NVIDIA's two mysterious customers accounted for nearly 40% of its revenue in Q2 2025

NVIDIA said its two largest customers accounted for nearly 40% of its revenue in the second quarter of 2025. One customer accounted for 23% of revenue, the other for 16%. This is reported by TechCrunch.

In filings with the U.S. Securities and Exchange Commission (SEC), they are identified only as “Client A” and “Client B.” In the first half of the fiscal year, they contributed 20% and 15% of revenue, respectively. Four other clients contributed between 10% and 14% of revenue.

Overall, NVIDIA earned a record $46.7 billion in revenue for the quarter, up 56% from a year earlier. The main driver was the boom in data centers with artificial intelligence. The company clarified that these customers are "direct" — equipment manufacturers, integrators or distributors, and not cloud giants. That means Microsoft, Amazon, Google or Oracle are unlikely to be "Client A" or "B", although their orders may go through intermediaries.

NVIDIA CFO Nicole Kress said that large cloud providers generate half of the company's data center revenue, which accounts for 88% of the company's total revenue.

Analysts note that concentrating revenue on such a small group of customers creates risk. At the same time, these customers have large resources, generate free cash flow and are likely to invest heavily in data centers in the coming years.