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NVIDIA's record $46.7B quarter comes from just 2 customers
NVIDIA just pulled in a massive $46.7 billion in revenue for the quarter that ended on July 27, 2025—a huge 56% jump from last year.
Surprisingly, almost 40% of that came from only two major customers (nicknamed "Customer A" and "Customer B"), showing how much the AI data center boom is driving their business.
Cloud service providers are driving NVIDIA's data center business
Most of NVIDIA's cash this quarter came from data centers—actually, a whopping 88%.
Half of NVIDIA's data center revenue was thanks to cloud service providers, according to CFO Nicole Kress.
Even though so much depends on just a couple of clients, analyst Dave Novosel says these customers are financially solid and expected to spend lavishly on data centers over the next couple of years.