Nvidia Says Two Buyers Drove 39% of Q2 Sales

The filing came in the wake of Nvidia’s earnings report last week, in which the firm, the most valuable company in the world, logged record revenue of $46.7 billion during the quarter, a 55% jump fueled largely by the artificial intelligence data center boom.

However, the filing underscored how much of that growth comes from just a few customers. One customer accounted for 23% of revenue during the quarter, while another made up 16%. The filing refers to them as Customer A and Customer B.

Another four unnamed companies accounted for 46% of the company’s revenue. Nvidia said in the filing that these are all “direct” customers, like original equipment manufacturers (OEMs), system integrators or distributors, who buy their chips directly from Nvidia.

This makes it unlikely that cloud giants such as Microsoft, Amazon or Google would be Customer A or B, although these companies could be indirectly responsible for those spending levels, the TechCrunch report said.

Nvidia Chief Financial Officer Colette Kress has said that “large cloud service providers” accounted for half of Nvidia’s data center revenue, which in turn represented 88% of the company’s total earnings, per the report.

“Few companies in history have experienced a revenue trajectory as dramatic as Nvidia’s over the past two years,” PYMNTS reported Wednesday (Aug. 27).

The company’s quarterly earnings illustrate “not just the resilience of its business model but also the volatility of operating at the frontier of [AI] data infrastructure and global trade policy,” the report said.

Meanwhile, multiple industries, including cloud, chips, data storage, semiconductor manufacturing and data centers, are seeing revenue gains from AI, cementing its role as an economic driver.

The chief catalyst is increasing enterprise adoption of AI. The PYMNTS Intelligence report “Since March, Triple the CFOs Report Very Positive ROI From GenAI” found that 90% of chief financial officers were seeing “very positive ROI” from generative AI, compared to the 26.7% who said the same in March 2024.

“With gen AI yielding such strong results, CFOs are utilizing the technology in more areas of their businesses,” PYMNTS reported Monday (Sept. 1). “These include using the technology for high-, medium- and low-impact tasks.”

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