Nvidia’s 40% Revenue Heavily Concentrated in Just Two Mystery Customers
For the first half of the fiscal year, the same two customers accounted for 20% and 15% of Nvidia’s total revenue.
Nvidia’s record-breaking second quarter underscored the company’s dominance in the AI chip market, but also revealed a heavy reliance on a handful of buyers. According to a filing with the U.S. Securities and Exchange Commission, nearly 40% of the company’s $46.7 billion in Q2 revenue came from just two customers.
The chipmaker, whose quarterly revenue surged 56% year-over-year on the back of soaring demand for AI data center chips, said one customer represented 23% of sales while another contributed 16%. Identified only as “Customer A” and “Customer B,” their names were not disclosed.
For the first half of the fiscal year, the same two customers accounted for 20% and 15% of Nvidia’s total revenue, respectively. Four additional customers made up another 46% combined, highlighting the concentrated nature of Nvidia’s client base.
Nvidia clarified that these are direct customers such as OEMs, distributors, or system integrators—not cloud giants like Microsoft or Amazon, who typically buy through intermediaries.
Still, CFO Nicole Kress noted that large cloud providers collectively accounted for 50% of data center revenue, which itself represented 88% of Nvidia’s overall sales.
At Computex 2025, NVIDIA CEO Jensen Huang announced that the company’s next-generation GB300 AI systems will begin rolling out in Q3 2025.
These advanced systems will replace the current Grace Blackwell lineup, now used by cloud leaders like Amazon and Microsoft.
AT Computex, NVIDIA CEO Jensen Huang introduced Lepton, a new AI platform designed to link developers with a global marketplace of GPU compute resources.
