Nvidia's customer concentration continues to rise, with its top three customers accounting for 44% of revenue.

On September 14, it was reported that Nvidia's customer concentration is continuing to rise. In the first six months of fiscal 2027, the company's top three direct customers contributed 16%, 15%, and 13% of revenue respectively, totaling 44%; in fiscal 2026, the top two customers combined accounted for 36%, while in fiscal 2023 no single customer accounted for more than 10% of revenue. Accounts receivable concentration has further increased. As of July 26, 2026, Nvidia's top five direct customers accounted for 70% of accounts receivable, up from 56% on January 25. As some large customers step up development of their own AI chips, the market has begun to focus on the potential impact on their future purchases of Nvidia chips.