AI demand continues to surge! Nvidia recently disclosed that its supply commitments have increased by 135%, and Anthropic has signed contracts worth over $180 billion.

Nvidia's latest data shows that demand for AI infrastructure continues to expand, with several key indicators jumping significantly compared to the previous quarter, providing the market with the latest demand visibility to date.

Nvidia disclosed that AI startup Anthropic has signed contracts for 2.6 gigawatts of AI infrastructure computing power to date, with delivery dates extended to 2028. Its total contract value across multiple cloud service providers (CSPs) and emerging cloud platforms (Neocloud) exceeds $180 billion. Meanwhile, Nvidia's overall supply commitments surged from $119 billion last quarter to $279 billion, an increase of over 130%, primarily driven by memory procurement.

The disclosure of the above data continues Nvidia's practice of regularly releasing the size of its contract commitments during its earnings reporting cycle. The market typically interprets such data following a fixed logic: the total contract value is seen as evidence of sustained demand, while the composition of commitments determines its actual significance.

Anthropic's contract size highlights the strong demand from leading AI clients.

Nvidia disclosed that Anthropic has signed contracts for a total of 2.6 gigawatts of AI infrastructure computing power, with delivery dates covering 2028, and the total value of contracts spanning multiple CSPs and Neocloud platforms exceeds $180 billion.

This figure vividly illustrates the leading AI labs' willingness to lock in computing resources on a large scale. From a delivery timeline perspective, the contracts cover up to 2028, meaning there's a long window of opportunity for related demand, which helps support market expectations for Nvidia's mid-term revenue.

Nvidia also disclosed that its Neocloud partner in Australia has committed to delivering up to 2 gigawatts of computing power by 2027, further demonstrating the trend of AI infrastructure demand extending to multiple markets around the world.

Committed spending doubled quarter-on-quarter, with memory procurement being the main driver.

Nvidia's overall supply commitments rose to $279 billion from $119 billion in the previous quarter, an increase of $160 billion in a single quarter. Nvidia pointed out that this increase in commitments was mainly related to memory procurement.

This distinction is crucial. Market analysts typically differentiate between contractual commitments directly linked to end-user computing power demand and procurement-oriented supply chain commitments. Large-scale pre-lock-up of key components such as memory and packaging can be interpreted as either a reflection of confidence in the order book or a hedging operation in a tight supply environment—these two interpretations have different impacts on valuation when demand assumptions soften.

In past cycles of limited component supply, aggressive memory procurement commitments have been interpreted by the market in both ways. Investors should pay attention to the proportion of these commitments that ultimately translate into recognized revenue, the disclosure of prepayments and cancellation clauses, and whether memory price trends can validate the procurement logic.

The portfolio continues to expand, and the demand narrative is strengthened.

Nvidia's current portfolio includes 13 publicly traded companies and 229 private companies, and the breadth of its customer ecosystem has mitigated concerns about concentration on a single major customer to some extent.

Such disclosures of commitments have become routine in Nvidia's reporting, and the market has developed a fixed pattern in how it's handled. It's worth noting that the recurring issue surrounding AI customer financing—the funding sources for large contracts between chip suppliers and AI labs—remains a topic of ongoing discussion with each major contract disclosure.

From the perspective of a single data point, this disclosure reinforces the existing narrative of demand sustainability. The market's subsequent focus will be on the pace at which committed amounts translate into actual revenue within the guidance window, and whether the disclosure can further clarify the quality and term structure of contract counterparties.

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