Sep 01, 2025 11:26:00

About 40% of NVIDIA's second-quarter 2025 revenue of approximately 6.88 trillion yen came from just two customers

NVIDIA reported revenue of $46.743 billion (approximately ¥6.88 trillion) for the second quarter of fiscal year 2025 (April 28 to July 27, 2025), up 56% from the same period last year. The record revenue increase was primarily driven by rapid growth in AI data centers, but a subsequent announcement

revealed that the majority of this revenue came from just a few customers.

Inline Viewer: NVIDIA CORP 10-Q 2025-07-27
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001045810/000104581025000209/nvda-20250727.htm

Nvidia's top two mystery customers made up 39% of its Q2 revenue
https://www.cnbc.com/2025/08/28/nvidias-top-two-mystery-customers-made-up-39percent-of-its-q2-revenue-.html

Nvidia says two mystery customers accounted for 39% of Q2 revenue | TechCrunch
https://techcrunch.com/2025/08/30/nvidia-says-two-mystery-customers-accounted-for-39-of-q2-revenue/

More than 50% of Nvidia's data center revenue comes from three customers — $21.9 billion in sales recorded from the unnamed companies | Tom's Hardware
https://www.tomshardware.com/tech-industry/more-than-50-percent-of-nvidias-data-center-revenue-comes-from-three-customers-usd21-9-billion-in-sales-recorded-from-the-unnamed-companies

NVIDIA's revenue for the second quarter of fiscal year 2025 increased 56% year-on-year to $46.743 billion (approximately ¥6.87 trillion). Operating income increased 53% year-on-year to $28.44 billion (approximately ¥4.18 trillion), and net income increased 59% year-on-year to $26.422 billion (approximately ¥3.88 trillion). Of this, the Compute & Networking division's revenue was $41.331 billion (approximately ¥6.76 trillion) and operating income was $28.363 billion (approximately ¥4.17 trillion). The Graphics division's revenue was $5.412 billion (approximately ¥796 billion) and operating income was $2.242 billion (approximately ¥330 billion).

NVIDIA announces financial results for the second quarter of fiscal year 2025, with sales increasing 122% year-on-year to over 4.3 trillion yen and the data center division reaching a record high - GIGAZINE

Revenue growth in the second quarter and first half of fiscal 2025 was driven by the Compute & Networking division, particularly data center-related businesses for AI. NVIDIA said that data center revenue accounted for 88% of its total revenue in the second quarter of 2025. Strong demand for high-speed computing platforms, particularly those used for large-scale language models (LLMs) and AI applications, was the driving force behind the strong growth.

Meanwhile, financial reports submitted to authorities revealed that NVIDIA's revenues are heavily dependent on specific customers. Of the total revenues for the second quarter of fiscal year 2025, an unnamed 'Customer A' accounted for 23% and 'Customer B' for 16%, with these two companies accounting for 39% of the total. These revenues are concentrated in the Compute & Networking division, which supports AI infrastructure. Looking at the first six months of fiscal year 2025, revenues from Customer A accounted for 20% of total revenues, and revenues from Customer B accounted for 15%.


In the second quarter of 2024, the same period last year, the revenues of the four companies, including Customer A and Customer B, accounted for 14%, 11%, 11%, and 10% of total sales, respectively. This suggests that NVIDIA's sales will become increasingly dependent on Customer A and Customer B in 2025.

The report defines these large customers as 'direct customers,' such as OEMs and system integrators. Meanwhile, final users, such as major cloud service providers, are considered 'indirect customers,' and purchase products through direct customers. NVIDIA estimates that two of its indirect customers, 'Customer A' and 'Customer B,' each account for more than 10% of its total revenue, highlighting the fact that large-scale investments in AI infrastructure by certain large IT companies are driving its revenues.

Although the specific names of these major customers have not been made public, IT news sites TechCrunch and Tom's Hardware believe they include major cloud service providers such as Microsoft, Google, and Amazon, as well as xAI, OpenAI, Oracle, and Meta. If major customers reduce their investments, switch to their own chips, or adopt competitors' products, NVIDIA's high reliance on these specific customers is considered a business risk that could have a significant impact on its performance.