Nvidia reports a record profit. Two anonymous customers are responsible for nearly 40% of the revenue. Little is known about the customers, and Nvidia will not reveal who is behind them. Only one piece of information is known.
What were the quarterly results? Nvidia surpassed Wall Street analysts’ expectations on August 27, 2025: Nvidia reported a revenue of $46.7 billion for the second quarter, exceeding the previous quarter’s revenue record of $44.1 billion and the economists’ forecasts of $46.05 billion. This was reported by Forbes.com.
However, the remarkable thing is that two customers alone are responsible for nearly 40% of the manufacturer’s revenue. Not much is known about the customers.
Two anonymous customers, whose identities are known only to Nvidia
What kind of customers are they? Two anonymous customers, referred to in a report as “Customer A” and “Customer B,” accounted for 23% and 16% of the company’s revenue in the second quarter, according to Nvidia’s latest quarterly report to the SEC (U.S. Securities and Exchange Commission). Together, they make up nearly 40% of the revenue in Q2 2025.
Compared to the first quarter of 2025, the shares of the two secret customers have increased significantly: In the same quarter of the previous year, the buyers referred to as “Customer A” and “Customer B” accounted for only 14% and 11%, respectively.
Who are these customers? A spokesman for Nvidia declined to provide details about the identities of the customers to Fortune magazine. However, in its report to the U.S. Securities and Exchange Commission, Nvidia points out that its two largest anonymous buyers are so-called “direct customers.”
This means they are companies that make purchases directly from Nvidia, but do not necessarily have to use the hardware themselves. Direct customers can be companies, but they can also be public institutions like schools that purchase hardware.
However, not everything is going smoothly for the chip manufacturer: Nvidia recently suffered a loss of 600 billion euros in market value, all due to a new AI model from China.
However, Nvidia CEO Jensen Huang sees the panic as unfounded. In his opinion, high-performance computing remains essential for the future of AI, and the market has completely misunderstood the situation: Nvidia lost 600 billion euros in a single day on the stock market, but now the CEO says: It was all just a misunderstanding
