Nvidia’s top 3 customers now account for 44% of revenue

Nvidia's ↘ 1.47% reliance on a handful of customers has deepened to levels that are drawing fresh scrutiny from analysts and investors. In the first half of fiscal year 2027, which covers February through July 2026, the chipmaker's top three direct customers accounted for 44% of total revenue — with individual shares of 16%, 15%, and 13% — according to a report by The Information published on September 13, based on SEC filings.biz.chosun+1

The concentration marks a steep escalation. In fiscal year 2026, the top two customers combined for 36% of revenue, and in fiscal year 2023, no single customer exceeded 10%.axis-intelligence+1

Who Are the Customers?

Nvidia does not name its largest buyers in regulatory filings, and the disclosed figures reflect direct customers of record rather than end users. Analysts believe the top accounts likely include intermediaries such as Dell ↗ 0.17% and Hon Hai Technology (Foxconn), which resell Nvidia chip-equipped servers to enterprises and cloud providers. Nvidia CFO Colette Kress said in February that the top five cloud companies account for more than half of the firm's data center sales. The Information assessed that SpaceX, Meta ↗ 1.02%, and Microsoft ↗ 0.52% are likely among the ultimate end customers driving that demand.biz.chosun

Dell's role as a key conduit is underscored by its own results. The company reported a record $60.9 billion in AI server orders during its fiscal second quarter of 2027, announced September 1, with AI-optimized server revenue of $16.4 billion — double the year-earlier figure — and a backlog of $95 billion.cryptobriefing+1

Concentration Sparks Broader Debate

Including accounts receivable, Nvidia's top five customers made up 70% of total sales in the first half of fiscal 2027. Michael Burry, the investor known for predicting the 2008 mortgage crisis, has flagged the trend as a key vulnerability. In Substack posts in late May, Burry noted that three customers represented 64% of Nvidia's accounts receivable, calling the concentration "off the charts" and warning of an "aggressive fall" in Nvidia's stock if hyperscaler spending decelerates.cryptobriefing+2

Nvidia's Diversification Push

Big tech customers are also developing their own AI chips, raising the prospect of reduced Nvidia dependency over time. In response, Nvidia has expanded investments in so-called "neo-cloud" companies. In March, the chipmaker committed $2 billion for an approximately 8.3% stake in Nebius ↘ 4.03%, which plans to deploy more than five gigawatts of data center capacity by 2030. Nvidia has also invested in CoreWeave ↗ 0.16%, which together with Nebius has secured $122.2 billion in long-term commitments from Microsoft and Meta. The strategy aims to build a new tier of customers, though critics note the circular nature of the financing: Nvidia invests in firms that turn around and spend heavily on Nvidia hardware.saasrise+2