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The Mystery Behind Nvidia’s Q2 Record
Nvidia’s second quarter performance delivered impressive results, but an intriguing detail emerged from the company’s SEC filing: nearly 40% of the quarter’s revenue came from just two undisclosed customers. The chipmaker reported record revenue of $46.7 billion for the quarter ending July 27, representing a 56% year-over-year increase driven largely by AI data center demand. According to the filing, one customer accounted for 23% of total Q2 revenue, while another represented 16%. These entities are identified only as “Customer A” and “Customer B.” These are categorized as “direct” customers — OEMs, system integrators, or distributors who purchase chips directly from Nvidia. Major cloud providers like Microsoft, Amazon, and Google are considered “indirect customers” as they acquire chips through these intermediaries. Despite this structure, cloud service providers ultimately drive demand, accounting for 50% of Nvidia’s data center revenue, which represents 88% of total revenue. This customer concentration presents both opportunities and risks. While relying on such a small customer base for nearly 40% of revenue creates vulnerability, analysts note these customers “have bountiful cash on hand” and “are expected to spend lavishly on data centers over the next couple of years.” The current AI infrastructure buildout has created an environment where well-capitalized entities are driving unprecedented chip demand, suggesting this arrangement will likely continue supporting Nvidia’s strong performance in the near term.
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