NVIDIA’s July quarter results have stunned Wall Street with record-breaking revenue of $46.7 billion, but its latest SEC filing reveals a deeper story — a highly concentrated customer base. According to the disclosure, “Customer A” accounted for 23% of NVIDIA’s total revenue, while “Customer B” contributed 16%, meaning just two buyers made up nearly 39% of sales. This is a sharp jump from last year, when the top two customers contributed 14% and 11% respectively, underscoring NVIDIA’s growing dependence on a small set of hyperscale clients.
The surge was driven largely by NVIDIA’s data center business, which now contributes 88% of overall revenue. Colette Kress, NVIDIA’s CFO, emphasized the scale of hyperscaler demand, noting that “large cloud service providers made up about 50% of the company’s data center revenue.” This concentration highlights just how pivotal big cloud operators and AI infrastructure players have become to NVIDIA’s growth trajectory.
Speculation about who these two mega-buyers might be has sparked intense debate across the industry. One likely candidate is Humain, Saudi Arabia’s fast-growing AI company, which recently secured approval to import 18,000 NVIDIA AI chips to power upcoming data centers in Riyadh and Dammam, expected to go live in 2026. Another possible contributor is xAI, Elon Musk’s AI startup, which already operates 230,000 GPUs, including 30,000 GB200s, in its Colossus 1 supercluster. Musk has teased even bigger plans, writing on X that “Colossus 2 will dwarf it with 550,000 additional GB200 and GB300 GPUs going online soon” and boasting that “as Jensen Huang has stated, xAI is unmatched in speed. It’s not even close.”
Meanwhile, OpenAI is not far behind, with CFO Sarah Friar recently revealing ambitions to build trillion-dollar-scale data centers to meet the ballooning demand for AI computation.
Whether the mystery customers turn out to be Humain, xAI, OpenAI, or a mix of hyperscalers, one thing is clear — NVIDIA’s meteoric rise is being fueled by a small but powerful set of AI giants racing to build the infrastructure of the future.
