Nvidia shocked the tech world by announcing that 40% of its Q2 FY26 revenue came from just two customers. The disclosure highlights how heavily Nvidia depends on a small group of buyers, fueling speculation about who the mystery customers are.
The company reported record-breaking sales in the second quarter, driven mainly by the global surge in demand for AI chips and GPUs. Analysts believe that major cloud providers such as Microsoft, Amazon, and Google could be among these two dominant customers, as they continue to invest billions in artificial intelligence infrastructure.
By concentrating so much of its earnings on two buyers, Nvidia demonstrates both strength and risk. On one hand, the company dominates the AI chip market and secures massive deals from tech giants. On the other hand, such dependency exposes Nvidia to volatility if either customer cuts orders or shifts suppliers.
The announcement that Nvidia Q2 FY26 revenue two customers represent nearly half of total earnings sparked investor curiosity. Shareholders want clarity on who drives these sales and whether Nvidia can expand its customer base to reduce risks.
Industry insiders suggest that leading cloud platforms and AI research companies remain the most likely candidates. Demand for Nvidia’s GPUs, particularly the H100 and next-generation models, has exploded as firms race to build powerful AI models. This hunger for computational power positions Nvidia as the backbone of the AI revolution.
Still, experts warn that Nvidia must diversify. If competition from AMD or other chipmakers intensifies, overreliance on a narrow customer pool could become a liability. For now, however, the mystery of the Nvidia Q2 FY26 revenue two customers continues to spark debate across the tech sector.
