commitment

As of July 26, NVIDIA's total future commitments for the fiscal year increased to $279 billion, primarily related to the procurement of storage chips.

According to Chao Xiang Research, a Morgan Stanley report points out that the total off-balance-sheet commitments disclosed by hyperscale vendors, Nvidia, and Broadcom have exceeded $3.1 trillion. Among them, lease commitments amount to $1.1 trillion, procurement commitments to $1.7 trillion, and the total on-balance-sheet debt and lease liabilities of hyperscale vendors is $770 billion.Amazon and Google's free cash flow turned negative in the second quarter of 2026, and Meta is expected to follow suit next quarter. Financing tools are restructuring the capital structure of AI computing power from six aspects: off-balance-sheet lease and procurement commitments constitute the first layer of financing, the proportion of debt issuance rises from 2% in 2025 to 19% in 2026, Google frees up $110 billion by cutting buybacks and issuing equity, Oracle's customer prepayments in the second quarter amount to $4.6 billion, and Broadcom and Nvidia launched a chip leasing SPV to support unrated AI labs.Morgan Stanley believes that as the financing structure itself becomes a core variable of the AI supply chain, the importance of tracking off-balance-sheet commitments and changes in accounting judgments is approaching that of tracking chip shipments themselves.

According to Jinshi reports, an informed source emphasized that if the agreement between Iran and Oman is finalized, the reopening of the Strait of Hormuz will require separate arrangements, which also include the United States fulfilling related commitments.

According to a report by businesswire, Strategy announced its participation in the "Invest in America Commitment" program, which will contribute $250 annually to the Trump account (i.e., 530A account) for each eligible American employee's minor child, regardless of the child's birth year.For children born on or after January 1, 2025, there will also be an additional one-time matching contribution of $1,000 in seed funding provided by the U.S. government.Phong Le, President and CEO of Strategy, stated, "The Trump account and the Invest in America initiative can build a stronger financial future for American children. The company will match the government's initial $1,000 contribution and provide additional annual contributions for eligible employees' children.These accounts can encourage financial education, long-term thinking, and the cultivation of a savings and investment culture from a young age—these goals are highly consistent with Strategy's values and optimistic vision for the future."The Trump account is a tax-deferred investment account for minors under the age of 18, with investment targets being low-fee U.S. index funds. Children born between 2025 and 2028 can receive a one-time $1,000 seed funding from the U.S. Treasury upon registration. Strategy's program will launch after the Treasury issues final guidance and the employer contribution infrastructure is online. The company has announced the plan to employees during internal quarterly meetings and will share registration details with eligible employees before the launch.

According to Cointelegraph, at the 13th U.S.-U.K. Financial Regulatory Working Group (FRWG) meeting held in London on July 8, both the U.S. and U.K. reaffirmed their commitment to strengthening financial regulatory cooperation and discussed topics such as stablecoin regulation, digital asset market structure, tokenization, and the U.K. wholesale financial market digitalization strategy.The joint statement indicated that the U.S. informed the U.K. about the implementation progress of the GENIUS Act and related work on digital asset market structure, expressing support for "responsible" digital asset innovation while emphasizing financial stability and international regulatory cooperation. On July 14, the "Transatlantic Taskforce on Future Markets" (TTMF) further released preliminary recommendations on stablecoins and a joint statement, laying the foundation for continued U.S.-U.K. leadership in the digital asset and capital markets sectors.

