NVIDIA CORP (NVDA) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that NVIDIA CORP surfaced in its latest filing.

• In August 2026, NVIDIA entered into memoranda of understanding with large capital providers regarding independent financing platforms.August 2026
• The French Competition Authority is questioning whether gaming GPUs and data center GPUs are separate product categories, which may impact export controls applicable to gaming products sold in France and Europe.
• The EU AI Act became effective on August 1, 2024 and will be fully applicable after a multi-year transitional period.August 1, 2024
• New state AI laws took effect on January 1, 2026.January 1, 2026
• In fiscal year 2023, NVIDIA stopped direct sales to Russia and closed business operations in Russia.fiscal year 2023
• In August 2022, the U.S. government announced export restrictions and licensing requirements targeting China's semiconductor and supercomputing industries, impacting A100 and H100 integrated circuits and systems incorporating them.August 2022
• In July 2023, the U.S. government informed NVIDIA of additional licensing requirements for a subset of A100 and H100 products destined to certain customers in some countries in the Middle East.July 2023
• In October 2023, the U.S. government announced new licensing requirements for exports to China and Country Groups D:1, D:4, and D:5 of products exceeding performance thresholds, including A100, A800, H100, H800, L4, L40, L40S, RTX 4090, GB200 NVL72, and B200.October 2023
• In April 2025, the U.S. government required a license for export to China and D:5 countries of H20 integrated circuits and any other circuits achieving H20's memory bandwidth, interconnect bandwidth, or combination.April 2025
• NVIDIA incurred a $4.5 billion charge in Q1 FY2026 associated with H20 for excess inventory and purchase obligations.Q1 FY2026
• Beginning in August 2025, the U.S. government granted licenses to ship certain H20 products to certain China-based customers, but sales were restricted by the PRC government.August 2025
• Beginning in February 2026, the U.S. government granted licenses to ship small amounts of H200 products to specific China-based customers, but sales were restricted by the PRC government.February 2026
• During the first half of fiscal year 2027, NVIDIA incurred a $0.4 billion charge associated with H200 for excess inventory and purchase obligations.first half of fiscal year 2027
• As of the end of Q2 FY2027, NVIDIA was effectively foreclosed from competing in China's data center computing/compute market.Q2 FY2027
• In January 2025, the U.S. government published the AI Diffusion IFR, which would have imposed a worldwide licensing requirement on data center products such as H200, GB200, and GB300.January 2025
• In May 2025, the U.S. government announced it would rescind the AI Diffusion IFR and implement a replacement rule.May 2025
• In October 2025, the Senate passed the GAIN AI Act in the National Defense Authorization Act.October 2025
• Congress is considering the Remote Access Security Act (RASA), which could prohibit the provision of cloud services to any company with an ultimate parent headquartered in China.
• The U.S. government imposed license conditions that limit the ability of foreign firms to create and offer as a service large-scale GPU clusters.
• China's government publicly questioned whether NVIDIA's H20 products have built-in vulnerabilities following U.S. legislative proposals.
• The U.S. government already imposed export controls restricting certain gaming GPUs.
• Regulators in China have inquired about NVIDIA's sales and efforts to supply the China market and fulfillment of commitments from the Mellanox acquisition.
• On September 15, 2025, China's antitrust regulators published a preliminary finding that NVIDIA's compliance with U.S. export controls discriminated unfairly against customers in China, violating the terms of China's approval of the Mellanox acquisition.September 15, 2025
• The U.S. government adopted 'Connected Vehicle' restrictions on import and sale of certain automotive products.
• Chinese government announced an Action Plan endorsing new standards regarding compute performance per watt and per memory bandwidth of accelerators used in new and renovated data centers in China.
• As of July 26, 2026, $33.5 billion aggregate principal amount of senior notes outstanding.July 26, 2026
• $25.0 billion commercial paper program with no amounts outstanding as of July 26, 2026.July 26, 2026