Nvidia's latest earnings show it has taken on large financial commitments to help fund AI data centers that buy its own chips — a risk investors may be underestimating.

• Nvidia signed 15-year leases tied to AI data centers and plans to hand them off to outside buyers.
• The setup helps customers afford more Nvidia chips, but leaves Nvidia holding the risk if they can't pay.
• Nvidia backed roughly $100 billion in guarantees for an OpenAI facility, under a 20-year lease.
• Those guarantees shrink only once OpenAI starts paying Nvidia, which requires the site to actually go live.

Outlook: The commitments stay on Nvidia's books until the OpenAI facility opens and starts generating payments, keeping the risk in place for now.