NVIDIA Unpaid Customer Invoices Jump $24.6 Billion, Raising AI Financing Concerns

NVIDIA’s unpaid customer invoices rose by $24.6 billion over six months to $63.1 billion as of July 26, with five direct customers accounting for 70% of the outstanding balance. The company attributed the buildup to extended payment terms of 90 days to one year offered to large investment-grade customers, and its days sales outstanding also increased. The disclosure matters because it suggests a growing share of AI infrastructure demand is being financed through vendor credit rather than immediate cash collection, a dynamic that could pressure NVIDIA’s working capital if receivables keep outpacing revenue. Watch whether the concentration among a handful of customers persists and whether days sales outstanding continues to climb in coming quarters.