Nvidia’s record-breaking second-quarter earnings for 2025 revealed a growing dependence on a small number of customers. According to Sherwood, nearly 53% of the company’s data center revenue, around $21.9 bn, came from just three unnamed clients.
The breakdown shows $9.5 bn in sales from «Customer A,» $6.6 bn from «Customer B,» and $5.7 bn from «Customer C.» Nvidia’s total quarterly revenue was $46 bn, meaning one customer alone accounted for more than 20% of its sales.
While investors remain bullish on Nvidia’s AI leadership, analysts warn that such heavy reliance poses risks if any of these clients reduce orders...