Nvidia just posted its biggest quarter ever. But almost 40% of that revenue came from just two companies, and nobody knows who they are.
Nvidia revenue spike raises questions
The company reported a staggering $46.7 billion in revenue for Q2, driven by explosive demand for AI chips. That’s a 56% year-over-year increase, fueled almost entirely by its data center division.
But behind that surge is a detail buried in SEC filings: two mystery customers accounted for 39% of Nvidia’s revenue last quarter. One brought in 23%, the other 16%. Both remain unnamed in the report, simply labeled as “Customer A” and “Customer B.”
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Nvidia filings hint at concentrated reliance
Nvidia said these buyers are “direct” customers, not cloud giants like Microsoft or Amazon, but likely OEMs, integrators, or chip distributors. That’s important because those entities often resell chips to cloud platforms or enterprise AI companies. So while Google or Oracle might not appear directly in the books, they could still be behind the spend.
During the first half of the year, these same two customers represented 20% and 15% of Nvidia’s total revenue, suggesting a trend, not a one-off spike.
Q2 revenue breakdown shows more dependencies
Beyond those two, four additional customers were each responsible for double-digit shares of Q2 revenue:
- Customer C: 14%
- Customer D: 11%
- Customer E: 11%
- Customer F: 10%
That means just six clients made up 75% of Nvidia’s Q2 revenue. For a company at the center of AI’s infrastructure boom, that’s a narrow base.
Nvidia could face risk if spending slows
Analysts aren’t ignoring the risks. Dave Novosel of Gimme Credit told Fortune that such concentrated customer dependence “does present a significant risk.” Still, he noted, these aren’t shaky startups; they’re massive, cash-rich enterprises that plan to keep scaling their data centers.
Even Nvidia’s CFO confirmed it: large cloud providers drove half of the company’s data center revenue, which itself accounted for 88% of total Q2 revenue.
Its dominance isn’t guaranteed
Yes, demand is roaring. But this much reliance on a few deep-pocketed buyers leaves Nvidia exposed to shifts in budget, strategy, or vendor preference.
For now, the company’s numbers look unbeatable. But if any of those mystery customers flinch, Wall Street might not be as forgiving next time.
