Nvidia’s two mystery customers

$NVIDIA(NVDA.US) Nvidia revealed in a recent regulatory filing that two customers accounted for a notable 39% of its revenue in the July quarter, drawing renewed attention to the concentration within its client base. According to the company’s second-quarter report to the SEC, "Customer A" was responsible for 23% of Nvidia’s total revenue, while "Customer B" contributed 16%. This marks an increase from the previous year’s same period, when the top two customers represented 14% and 11% of sales.

Nvidia regularly discloses information about its major clients each quarter, but the latest figures have reignited questions about how much the company’s rapid expansion depends on a few large buyers, potentially key cloud service providers such as Microsoft, Amazon, Google, or Oracle. In a statement issued Wednesday, CFO Colette Kress noted that large cloud firms comprise about half of Nvidia’s data center revenue, which itself accounted for 88% of total company revenue in Q2. The SEC filing also acknowledged that Nvidia has experienced periods where sales significantly hinge on a small number of customers and cautioned that this could continue.

With this in mind, industry analysts are becoming increasingly interested in how long-term capital expenditure plans from major cloud companies might influence Nvidia’s future performance. HSBC analyst Frank Lee commented on Thursday that, unless there is greater clarity around cloud providers’ spending expectations in 2026, there may be limited room for further upward revisions in Nvidia’s earnings or its share price. Despite speculation, the identities of the top two customers remain unknown, and Nvidia declined to name them—they may not necessarily be cloud service providers.