publication
2025-09-01 06:00
Two NVIDIA clients are responsible for nearly 40% of the company's revenues – according to the documentation submitted to the Securities and Stock Exchange Commission (SEC). Comparing this to data from a year ago, the growing concentration of the sales of the technological giant becomes visible.
In the second quarter of 2025, only two clients were responsible for 39% of NVDII's revenues – according to the company's financial report submitted to SEC on Wednesday. The company has generated a total of $ 46.7 billion in sales revenues. For $ 41.1 billion of this amount (88%), the sale of processors to data centers responded.
The entity specified in NVIDIA documents as “client A” was responsible for 23% of the company's total revenues. “Customer B” had a share of 16% of total revenues.
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For comparison, in the same quarter of 2024, the two largest Nvidia clients were responsible for 14% and 11% of the company's revenues respectively – noted “CNBC”.
This provokes the discussion whether the most expensive listed company of the world, whose valuation is currently over $ 4.3 trillion, depends on a handful of Bigtechs such as Microsoft, Amazon, Google and Oracle.
Indeed, according to the financial director of Nvidia, Colette Kress, large cloud service providers were responsible for 50% of the company's revenues from data centers. “Customer A” and “Customer B”, however, do not have to belong to them.
Who are the biggest customers of NVDII?
The answer to the question about the identity of two entities driving Nvidia sales is more difficult than you might think. The company hides the identity of its most important partners, and their unmasking is not facilitated by additional information provided in the reports.
First of all, Nvidia divides its clients into “direct” and “intermediate”. It is known that “client A” and “client B” belong to the first group.
As noted by the “CNBC” portal, direct customers are not the end users of Nvidia chips. These are companies that buy them to build them into complete systems, which then sell data centers, cloud service providers and end users.
Some of the direct customers are manufacturers of original projects or equipment such as Foxconn or Quanta, while others are distributors or system integrators such as Dell.
On the other hand, intermediate clients are cloud service providers, internet companies and enterprises, which usually buy systems from direct NVIDIA clients.
Determining the identity of the two most important Nvidia clients is difficult because, despite the definitions given earlier, the company has an additional room for maneuver in defining its direct and indirect recipients – noted the “CNBC” portal.
For example, NVIDIA provides information that some of the direct customers buy integrated circuits to build systems for their own use. At the same time, the company notes that its two intermediate customers were responsible for over 10% of the company's total revenues, buying systems mainly from customers A and B
In order to further make it difficult to make a puzzle, Nvidia stated that “a company dealing with developing and research on artificial intelligence” was responsible for the “significant” amount of the company's revenues thanks to direct and indirect clients. So it seems that the name of companies responsible for 2/5 of the revenues of the most valuable company in the world will remain secret.
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