Two mysterious customers alone were responsible for almost 40% of NVIDIA quarterly income

Two anonymous customers, identified in a file as “client A” and “Client B”, represented 23% and 16% of the company’s T2 revenues respectively, according to the latest quarterly deposit of Nvidia to the SEC. In the same quarter of last year, buyers identified as “customer A” and “customer B” represented only 14% and 11%, respectively.

Nvidia’s actions were the warmest of 2024 and increased by around 30% over a year, but its concentration of customers raises questions about vulnerabilities. If these two mysteries customers change their purchasing habits, for example, this could cost the flea manufacturer considerably.

Colette Kress, financial director of NVIDIA, also said in a statement that half of the income generated by her largest money segment, her data centers activities, counted on cloud suppliers.

NVIDIA controls more than 90% of the GPU market of AI, but some cloud suppliers, namely Google and Amazon, have started to offer alternatives to Nvidia fleas – and even started to develop their own equipment.

However, at least one analyst has minimized the influence of mysterious customers from Nvidia. Although the expenses of its buyers can change, the demand for progress of the AI ​​remains high and the tokens of Nvidia are the best in the industry, said Dave Novosel, main investment analyst for telecommunications, the media and technology at Gimme Credit.

“The concentration of income among such a small group of customers presents a significant risk,” said Novosel Fortune. “But fortunately, for Nvidia, these customers have abundant species at hand, generate massive amounts of available cash flows and should spend sumptuously in data centers in the next two years.”

In its dry file, Nvidia noted that its two largest anonymous buyers are “direct customers”. These customers buy directly from Nvidia, but may not be the ultimate user of fleas. Certain examples listed in the folder include, but are not limited to manufacturers of additional cards, distributors, original design manufacturers (ODM), original equipment manufacturers (OEM) and systems integrators.

A spokesperson for Nvidia refused to comment Fortune on the identity of customers.

“We have experienced periods when we receive a significant amount of our income from a limited number of customers, and this trend can continue,” said Nvidia in the file.

NVIDIA said income of $ 46.74 billion, 56% higher on Wednesday than during the same period last year. He declared a net profit of $ 26.4 billion, an increase of more than 59% from one year to the next.

The company underlined the constant construction of AI data centers by technological companies and the demand for its new Blackwell chip as its results. The company noted that its efforts as “sovereign AI”, or sales to foreign governments, are on the right track to bring back $ 20 billion this year, although the current negotiations with the Trump administration have, to date, the company to sell one of its H20 chips H20 in China.