Nvidia just dropped bombshell SEC filings: nearly 40% of its Q2 revenue came from only two customers. The chip giant reported a record $46.7 billion revenue for the quarter ending July 27, up 56% from last year. But dig deeper, and the growth relies heavily on just two big buyers.
One mystery “Customer A” accounted for 23% of Q2 sales. Another “Customer B” brought in 16%. Neither is named, only labeled in the filing. Together, they make up 39% of Nvidia’s haul. The first half of the fiscal year shows a similar pattern, with these two customers contributing 20% and 15% respectively.
Nvidia says these are direct buyers like OEMs or system integrators, not the big cloud players themselves. So it’s unlikely Microsoft, Amazon, Google, or Oracle are secret top spenders. But Nvidia’s CFO Nicole Kress disclosed large cloud providers do make up half of Nvidia’s data center revenue, which in turn fuels 88% of total sales. 
Tech analyst Dave Novosel flagged the risk from this customer concentration.
“Concentration of revenue among such a small group of customers does present a significant risk,” Novosel told Fortune.
“These customers have bountiful cash on hand, generate massive amounts of free cash flow, and are expected to spend lavishly on data centers over the next couple of years.”
Nvidia’s AI data center boom is clearly huge, but it’s riding largely on a few big spenders—making future quarters something to watch.
Read the full SEC filing
CNBC coverage on Nvidia’s earnings
Fortune analysis on revenue risks
