Nvidia just dropped numbers that made Wall Street’s jaw hit the floor. The chipmaker reported a record-breaking $46.7 billion in revenue for the quarter ending July 27 — that’s a whopping 56% jump year-over-year. The driver? No surprise here: the AI data center boom is paying off big time.
But before we pop the confetti, there’s an interesting wrinkle in the story. Most of that mad growth seems to be riding on the shoulders of just a few heavyweight customers. Nvidia’s filing revealed that one mystery buyer (Customer A) was responsible for 23% of Q2 revenue, while another (Customer B) brought in 16%. That means almost 40% of Nvidia’s revenue came from only two accounts. Talk about putting a lot of chips on a few tables.
It doesn’t stop there—four other customers made up another chunk: 14%, 11%, 11%, and 10%. And before you start guessing which Big Tech cloud titan is hiding behind the “Customer A” or “Customer B” label, Nvidia cleared that up. These are direct customers like OEMs, distributors, and system integrators. The Microsofts, Amazons, and Googles of the world may not be listed, but they’re definitely pulling the strings indirectly by driving demand through these intermediaries.
Here’s the scale of it: Nvidia’s CFO Nicole Kress confirmed that large cloud providers alone accounted for 50% of data center revenue. And since data centers made up 88% of Nvidia’s total revenue, you can see where the money is really flowing.
So, is this a risky play or a genius move? Well, analysts like Dave Novosel say it’s a bit of both. On one hand, relying so heavily on a handful of customers creates exposure—if one cuts back, Nvidia feels it instantly. On the other hand, these aren’t cash-strapped startups. We’re talking about companies with massive free cash flow and deep pockets, expected to keep spending lavishly on AI and data centers over the next few years.
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