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

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Netflix, ElevenLabs, Wayve, Sequoia Capital — just a few of the heavy hitters joining the Disrupt 2025 agenda. They’re here to deliver the insights that fuel startup growth and sharpen your edge. Don’t miss the 20th anniversary of TechCrunch Disrupt, and a chance to learn from the top voices in tech — grab your ticket now and save up to $675 before prices rise.

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Nvidia says two mystery customers accounted for 39% of Q2 revenue Anthony Ha PM PDT · August 30, 2025 Nearly 40% of Nvidia’s second quarter revenue came from just two customers, according to a filing with the Securities and Exchange Commission.

On Wednesday, Nvidia reported record revenue of $46.7 billion during the quarter that ended on July 27 — a 56% year-over-year increase largely driven

Specifically, Nvidia said that a single customer represented 23% of total Q2 revenue, while sales to another customer represented 16% of Q2 revenue. The filing does not identify either of these customers, only referring to them as “Customer A” and “Customer B.”

During the first half of the fiscal year, Nvidia says Customer A and Customer B accounted for 20% and 15% of total revenue, respectively. Four other customers accounted for 14%, 11%, another 11%, and 10% of Q2 revenue, Nvidia said.

In its filing, the company says these are all “direct” customers — such as original equipment manufacturers (OEMs), system integrators, or distributors — who purchase their chips directly from Nvidia, such as. Indirect customers, such as cloud service providers and consumer internet companies, purchase Nvidia chips from these direct customers.

In other words, it sounds unlikely that a big cloud provider like Microsoft, Oracle, Amazon, or Google might secretly be Customer A or Customer B — though those companies may be indirectly responsible for that massive spending.

In fact, Nvidia’s Chief Financial Officer Nicole Kress said that “large cloud service providers” accounted for 50% of Nvidia’s data center revenue, which in turn represented 88% of the company’s total revenue, according to CNBC.

Techcrunch event Tech and VC heavyweights join the Disrupt 2025 agenda Netflix, ElevenLabs, Wayve, Sequoia Capital, Elad Gil — just a few of the heavy hitters joining the Disrupt 2025 agenda. They’re here to deliver the insights that fuel startup growth and sharpen your edge. Don’t miss the 20th anniversary of TechCrunch Disrupt, and a chance to learn from the top voices in tech — grab your ticket now and save up to $600+ before prices rise. Tech and VC heavyweights join the Disrupt 2025 agenda Netflix, ElevenLabs, Wayve, Sequoia Capital — just a few of the heavy hitters joining the Disrupt 2025 agenda. They’re here to deliver the insights that fuel startup growth and sharpen your edge. Don’t miss the 20th anniversary of TechCrunch Disrupt, and a chance to learn from the top voices in tech — grab your ticket now and save up to $675 before prices rise. San Francisco | October 27-29, 2025 REGISTER NOW What does this mean for Nvidia’s future prospects? Gimme

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Anthony Ha Anthony Ha is TechCrunch’s weekend editor. Previously, he worked as a tech View Bio October 27-29, 2025 San Francisco Put your brand in front of 10,000+ tech and VC leaders across all three days of Disrupt 2025. Amplify your reach, spark real connections, and lead the innovation charge. Secure your exhibit space before your competitor does.Last day to book is September 5

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