54% of Nvidia's Q1 Revenue Came From 4 Mystery Customers -- Who Could They Be?
Most artificial intelligence (AI) models are trained and then deployed in data centers, which are filled with thousands of specialized chips called graphics processing units (GPUs). Most AI developers don't have the financial resources to build that infrastructure themselves, but they can rent it from a handful of technology giants that operate hundreds of centralized data centers all over the world.Those tech giants typically buy most of their GPUs from Nvidia (NASDAQ: NVDA), which supplies the best AI hardware in the industry. The chipmaker continues to experience more demand than it can fill, which is driving a surge in its revenue and earnings. In fact, Nvidia has added a staggering $3 trillion to its market capitalization since the beginning of 2023, and it's now the second most valuable company in the world.However, the fact that only a handful of companies can afford to build the best AI infrastructure isn't a good thing for Nvidia. During the fiscal 2026 first quarter (ended April 27), more than half of the company's total revenue came from just four unnamed customers, which means a pullback in AI infrastructure spending from any one of them could threaten the chip giant's incredible run of growth.Continue reading
Most artificial intelligence (AI) models are trained and then deployed in data centers, which are filled with thousands of specialized chips called graphics processing units (GPUs). Most AI developers don't have the financial resources to build that infrastructure themselves, but they can rent it from a handful of technology giants that operate hundreds of centralized data centers all over the world.
Those tech giants typically buy most of their GPUs from Nvidia (NASDAQ: NVDA), which supplies the best AI hardware in the industry. The chipmaker continues to experience more demand than it can fill, which is driving a surge in its revenue and earnings. In fact, Nvidia has added a staggering $3 trillion to its market capitalization since the beginning of 2023, and it's now the second most valuable company in the world.
However, the fact that only a handful of companies can afford to build the best AI infrastructure isn't a good thing for Nvidia. During the fiscal 2026 first quarter (ended April 27), more than half of the company's total revenue came from just four unnamed customers, which means a pullback in AI infrastructure spending from any one of them could threaten the chip giant's incredible run of growth.
