NVDA · 10-Q · 2026Q2 · Full report

Revenue Concentration Risk

NVIDIA CORP · 2026-05-20 · Importance 66 · Surprise 24

NVIDIA's revenue is concentrated among a limited number of direct customers: in Q1 FY2027 three direct customers represented 21%, 17% and 16% of total revenue, primarily within the Compute & Networking segment. The company defines direct customers to include AIBs, distributors, ODMs, OEMs, CSPs, AI model makers and system integrators, and notes that certain direct customers also sell to indirect customers (CSPs, AI Clouds, AI model makers, enterprises and public sector). NVIDIA estimates that one AI research and deployment company contributed meaningfully to revenue via cloud purchases in Q1 FY2027. Management highlights that this concentration trend may continue, posing customer‑specific revenue risk.

Key facts

• Three direct customers represented 21%, 17%, and 16% of total revenue in the first quarter of fiscal year 2027. source