According to an analysis by Reuters of LSEG data and company filings, Microsoft, Meta, Oracle, Amazon, and Alphabet have committed to future payments of approximately $1.09 trillion in uncommenced lease obligations, primarily for AI data centers, which is about four times their confirmed lease liabilities (approximately $285 billion). These commitments have not yet been included on the balance sheet but have been disclosed in the notes to the financial statements. Among them, Microsoft disclosed the largest amount, reaching $329.1 billion; Meta disclosed $278.99 billion and signed an additional $68 billion in new leases in July; Oracle disclosed $260 billion, nearly seven times its confirmed liabilities, with lease terms generally ranging from 15 to 19 years, and the company has warned that it may face risks if customers do not renew or are unable to fulfill their obligations; Alphabet and Amazon disclosed $85.2 billion and $137.21 billion, respectively.The analysis points out that if the demand for AI computing power continues to grow, these facilities will support the next phase of cloud business expansion; if demand falls short of expectations, companies may be forced to pay high costs for large amounts of long-term idle capacity. S&P Global Ratings has included the uncommenced leases of companies like Oracle in its adjusted debt forecasts. This data highlights the potential long-term financial pressure that the expansion of AI infrastructure brings to tech giants.

In response to the recent market controversy regarding the reduction of Stabledrop shares, Cap founder Benjamin issued a statement of apology and provided a detailed response. He stated that the team prematurely committed to an airdrop scale of 11 million before the funding was fully secured, but subsequent changes in the market environment led to a fundraising amount that fell short of expectations, resulting in the actual airdrop pool shrinking to 4.2 million.To avoid substantial principal losses for early YT (Yield Token) holders, the team temporarily adjusted the originally planned linear distribution scheme to a "capital protection but no profit" restructuring model, ensuring that no one incurs losses. This rule applies equally to all wallets. Meanwhile, in response to community concerns about a related whale address allegedly engaging in "internal score manipulation," Benjamin clarified that the wallet belongs to a former colleague and is not operated by the team, and that project treasury funds have not been utilized. Additionally, he emphasized that the Cap protocol is still operating healthily, and the decline in TVL that occurred over the weekend was mainly due to the surge in USDM lending rates on Aave for MegaETH, causing arbitrageurs to exit, which is unrelated to this airdrop incident. All redemptions have been processed smoothly.

The Kobeissi Letter cited Bloomberg on platform X, stating, "American tech companies have committed to investing a record $850 billion in data center leasing over the next few years, an increase of $570 billion year-on-year, representing a growth rate of 204%, and a quarter-on-quarter increase of $200 billion, with a growth rate of 31%.It is reported that Meta added a commitment of $79 billion in the first quarter of 2026, a quarter-on-quarter increase of 76%, bringing the total commitment to approximately $183 billion. Microsoft added $41 billion during the same period, a quarter-on-quarter increase of 26%, with a total commitment of approximately $197 billion. Oracle leads with a total commitment of approximately $250 billion, having locked in several key sites to fulfill its contract with OpenAI."

Argot Collective and the Ethereum Foundation (EF) announced that they have completed the final phase of the initial five-year funding commitment, with approximately 4,938 stETH to be transferred to a multi-signature wallet, to be unlocked in batches on July 1, 2026, and July 1, 2027, respectively. The funding for the previous three years was fully disbursed last year, while the remaining two years were delayed due to terms and governance arrangements that were yet to be finalized, which have now been completed.The funds are held in a 2-of-3 multi-signature wallet managed by Argot, the newly established "Failure Protection Committee," and the Ethereum Foundation. This committee will act as an independent arbitrator to maintain Argot's independence in the event of disputes and provide expertise in programming languages and compilers.Argot Collective also pointed out that while this agreement provides substantial operational security, broader challenges remain: the Ethereum Foundation has limited funding, and the public infrastructure supporting DeFi, staking, and core protocols cannot rely on a single funding source in the long term. The organization stated that it will continue to release transparency reports and roadmap updates every six months.

