Nvidia says two mystery customers accounted for 39% of Q2 revenue

[ad_1] Almost 40% of Nvidia’s second quarter income got here from simply two prospects, in response to a submitting with the Securities and Change Fee.

On Wednesday, the chipmaker reported report income of $46.7 billion through the quarter that ended on July 27 — a 56% year-over-year improve largely pushed by the AI knowledge middle growth. Nonetheless, subsequent reporting highlighted how a lot of that development appears to be coming from only a handful of shoppers.

Particularly, Nvidia stated {that a} single buyer represented 23% of complete Q2 income, whereas gross sales to a different buyer represented 16% of Q2 income. The submitting doesn't establish both of those prospects, solely referring to them as “Buyer A” and “Buyer B.”

In the course of the first half of the fiscal 12 months, Nvidia says Buyer A and Buyer B accounted for 20% and 15% of complete income, respectively. 4 different prospects accounted for 14%, 11%, one other 11%, and 10% of Q2 income, the corporate says.

In its submitting, the corporate says these are all “direct” prospects — resembling authentic gear producers (OEMs), system integrators, or distributors — who buy their chips instantly from Nvidia. Oblique prospects, resembling cloud service suppliers and client web corporations, buy Nvidia chips from these direct prospects.

In different phrases, it sounds unlikely {that a} large cloud supplier like Microsoft, Oracle, Amazon, or Google would possibly secretly be Buyer A or Buyer B — although these corporations could also be not directly liable for that huge spending.

In actual fact, Nvidia’s Chief Monetary Officer Nicole Kress stated that “giant cloud service suppliers” accounted for 50% of Nvidia’s knowledge middle income, which in flip represented 88% of the corporate’s complete income, in response to CNBC.

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What does this imply for Nvidia’s future prospects? Gimme Credit score analyst Dave Novosel instructed Fortune that whereas “focus of income amongst such a small group of shoppers does current a big threat,” the excellent news is that “these prospects have bountiful money readily available, generate huge quantities of free money circulation, and are anticipated to spend lavishly on knowledge facilities over the subsequent couple of years.”