Nvidia says two unnamed customers made up 39% of Q2 revenue

Nvidia has revealed that nearly 40% of its second-quarter revenue came from just two customers, underscoring how dependent the chipmaker has become on a handful of big buyers.

In a filing with the US Securities and Exchange Commission, Nvidia disclosed that one customer accounted for 23% of revenue in the quarter ended July 27, while another contributed 16%. The company referred to them only as “Customer A” and “Customer B,” without disclosing their identities.

The chipmaker posted record quarterly revenue of $46.7 billion, up 56% year-on-year, fuelled by surging demand for its AI data centre products. In the first half of the fiscal year, Customer A and Customer B represented 20% and 15% of total revenue respectively. Four other customers accounted for between 10% and 14% each of Nvidia’s Q2 revenue.

Nvidia explained that these are all direct customers, such as system integrators, OEMs or distributors, who purchase chips directly from the company. Cloud service providers and internet companies typically buy Nvidia hardware through these channels rather than directly.