Nvidia has said that just two customers were responsible for almost 40% of its revenue in the second quarter of 2025.
The company revealed this in a filing with the U.S. Securities and Exchange Commission (SEC).
One customer, called “Customer A”, made up 23% of Nvidia’s sales, while another, “Customer B”, brought in 16%. Together, they accounted for 39% of the company’s total revenue. Nvidia did not name the companies but said they were direct buyers, such as equipment makers or distributors.
This update came after Nvidia reported record revenue of $46.7 billion for the quarter ending July 27, 2025, a 56% jump compared to last year. Most of the growth came from its AI data center chips, with large cloud providers contributing half of that business.
Experts say relying so heavily on a few customers could be risky, but those customers are expected to keep spending big on AI and data centers. For now, Nvidia remains one of the biggest winners of the global AI boom.
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