"In case you haven't heard, there might be a slight problem with the US economy: that it's being propped up by a tiny number of tech companies betting big on an AI revolution. Among the tech titans, no company is more important than the AI chip maker Nvidia. Often likened to a shovel seller during a goldrush, Nvidia's revenue has exploded in recent years, from $26.9 billion in 2023 to a heart stopping $130.5 billion in 2025."
"Though the company brought in a mind-blowing $46.7 billion in revenue in the last three months alone, the source of that dough is highly concentrated among a few big spenders. As TechCrunch pointed out, close to 40 percent of Nvidia's simply unfathomable quarterly revenue came from just two clients. The two anonymous buyers, known as "Customer A" and Customer B" in the filings, accounted for an incredible 23 and 16 percent of the chip giant's revenue, respectively."
"To TC's thinking, this makes it highly unlikely that a similarly massive company like Microsoft or Google is hiding behind Customer A or B, though they could be working through a third-party intermediary. Speculation aside, to say this represents a "significant risk" for Nvidia investors, as Fortune put it, might be an understatement. The company likewise faces significant risks due to export control uncertainty, rising competition from Chinese"
US economic momentum is increasingly tied to a small number of technology firms led by Nvidia, the dominant AI chip maker. Nvidia's revenue surged from $26.9 billion in 2023 to $130.5 billion in 2025, making it the first company to close with a market capitalization above $4 trillion. Recent quarterly filings show $46.7 billion in revenue in one quarter, with nearly 40 percent coming from two customers that account for 23% and 16% of revenue. These concentration dynamics create substantial investor risk, compounded by export-control uncertainty and intensifying competition from Chinese rivals.
Read at Futurism
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