40% of NVIDIA's Revenue Comes From Just Two Mysterious Customers

Love them or hate them, there's no denying that NVIDIA's economic growth in recent years has been nothing short of spectacular. Capitalizing on the worldwide AI craze like no one else, NVIDIA now stands as the world's most valuable publicly traded company with a market cap of $4.28 trillion, while its stock price has surged an astonishing 1,224% over the past five years.

That said, it was recently highlighted that NVIDIA not only knows who is largely fueling their economic miracle, but that the list is strikingly small, with the latest financial report revealing that just two mysterious customers made up nearly 40% of the tech-giant's revenue in the second quarter of fiscal year 2026.

As stated in the report, the unnamed Customer A and Customer B accounted for 23% and 16% of NVIDIA's total revenue, respectively, with both linked to the Compute and Networking segment. In the first half of FY2026, sales to the first customer represented 20% of total revenue, while sales to the second accounted for 15%.

In addition, the report disclosed that sales to four other direct customers contributed 14%, 11%, 11%, and 10% of Q2 revenue, meaning that over the last three months, just six entities were responsible for 85% of NVIDIA's revenue of $46.7 billion.

As for what a "direct customer" even is, NVIDIA defines them as "customers that may purchase products directly from NVIDIA and may use either internal resources or third-party system integrators to complete their build," including add-in board manufacturers, distributors, ODMs, OEMs, and system integrators.

Naturally, with Customers A and B remaining U.N. Owens for the larger public, that same public quickly began speculating about their identities, with potential candidates ranging from other tech giants like Google's parent company Alphabet, Microsoft, and Amazon, to leading AI firms such as OpenAI and xAI, or even the US and Chinese militaries.

While there's no way to know for certain, it's worth noting that, as CNBC pointed out, NVIDIA CFO Colette Kress previously stated that "large cloud service providers" accounted for roughly 50% of the company's data center revenue. With the data center segment making up 88% of the company's total revenue in Q2, and the largest cloud providers being Amazon Web Services (29% market share), Microsoft Azure (22%), and Google Cloud Platform (12%), it strongly suggests that two of these three are highly likely to be the enigmatic Customer A and Customer B.

And who do you think those mysterious players are? Share your ideas in the comments and don't forget to join our 80 Level Talent platform and our Discord server. Follow us on Instagram, Twitter, LinkedIn, Telegram, TikTok, and Threads for breakdowns, the latest news, awesome artworks, and more.