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

Core Insights - Nvidia reported record revenue of $46.7 billion for Q2, marking a 56% year-over-year increase driven by the AI data center boom [1] - Nearly 40% of this revenue came from just two customers, with one customer accounting for 23% and another for 16% of total Q2 revenue [1] - For the first half of the fiscal year, these two customers represented 20% and 15% of total revenue, respectively [1] Customer Concentration - The two major customers are classified as "direct" customers, including original equipment manufacturers (OEMs), system integrators, or distributors [2] - Indirect customers, such as cloud service providers and consumer internet companies, purchase Nvidia chips from these direct customers [2] Revenue Sources - Large cloud service providers are not likely to be the identified major customers, but they contribute significantly to Nvidia's revenue [3] - Nvidia's Chief Financial Officer stated that large cloud service providers accounted for 50% of the company's data center revenue, which represents 88% of total revenue [3] Future Prospects - Analyst Dave Novosel noted that while the concentration of revenue among a small group of customers presents a risk, these customers have substantial cash reserves and are expected to invest heavily in data centers in the coming years [6]