They are anonymized in the filing, but Nvidia clearly states that they account for 23%, 16% and 14% of sales.
Last quarter, two top customers accounted for 14% and 11% of revenue, writes CNBC.
OEM manufacturers?
These customers are not end users of the product, but rather systems manufacturers who buy chips directly from Nvidia and put them on circuit boards and servers — which they call «Direct customers.»
The speculation points to these companies as being someone like Foxconn, Quanta or Dell.
These products are then sold on to end users who will typically be the big data center providers — like Microsoft, Amazon, Oracle and xAI, which Nvidia refers to as «indirect customers.»
«Research and deployment companies»
— We have experienced periods where we receive a significant amount of our revenue from a limited number of customers, and this trend may continue, the report says, first reported by CNBC.
They also say that a single indirect customer accounted for over 10% of its revenue, and that another «AI research and deployment company» contributed «a meaningful amount of our revenue» through direct and indirect purchases.
We can only speculate as to who that might be, but there aren’t that many players in the field to choose from.
Maybe not so risky
Dave Novosel, senior investment analyst for telecommunications, media, and technology at Gimme Credit, told Fortune that:
— The concentration of revenue among such a small group of customers does present a significant risk. But fortunately for Nvidia, these customers have bountiful cash on hand, generate massive amounts of free cash flow, and are expected to spend lavishly on data centers over the next couple of years.
Read more: The actual filing, writeups on CNBC, Fortune, and TechCrunch.