Nvidia's latest results were strong, but hidden risks in the fine print could cap how much the stock can climb from here.

• Sales and profits beat expectations again, and next quarter's forecast came in above what analysts wanted.
• Three customers made up 44% of Nvidia's sales for the first half of the year, so the whole story rests on a handful of buyers.
• Nvidia has promised to backstop over $100 billion in leases for an OpenAI data center site, and that could grow toward $200 billion — debt that never shows up on its books.
• The company is also pouring tens of billions into buying stakes in the customers who buy its chips, a loop that looks good until sales slow.
• Profit margins are still huge but slipping slightly, as memory chips get more expensive and normal PC and gaming sales stay weak.

Outlook: The stock looks cheap on earnings and could move up now that the results are out, but the off-the-books promises and reliance on a few giant customers are what keep the price down.