Nvidia says two mystery customers accounted for 39% of Q2 revenue

Nearly 40% of Nvidia 's second-quarter revenue came from just two customers, according to a filing with the US Securities and Exchange Commission (SEC).

The chipmaker reported record revenue of $46.7 billion for the quarter ended July 27 on Wednesday — up 56% from the same period last year, driven largely by the AI ​​data center boom. But subsequent reports have shown that much of that growth appears to have come from just a handful of customers.

Specifically, Nvidia said that a single customer accounted for 23% of total Q2 revenue, while another customer accounted for 16%. The filing did not disclose the identities of these two customers, referring to them only as 'Customer A' and 'Customer B.'

In the first half of the fiscal year, Nvidia said Customer A and Customer B accounted for 20% and 15% of total revenue, respectively. The other four customers accounted for 14%, 11%, 11% and 10% of Q2 revenue.

In its filing, the company said these were all 'direct' customers — such as original equipment manufacturers (OEMs), system integrators, or distributors who buy chips directly from Nvidia. Indirect customers, such as cloud service providers and consumer internet companies, buy Nvidia chips from these direct customers.

In other words, it seems unlikely that a major cloud provider like Microsoft, Oracle, Amazon, or Google is secretly Customer A or Customer B — even though those companies may be indirectly responsible for this massive spending.

In fact, according to CNBC, Nvidia CFO Nicole Kress said that 'major cloud providers' account for 50% of Nvidia's data center revenue, which accounts for 88% of the company's total revenue.

Gimme Credit analyst Dave Novosel told Fortune that while 'concentrating revenue on such a small group of customers poses significant risks,' the good news is that 'these customers are cash-rich, generate huge amounts of free cash flow, and are expected to spend heavily on data centers over the next few years.'

Isabella Humphrey

Update 03 September 2025