.688B caution collection lumpiness. Investmentcommitments18B remainderFY27 plus3B FY28 and ongoing supply/partner energization are not proof of uniform payment. Timing is plausible conditional stress, not a complete bank/covenant/intraday guarantee; acceleration beyond haircut requires new review. text · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact formula note Q162 in route shared notes

basis

operating-margin-linked-normalized-common-income text · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · bull existingcoefficient=0.66*0.83;effectiveCoefficient=existingCoefficient+reviewedSlope*(perturbedMargin-0.66);NI=perturbedRevenue*effectiveCoefficient+existingConstant;nominal unchanged

baseline Operating Margin

0.66 fraction · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · bull existingcoefficient=0.66*0.83;effectiveCoefficient=existingCoefficient+reviewedSlope*(perturbedMargin-0.66);NI=perturbedRevenue*effectiveCoefficient+existingConstant;nominal unchanged

after Tax Owner Profit Slope

0.83 fraction · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · bull existingcoefficient=0.66*0.83;effectiveCoefficient=existingCoefficient+reviewedSlope*(perturbedMargin-0.66);NI=perturbedRevenue*effectiveCoefficient+existingConstant;nominal unchanged

rationale

NVDA bull: explicit conditional normalized commonowner profit slope 0.83 with hypothetical tax 0.17; baseline GAAP operating margin 0.66, SBC retained and volatile equity marks excluded. Whole common ownership and zero recurring netnonoperating metricConstant assumption stay original. Issuer fullFY2027 16-18percent forecast is context; applying this planning rate through this quote-date12mo mixedFY27/FY28 horizon is analyst assumption,not issuerFY2028 guidance. Fixed forecast cash taxes/CFO and all cash/debt/reserve uses remain separately unchanged. Margin perturbation changes ownerNI/pricing via reviewed aftertax slope,not cash-tax or double NI in CFO. text · forecast · Qualification Q121 below. Historical source context only; exact immutable field-origin/proof mapping retained. · bull existingcoefficient=0.66*0.83;effectiveCoefficient=existingCoefficient+reviewedSlope*(perturbedMargin-0.66);NI=perturbedRevenue*effectiveCoefficient+existingConstant;nominal unchanged

components.annualRevenue
Published: 2026-02-25 · Retrieved: 2026-10-02T04:58:06.650065+00:00
components.TTM.revenue.0
Published: 2026-02-25 · Retrieved: 2026-10-02T04:58:06.650065+00:00
components.TTM.revenue.1
Published: 2026-08-26 · Retrieved: 2026-10-02T06:00:59.902119+00:00
financials.measuredOrdinaryShares
Published: 2026-08-26 · Retrieved: 2026-10-02T06:00:59.902119+00:00
components.FYemployeeProceeds
Published: 2026-02-25 · Retrieved: 2026-10-02T04:58:06.650065+00:00
components.NVDA-v2-guide-revenue
Published: 2026-08-26 · Retrieved: 2026-10-02T04:53:28.714897+00:00