Nvidia Revenue Concentration Sparks Investor Concerns Amid Dell's Record AI Server Orders

Nvidia's revenue concentration among its top customers has raised investor concerns.

According to regulatory filings, in the first half of fiscal 2027, the top customer accounted for 16% of revenue, followed by 15% and 13% for the second and third largest customers, respectively.

The top three customers combined represented 44% of total revenue, with a further concentration when including trade receivables, where the top five customers accounted for 70% of total revenue.