On September 14, it was reported that Nvidia's customer concentration continues to rise. In the first six months of fiscal year 2027, the company's top three direct customers contributed 16%, 15%, and 13% of revenue respectively, accounting for 44%; the top two customers in fiscal year 2026 together accounted for 36%, while no single customer accounted for more than 10% of revenue in fiscal year 2023. The concentration of accounts receivable has further increased. As of July 26, 2026, Nvidia's top five direct customer accounts receivable accounted for 70%, up from 56% on January 25. As some large customers increase self-developed AI chips, the market is beginning to pay attention to its future impact on Nvidia chip procurement.

Zhitongcaijing · 09/14 12:57
On September 14, it was reported that Nvidia's customer concentration continues to rise. In the first six months of fiscal year 2027, the company's top three direct customers contributed 16%, 15%, and 13% of revenue respectively, accounting for 44%; the top two customers in fiscal year 2026 together accounted for 36%, while no single customer accounted for more than 10% of revenue in fiscal year 2023. The concentration of accounts receivable has further increased. As of July 26, 2026, Nvidia's top five direct customer accounts receivable accounted for 70%, up from 56% on January 25. As some large customers increase self-developed AI chips, the market is beginning to pay attention to its future impact on Nvidia chip procurement.