According to a report by The Information, the confidential IPO registration draft submitted by OpenAI shows that as of the end of March 2026, OpenAI's balance sheet exhibits "light asset" characteristics, with zero debt on the books and capital expenditures of only $46 million in the first quarter. However, in reality, the company has placed substantial infrastructure expenditures off the books, with future procurement commitments in chips, energy, and data centers reaching up to $665 billion. Financial data indicates that OpenAI's actual net loss in the first quarter was approximately $8.5 billion, with revenue costs amounting to $3.5 billion.Additionally, OpenAI demonstrates a very high characteristic of related-party funding cycles. In the first quarter, 72% of its revenue costs and 45% of total expenditures flowed to related parties (expected to be primarily Microsoft), and it directly used $488 million in equity to settle part of its computing power bills. In the data center joint venture project within its consolidated financial statements, nearly $5 billion in book losses is accounted for as belonging to external partners. The documents also reveal that its main competitor, Anthropic, is similarly engaging in large-scale off-balance-sheet expansion, including $4.5 billion in data center service commitments and $35 billion in chip leasing orders.

According to Jinshi reports, Federal Reserve Chairman Powell stated that the commitment to reduce inflation to 2% will never end, and he will steadfastly pursue this goal.

OpenAI's recent internal growth targets have not met expectations. CFO Sarah Friar warned that if revenue growth does not keep pace, the company may struggle to fulfill its commitment of approximately $600 billion in computing power procurement, and the board has begun to review the data center investment expansion plans.Reports indicate that ChatGPT user growth, revenue targets, and subscription retention are all under pressure. Despite OpenAI recently completing a $122 billion financing round, the company's management is still discussing long-term capital expenditures and the pace of an IPO. OpenAI has denied that there are significant internal disagreements.

As a lending platform directly affected by the rsETH incident, Aave itself has issued 25,000 ETH ($57.75 million) for bad debt compensation. The total bad debt gap is 75,081 ETH. Aave has coordinated the establishment of the "DeFi United" program to receive aid funds for compensation, and has now received aid commitments of 69,576 ETH (loans and donations), leaving a gap of 5,505 ETH.

The decentralized prediction market network Reppo announced that its Reppo Foundation has received a strategic investment commitment of $20,000,000 from Bolts Capital to support the next phase of development and ecosystem expansion of the Reppo protocol, as well as to promote the use of prediction markets to solve the training data bottleneck issue.Reppo stated that its core concept is to transform human judgment into verifiable, incentivized data sources through prediction market mechanisms, addressing the current challenges in acquiring high-quality data for AI training. The project supports multimodal data processing, including text, images, audio, and video, by building a decentralized data network (Datanets), providing support for model training, evaluation, and fine-tuning.

According to a statement from the Kremlin on the evening of April 9, Russian President Putin announced that Russia will implement an Orthodox Easter ceasefire from 16:00 Moscow time on April 11 to 24:00 on April 12 (from 21:00 Beijing time on April 11 to 5:00 on April 13), lasting 32 hours, and called on Ukraine to follow suit.Ukrainian President Zelensky immediately responded, "Ukraine has repeatedly stated that we are ready to take reciprocal measures. We have proposed a ceasefire during this year's Easter holiday and will act accordingly."This is a rare opportunity for both sides to publicly agree on a ceasefire amid recent conflicts, but whether it can be implemented and if there are any additional conditions remains to be seen.

Bitcoin mining company Core Scientific announced that it has received an additional $500 million financing commitment from JPMorgan, increasing its total credit line to $1 billion, of which $500 million was previously provided by Morgan Stanley.The company stated that the related funds will be used for data center construction, equipment procurement, and energy infrastructure to support high-density hosting and AI-related business development.

According to market news, Nasdaq-listed company Rumble disclosed in its latest annual financial report that it currently holds 210.82 bitcoins, as well as cash and cash equivalents worth $237.9 million, bringing total liquidity to approximately $256.4 million.In addition, Rumble also revealed that the previous $100 million advertising investment from stablecoin issuer Tether will be paid over two years, with $50 million each year, and the first payment will be made in the first quarter of this year. Furthermore, Tether will provide Rumble with a commitment to procure up to $150 million in GPU services over two years and strengthen strategic cooperation to expand AI infrastructure and high-performance computing capabilities.