NVIDIA’s record-breaking growth comes with a dangerous twist—nearly 40% of its quarterly revenue comes from just two customers. One alone spent $10.75B in three months. That’s not just concentration—it’s dependency.
Whether it’s Microsoft, Amazon, or Meta footing the bill, their spending is the pulse of NVIDIA’s business. Better watch these giants’ performance—because where they go, NVIDIA will follow.
And that’s the risk: if even one shifts toward custom silicon, NVIDIA’s revenue cliff won’t be gradual—it’ll be steep. The AI gold rush is massive, but it’s concentrated in a handful of buyers pouring $200B+ into GPUs. Dependency today can become vulnerability tomorrow.
When two buyers call the shots, it’s not NVIDIA running the game—it’s NVIDIA playing theirs.