Unidentified clients accounted for approximately 40% of Nvidia's Q2 revenue, according to the company.
Nvidia, the leading manufacturer of graphics processing units (GPUs), has revealed that a significant portion of its Q2 revenue came from a limited number of direct customers, who in turn sell to cloud firms and governments. The reliance on these large clients has caught Wall Street's attention, with the identities of the two anonymous customers responsible for 39% of Nvidia's revenue remaining a mystery.
Jensen Huang, Nvidia's CEO, believes that the company could capture a significant amount of revenue from the growth of AI infrastructure. He predicts that AI infrastructure will grow to $3 to $4 trillion by 2030, not only from selling GPUs but also from networking, accelerators, and software stacks. For every $50 billion spent on an AI-focused data center, Nvidia could capture about 70% of the cost.
Nvidia described Customer A and Customer B as "direct customers" who purchase Nvidia's hardware to assemble systems or boards. Two indirect customers each represented over 10% of total revenue and were served through either Customer A or B. Potential intermediaries include original design manufacturers like Foxconn, Quanta, and system integrators like Dell.
The growth in Nvidia's reliance on these large, unnamed clients is not surprising, given the unprecedented surge in spending on AI infrastructure. According to Huang, the capex of the top four hyperscalers (Amazon, Microsoft, Google, and Oracle) has doubled in two years.
The demand isn't just coming from public cloud providers; it's also coming from enterprises building in-house AI systems, foreign governments, and a new category called "neoclouds." Nvidia sees growth potential in the neoclouds, newer infrastructure providers aiming to challenge the big four with platforms optimized for AI workloads.
Analyst Frank Lee at HSBC has a hold rating on Nvidia stock, citing the need for increasing clarity over 2026 [cloud service provider] capex expectations. The identity of the two unnamed customers is causing deeper scrutiny into the surge in AI chip spending.
An "AI research and development company" brought in a significant amount of revenue through both direct and indirect purchases, but its identity remains unknown. About 50% of Nvidia's data center revenue came from large cloud service providers, with data center sales making up 88% of the company's total revenue in Q2.
Nvidia's CFO, Colette Kress, stated that the company may continue to receive a significant amount of revenue from a limited number of customers. The long-term forecast sees the AI infrastructure market growing to $3 to $4 trillion by 2030, offering immense potential for Nvidia's continued growth.
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