Who’s Really Powering Nvidia? Two Customers Drove $18B of Its Q2 Sales

Nvidia’s explosive growth is leaning heavily on a select few customers. Nearly 40% of its record $46.7 billion second-quarter revenue came from just two buyers, according to a recent SEC filing, underscoring both the strength and risk of its booming AI data center business.

The chipmaker disclosed that “Customer A” and “Customer B” accounted for 23% and 16% of Q2 revenue, respectively, with four others making up another 46%.

While identities remain hidden, Nvidia emphasized these are direct buyers such as OEMs and system integrators, not cloud giants themselves.

Analysts warn this concentration poses risk, but Nvidia may benefit as cloud providers continue funneling billions into AI infrastructure.

With 88% of revenue already tied to data centers, and major customers flush with cash, Nvidia’s near-term outlook remains strong, even if its fortunes hinge on a small circle of powerful partners.