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Nvidia, the leading chipmaker, reported an astounding second quarter, achieving a record $46.7 billion in revenue. This remarkable figure, representing a 56% year-over-year increase, was largely fueled by the burgeoning demand for AI data centers. However, a recent filing with the Securities and Exchange Commission (SEC) unveiled a significant detail: nearly 40% of this monumental revenue originated from just two undisclosed customers.
Specifically, the filing indicated that one singular client, referred to as “Customer A,” accounted for a substantial 23% of Nvidia’s total Q2 revenue. Another key client, “Customer B,” contributed an additional 16% during the quarter, which concluded on July 27. Combined, these two unidentified entities were responsible for 39% of the company’s record earnings.
This trend of customer concentration extended to the first half of the fiscal year, with Customer A and Customer B collectively representing 20% and 15% of total revenue, respectively. Beyond these top two, four other customers each accounted for between 10% and 14% of Q2 revenue, further highlighting a concentrated revenue stream from a select group of buyers.
Nvidia clarified that these significant clients are “direct” customers, such as original equipment manufacturers (OEMs), system integrators, or distributors, who purchase chips directly from the company. This distinction suggests that major cloud service providers—like Microsoft, Oracle, Amazon, or Google—are unlikely to be Customer A or B directly, as they typically acquire Nvidia chips indirectly through these direct partners.
However, it is highly probable that these tech giants are indirectly driving the massive spending. Nvidia’s Chief Financial Officer, Nicole Kress, revealed that “large cloud service providers” were responsible for 50% of the company’s data center revenue, which itself constituted 88% of Nvidia’s total earnings, according to CNBC reporting.
The concentration of revenue among a few key players naturally raises questions about potential market risks. Dave Novosel, an analyst at Gimme Credit, acknowledged to Fortune that “concentration of revenue among such a small group of customers does present a significant risk.” Despite this, Novosel pointed to the robust financial health of these major clients, noting their “bountiful cash on hand, massive free cash flow generation, and projected lavish spending on data centers over the next couple of years.” This strong financial position suggests that these foundational customers are well-equipped to continue fueling Nvidia’s growth in the foreseeable future, particularly as the demand for advanced AI infrastructure continues its rapid ascent.