Nvidia posted another record-breaking quarter, driven by soaring demand for AI chips. One surprising detail stood out: nearly 40% of its Q2 FY26 revenue came from just two customers.
In its filing, Nvidia said one customer contributed 23% of quarterly revenue. Another added 16%. Together, they made up 35% of total sales for the first half of the year.
Nvidia didn’t name them. Analysts believe they are likely major tech firms or distributors supplying cloud giants like Microsoft, Amazon, or Google.
It’s not just those two. Six customers combined accounted for over 70% of Nvidia’s revenue last quarter. This shows how dominant its AI chips have become. But it also reveals a risk: heavy reliance on a few buyers.
Still, business is booming. Nvidia reported $46.7 billion in quarterly revenue, led by its data center and AI divisions. Investors remain cautious. If one big buyer slows down, Nvidia’s numbers could take a hit.numbers could take a hit.