Nvidia Q2 Revenue Soars as 2 Mystery Buyers Fuel $18B Surge

Key Points

• Nvidia posted $46.7 billion in Q2 revenue, up 56% YoY
• Two unnamed customers contributed 39% of total sales
• These were direct customers, not cloud giants
• 88% of Nvidia’s Q2 revenue came from its booming data center business

Chip giant Nvidia has reported another record-breaking quarter, with Q2 revenue hitting $46.7 billion, a massive 56% year-over-year jump. The surge was fueled largely by explosive demand for AI infrastructure.

But beneath the celebration-worthy headline, one detail has raised concern: a huge chunk of Nvidia Q2 revenue came from just two mystery customers.

Nvidia’s top two mystery customers made up 39% of the chipmaker’s Q2 revenue https://t.co/sMfmWhmWgx

— CNBC (@CNBC) August 28, 2025

In its latest filing with the Securities and Exchange Commission (SEC), Nvidia revealed that two unnamed clients, dubbed “Customer A” and “Customer B,” were responsible for a combined 39% of Nvidia’s Q2 revenue.

Here’s the breakdown:

• Customer A: 23% of total revenue

• Customer B: 16% of total revenue

This level of revenue concentration is unusual and has sparked speculation across the tech and financial world.

During the first half of Nvidia’s fiscal year, these same two customers contributed 20% and 15% of revenue, respectively. Additionally, Nvidia disclosed that four more clients accounted for between 10% and 14% of Q2 revenue, further emphasizing the company’s reliance on a small group of high-volume buyers.

🚨 Nvidia’s Hidden Dependency Problem 🚨

Just saw some alarming numbers from Nvidia’s latest filing that have me genuinely worried as an investor.

Two mystery customers now account for 39% of their entire $46.7B revenue – that’s nearly $18 billion from just TWO clients!

Think… pic.twitter.com/LiToCtvTOs

— Ruchish (Ru) Shah (@ruchishshah) August 31, 2025

Who’s Behind the Boom in Nvidia Q2 Revenue?

While Nvidia did not name these top customers, it did clarify their roles. The report identifies them as direct customers, meaning they’re original equipment manufacturers (OEMs), distributors, or system integrators who purchase Nvidia’s chips straight from the company.

This rules out the possibility that big-name cloud providers like Amazon, Google, Microsoft, or Oracle are among the two mystery buyers, at least directly.

However, that doesn’t mean these tech giants aren’t spending big on Nvidia hardware. In fact, Nvidia CFO Nicole Kress said that large cloud service providers accounted for 50% of the company’s data center revenue, which itself was a massive 88% of total Nvidia Q2 revenue.

$NVDA $SPY $SPX

Nvidia’s top two mystery customers made up 39% of the chipmaker’s Q2 revenue 🚨

Two Nvidia customers made up 39% of Nvidia’s revenue in its July quarter, the company revealed in a financial filing on Wednesday, raising concerns about the concentration of the… pic.twitter.com/So8Jq5lsFB

— Uttam (@UttamMarketJ) August 29, 2025

So, while the cloud titans might not be directly involved in the revenue numbers we’re seeing, they likely remain major indirect drivers behind the scenes.

These cloud providers often purchase Nvidia GPUs and AI accelerators through third parties, making it more difficult to determine the exact revenue impact.

This layered sales model gives Nvidia wide exposure but also creates ambiguity when trying to assess which end users are truly powering its growth.

Also worth noting is how other sectors of tech are evolving in parallel. For example, companies like Google are driving affordability in hardware with services like Pixel Care Plus offering free screen repairs, showing a broader trend of tech giants investing in user satisfaction, just as they’re investing in AI infrastructure behind the scenes.

High Gains, High Risk: Can Nvidia Sustain This?

The explosive Nvidia Q2 revenue is a sign of how vital the company has become to the AI race. Its graphics processing units (GPUs), particularly the H100 and A100 models,  are now the gold standard for training and deploying large-scale AI models. From startups to tech giants, everyone wants Nvidia chips.

But the revelation that almost $18 billion of Nvidia’s revenue comes from just two customers also reveals a potential vulnerability.

Dave Novosel, an analyst at Gimme Credit, told Fortune:

“Concentration of revenue among such a small group of customers does present a significant risk. If one of them pulls back or delays purchases, it could impact Nvidia’s numbers significantly.”

Still, Novosel added that the outlook isn’t all doom and gloom.

“These customers have bountiful cash on hand, generate massive amounts of free cash flow, and are expected to spend lavishly on data centers over the next couple of years.”

That’s a fair point. With AI becoming a core pillar of modern computing, demand for Nvidia’s chips shows no sign of slowing. Major cloud platforms and AI labs continue to expand their GPU clusters, and Nvidia remains the go-to supplier.

Meanwhile, broader innovations in the tech space, like the Windows 11 25H2 update, enhancing AI-powered local computing, further validate Nvidia’s position at the heart of the ecosystem.

However, the Nvidia Q2 revenue report serves as a reminder that even dominant players can face risks, especially when revenue is concentrated in a few large deals.

For investors and industry watchers, the key takeaway is clear: while Nvidia is on fire right now, its future still depends on how well it diversifies its customer base and maintains its lead in AI hardware.

As of now, the data center division, which drives most of the Nvidia Q2 revenue, is the crown jewel. And it’s not just about GPUs anymore, Nvidia is expanding into networking, software, and full-stack AI systems.

In parallel, user experience across consumer platforms is evolving too. For instance, social platforms like TikTok are rolling out smarter engagement features like updated DMs with AI moderation, powered in part by the AI models Nvidia’s chips help train.

The big question going forward is: will Nvidia continue to deepen its relationships with top customers, or will it broaden its base to make its revenue streams more resilient?

Only time and the next earnings report will tell.