Nvidia Corp., the chipmaking giant at the forefront of the artificial intelligence boom, reported staggering second-quarter results that underscored its dominance in the sector, but a closer look reveals a potential vulnerability in its customer base. In a recent SEC filing, the company disclosed that just two unidentified customers accounted for a whopping 39% of its quarterly revenue, a figure that has sparked concerns among investors and analysts about overreliance on a handful of buyers. This revelation came on the heels of Nvidia’s earnings call, where it announced sales growth projected to exceed 50% for the current quarter, signaling unabated demand for its AI-focused hardware.

The details emerged in Nvidia’s 10-Q filing with the Securities and Exchange Commission, highlighting “Customer A” and “Customer B” as the mystery entities driving nearly 40% of the $46.7 billion in revenue for the period ending July 28, 2025. While Nvidia did not name these clients, industry observers speculate they could be major hyperscalers like Microsoft or Amazon, given the surge in data center investments for AI training. This concentration isn’t entirely new for Nvidia, which has long catered to tech behemoths, but the scale—up from previous quarters—amplifies risks if these relationships falter.

Concentration Risks in Focus

Such heavy dependence on a duo of buyers renews debates about clientele concentration, a point emphasized in a report by CNBC, which noted that this setup could expose Nvidia to volatility if economic pressures or regulatory shifts affect these key partners. For instance, any slowdown in AI infrastructure spending by these unnamed firms could ripple through Nvidia’s financials, potentially derailing its meteoric growth trajectory. Analysts point out that while diversified revenue streams are ideal, the AI gold rush has funneled demand into a narrow channel of elite customers building massive computing clusters.

Moreover, this disclosure arrives amid broader market scrutiny of Nvidia’s valuation, which has soared to over $3 trillion, making it one of the world’s most valuable companies. The company’s guidance for continued robust sales, as detailed in its earnings report covered by CNBC, suggests no immediate slowdown in AI adoption, yet the mystery customers add an layer of opacity that Wall Street dislikes. Investors reacted with a slight dip in after-hours trading following the earnings release, reflecting unease despite the beat on expectations.

Speculation and Market Implications

Speculation about the identities of Customer A and B has fueled discussions in tech circles, with some pointing to reports from Neowin that emphasize the $18.2 billion slice these two represent from the total haul. Likely candidates include players like Meta Platforms or Google, both ramping up AI capabilities, though Nvidia’s policy of anonymity protects competitive sensitivities. This secrecy, while standard, contrasts with more transparent reporting in other industries, prompting calls for greater disclosure to assess true risk exposure.

Beyond the numbers, this development highlights Nvidia’s pivotal role in the AI ecosystem, where its GPUs power everything from generative models to autonomous systems. However, as noted in coverage by TechCrunch, the concentration could become a double-edged sword if geopolitical tensions, such as U.S.-China trade restrictions, disrupt supply chains or customer orders. Nvidia has already navigated export curbs on advanced chips to China, with uncertain sales guidance in that market adding another wildcard.

Looking Ahead: Diversification Challenges

For industry insiders, the key question is whether Nvidia can broaden its customer base without sacrificing growth. The company’s data center segment, which comprises the bulk of revenue, grew 154% year-over-year, driven by these major accounts, but expanding into automotive or edge computing could mitigate risks. Analysts from firms like those cited in Business Insider have raised price targets post-earnings, betting on sustained AI momentum, yet they caution that any hiccup from the top clients could trigger a correction.

Ultimately, Nvidia’s story remains one of triumph amid caution. As the AI revolution accelerates, the company’s ability to manage this concentration will be crucial. With projections of over 50% growth persisting, as per its own forecasts, Nvidia appears poised for continued success, but the shadow of those two mystery customers looms as a reminder of the fragility beneath the surface. Investors and competitors alike will watch closely for any signs of diversification or further revelations in upcoming filings.