AI Hustle: Make Money from AI and ChatGPT, Midjourney, NVIDIA, Anthropic, OpenAI Nvidia's Mysterious Revenue...
Sep 8, 2025
Nvidia's soaring revenue is partly due to two mysterious customers contributing a whopping 39% of sales. The hosts speculate about who these clients could be, with guesses ranging from major tech firms to government investments in data centers. They also discuss the global surge in countries establishing independent data centers to enhance AI capabilities. Moreover, the conversation highlights the competitive landscape featuring giants like Google and Microsoft, questioning Nvidia's sustainability in this rapidly evolving market.
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Extreme Revenue Concentration Risk
- Nvidia reported two unnamed customers made up 39% of Q2 revenue, showing extreme customer concentration risk.
- One customer alone accounted for 23% of revenue, creating a material single-customer dependency.
Big Cloud Providers May Not Be The Buyers
- Major cloud providers like AWS, Google, and Microsoft mostly buy through third parties and may not be the unnamed customers.
- Nvidia's CFO said large cloud providers make up 50% of data center revenue but are not the mystery buyers.
Countries Racing To Build Data Centers
- Jaeden suggests countries and governments are likely big buyers as they race to build sovereign data centers.
- Nation-level spending could explain the sudden, concentrated demand for Nvidia hardware.