Photo by BoliviaInteligente on Unsplash
Nvidia just reported a jaw-dropping $46.7 billion in revenue for the second quarter — and nearly 40% of that came from just two customers the company didn’t even name.
That’s right. In a recent filing with the Securities and Exchange Commission, Nvidia revealed that two anonymous buyers — labeled only as “Customer A” and “Customer B” — were responsible for a combined 39% of its Q2 revenue. Customer A made up 23%, while Customer B accounted for another 16%.
Let’s break that down.
What’s Driving the Demand? AI, AI, AI
This surge in sales is being powered mostly by the AI data center boom. On the surface, it looks like Nvidia is selling chips faster than they can count them. But when you look closer, things get a little more complicated.
According to Nvidia’s financial filing, these mystery customers aren’t tech giants like Google, Amazon, or Microsoft — at least not directly. Nvidia clarified that the top revenue sources are “direct” customers, which include original equipment manufacturers (OEMs), system integrators, and distributors. So while someone like Microsoft might end up with the chips, they’re probably buying them through one of these intermediaries — not straight from Nvidia.
And it’s not just about the top two. Four other customers each accounted for between 10% and 14% of Q2 revenue. That means a handful of companies are controlling a massive share of Nvidia’s chip sales.
Just How Big is This for Nvidia?
Let’s put the numbers in perspective. Nvidia’s total Q2 revenue jumped by 56% year over year. Even more surprising? 88% of that haul came from its data center segment. And within that group, large cloud service providers made up half the revenue.
In short: AI is fueling explosive growth, and everyone with money is racing to scale up.
Should Nvidia Be Worried?
Well, yes and no.
On the one hand, having nearly 40% of your revenue tied to just two customers is a risky setup. If one of them ramps down spending or changes course, it could leave a noticeable gap in the books.
Photo by BoliviaInteligente on Unsplash
But according to Gimme Credit analyst Dave Novosel, these aren’t just any customers — they’ve got “bountiful cash on hand” and are “expected to spend lavishly on data centers” in the next few years. In other words, they’re likely to stick around.
The Bigger Picture
This moment underscores just how central Nvidia is to the modern AI stack. Whether the chips are ending up in cloud infrastructure, massive training models, or enterprise deployments, someone’s betting big — really big — on what Nvidia’s building.
And the fact that we don’t even know who these customers are? That just adds a little mystery to an already high-stakes industry story.
So while the rest of us are refreshing our IR trackers for clues on Customer A and B, you can be sure of one thing: Nvidia isn’t just riding the AI wave — it’s helping shape it.
Stay tuned. This kind of concentration could signal deeper shifts in how the AI economy is being built. And if that changes, it’ll be impossible to ignore.
Keywords: Nvidia, AI, Data Center, Revenue, Customers
