For the first half of its fiscal year, Nvidia reported that these two unnamed customers contributed 20% and 15% of total revenue
In sum – what to know:
Two buyers drive 39% of Q2 revenue – Nvidia’s filing shows that two customers accounted for nearly two-fifths of its record-breaking second-quarter sales.
Heavy reliance on a few players – Another four customers each contributed 10–14% of revenue, underscoring Nvidia’s dependence on a small base.
Direct buyers dominate sales mix – Nvidia clarified that these are OEMs, system integrators, or distributors, not the end users like cloud providers.
Nearly 40% of Nvidia’s revenue in the second quarter of the year came from just two customers, according to a filing with the U.S. Securities and Exchange Commission.
Last week, the U.S. chipmaker posted record revenue of $46.7 billion for the quarter ending July 27, a 56% increase from the previous year, fueled by surging demand for AI data center hardware.
The filing shows that one customer represented 23% of Nvidia’s Q2 revenue, while another accounted for 16%. The company did not name them, referring only to “Customer A” and “Customer B.”
For the first half of its fiscal year, the firm reported that these two customers contributed 20% and 15% of total revenue, respectively. Four additional customers made up 14%, 11%, 11%, and 10% of revenue in the second quarter.
“We refer to customers who purchase products directly from Nvidia as direct customers, such as add-in board manufacturers, distributors, ODMs, OEMs, and system integrators. We have certain customers that may purchase products directly from Nvidia and may use either internal resources or third-party system integrators to complete their build. We also have indirect customers, who purchase products through our direct customers; indirect customers include cloud service providers, or CSPs, consumer internet companies, enterprises, and public sector entities,” the chipmaker said.
The chipmaker also said that revenue from sales to customers outside of the United States accounted for 50% and 51% of total revenue for the second quarter and first half of fiscal year 2026, respectively, and 57% and 53% of total revenue for the second quarter and first half of fiscal year 2025, respectively.
Singapore represented 22%, and 21% of the second quarter and first half of fiscal year 2026 total revenue, the chipmaker added.
Nvidia CEO Jensen Huang said there is a “real possibility” that the company’s advanced Blackwell processors could be sold in the Chinese market, as he pressed U.S. officials to allow American chipmakers more access to the market.
Speaking on the company’s latest earnings call, Huang noted that China’s AI market could expand by 50% next year, estimating a $50 billion opportunity in 2025.
