Nearly half of Nvidia's revenue comes from four mystery whales each buying $3B+

Nvidia's revenue significantly relies on four anonymous 'whales,' as nearly half its $30 billion turnover is attributed to their purchases. The identities of these customers are undisclosed but are speculated to include tech giants such as Amazon, Meta, Microsoft, Alphabet, OpenAI, or Tesla. Their spending is mainly on Nvidia's data center chips, like the AI chip H200 used for training AI models. Despite Nvidia's CEO Jensen Huang claiming diversification, the concentration on a few customers raises concerns about the sustainability of growth.

• Nvidia's second-quarter revenue was buoyed by four key customers.
• Around 46% of revenue, approx. $13.8 billion, was from these clients.
• The quartet's purchases focused on chips for data centers.
• One client's spending alone surpassed Nvidia's gaming division revenue.
• Nvidia's net margins from first half revenue stood at an impressive 56%.