- Nvidia’s financial stability depends strongly on three powerful, not named customers
- Elon Musk, Openai and Meta are the likely three
- Massive GPU installations transform data centers into unprecedented mega-scale operations
Nvidia’s latest revenue report for 2025 has drawn attention not only to break sales records again, but also to reveal a risk hidden under the number.
The company reported $ 46 billion in its quarterly quarterly turnover in the 2nd quarter with its data center department, which contributed $ 21.9 billion.
But what really stands out is that “almost 53%” of this income came from only three customers. The report detailed $ 9.5 billion from customer A, $ 6.6 billion from Customer B and $ 5.7 billion from Customer C.
Speculation about the great consumers
While this concentration of sales shows strong relationships with powerful buyers, it also suggests a structural vulnerability in Nvidia’s economic base.
Nvidia has not confirmed the identity of these clients, but industry observers have given informed guesses.
Elon Musk’s Xai is often mentioned, especially after a record setting installation of 100,000 NVIDIA H200 GPUs in just 19 days, said a task CEO Jensen Huang usually requires four years.
Musk’s stated ambitions to run 50 million H100-equivalent GPUs over five years further strengthen speculation.
Another possible challenger is Openai and Oracle Partnership, which advertised plans for a Stargate data center with more than two million AI chips.
Meta has also expanded aggressively with “several multi-gw clusters” reportedly the size of Manhattan and added more weight to the theory.
These projects represent demand levels far beyond typical business needs, closer to what to expect when equipping a supercharged workstation or implementing an entire fleet of machines designed with the best CPU available.
It may seem reassuring to have such massive contracts locked inside, but the risk of concentration is difficult to ignore.
If one of these devices was to turn against internal chip design, switch to a competitor like AMD or encounter operational problems, Nvidia would face a sudden economic hole.
Customer A alone accounts for more than 20% of quarterly sales. The addiction is sharp and investors cannot ignore how fragile such addiction can become.
Nvidia’s dominance in GPUs remains clear, but market history shows that leaders who are bound too close to a few clients can face severe disturbance.
Geopolitics adds another layer of uncertainty – Nvidia has already absorbed a hit of $ 5.5 billion following restrictions on its H20 chip, composed when Chinese companies were corrected to stop purchases after an initial reopening of sales.
These events highlight how the company’s market position can be influenced by decisions far beyond the framework of chip design or supply chain management.
As of today, Nvidia’s GPUs remain unmatched, but the underlying question persists: Can the company maintain its momentum if its mystery trio ever decides to go away?
Via Toms hardware
