- Nvidia’s financial stability depends on three powerful and anonymous customers
- Elon Musk, Openai and Meta are the three probable
- Massive GPU installations reshape the data centers in unprecedented mega-scale operations
The latest report on NVIDIA’s results for 2025 drew attention not only to beat the sales records again, but also to reveal a risk hidden under the figures.
The company said $ 46 billion in its T2 2026 quarterly income, its Data Center division contributing to $ 21.9 billion.
But what really stands out is that “almost 53%” from this income comes from three customers. The report detailed $ 9.5 billion from customer A, $ 6.6 billion from customer B and $ 5.7 billion from Customer C.
Speculation on big expenditure
Although this concentration of sales presents solid relationships with powerful buyers, it also suggests structural vulnerability in the financial base of Nvidia.
Nvidia did not confirm the identity of these customers, but the industry observers have made informed assumptions.
The XAI of Elon Musk is often mentioned, in particular after a record installation of 100,000 GPU Nvidia H200 in just 19 days, said that the CEO of the Jensen Huang task normally needs four years.
The ambition indicated by Musk to manage 50 million H100 equivalent GPU over five years further strengthens speculation.
Another possible competitor is the Openai and Oracle Partnership, which announced plans for a Stargate data center with more than two million AI chips.
Meta has also developed aggressively, with “several multi-GW clusters” would have Manhattan’s size, adding more weight to theory.
These projects represent levels of demand far beyond the typical needs of companies, closer to what we would expect during the equipment of a supercharged workstation or the deployment of an entire machine fleet designed with the best CPU available.
It may seem reassuring to have such massive contracts locked up, but the risk of concentration is difficult to ignore.
If one of these entities were to rotate towards the design of internal fleas, switching to a competitor like AMD or encountering operational problems, Nvidia would face a sudden financial hole.
The customer, only one represents more than 20% of quarterly sales. Dependence is austere and investors cannot ignore how much dependence could become fragile.
The domination of Nvidia in the GPU remains clear, but the history of the market shows that leaders linked too closely to a few customers can face serious disruptions.
Geopolitics adds another layer of uncertainty – NVIDIA has already absorbed $ 5.5 billion after restrictions on its H20 chip, aggravated when Chinese companies were invited to stop purchases after an initial reopening of sales.
These events highlight the way in which the position of the company market can be influenced by decisions far from the scope of flea design or the management of the supply chain.
To date, the GPU of Nvidia remain unrivaled, but the underlying question persists: can the company maintain its momentum if its mystery trio never decides to move away?
Via Toms equipment
