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Evaluate Nvidia’s dependence on customers and suppliers on separate tracks: use reported revenue shares to measure customer concentration, then examine supplier stages, geography, capacity commitments, and flexibility to assess supply-chain exposure. NVIDIA’s fiscal 2027 second-quarter filing shows material customer concentration; its public filings name key suppliers but do not disclose supplier-by-supplier shares of spending or production.
Start by separating customer concentration from supplier dependence
These are related risks, but the disclosures measure them differently. NVIDIA reports revenue shares for certain direct customers and discusses estimated exposure to indirect customers. Its supplier disclosures identify companies and production stages, describe geographic exposure, and report forward supply and capacity commitments. They do not provide a comparable percentage of spending or production for each supplier.
The latest quarterly filing covered here is NVIDIA’s fiscal 2027 Q2 Form 10-Q, filed August 27, 2026, for the quarter ended July 26, 2026. Its annual baseline is the fiscal 2026 Form 10-K, for the year ended January 25, 2026. Keep those periods distinct: fiscal Q2 is not calendar Q2, and a quarter, a half-year, and a full fiscal year have different revenue denominators.
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Measure customer concentration using the right channel and period
Direct-customer shares
NVIDIA defines direct customers broadly. They include add-in-board providers, distributors, original design manufacturers (ODMs), original equipment manufacturers (OEMs), cloud service providers, AI model makers, and system integrators. A direct customer is therefore not necessarily the company or organization ultimately using the product.
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| Measurement period | Disclosed direct-customer shares of total revenue | What the filing says |
|---|---|---|
| Fiscal 2027 Q2, quarter ended July 26, 2026 | One customer: 16% | Primarily attributable to Compute & Networking; identity not disclosed. Source: NVIDIA fiscal 2027 Q2 Form 10-Q, filed August 27, 2026. |
| First half of fiscal 2027, through July 26, 2026 | Three customers: 16%, 15%, and 13% | Primarily attributable to Compute & Networking; identities not disclosed. Source: NVIDIA fiscal 2027 Q2 Form 10-Q, filed August 27, 2026. |
| Fiscal 2026, year ended January 25, 2026 | Two customers: 22% and 14% | Primarily attributable to Compute & Networking. Source: NVIDIA fiscal 2026 Form 10-K. |
Read each row only within its own reporting window. Do not add the quarterly figure to the half-year figures, or assume that a customer appearing in one period is the same customer represented in another. The disclosures establish that a small number of direct customers accounted for substantial revenue shares, but they do not identify those customers.
Indirect customers and end-user exposure
Indirect customers buy through NVIDIA’s direct customers and can include cloud providers, AI clouds, AI model makers, enterprises, and public-sector entities. NVIDIA says some individual indirect customers represent 10% or more of revenue, but it estimates this exposure using factors such as purchase orders, product specifications, and internal sales data. That estimate is not the same measure as the direct-customer shares above, and it may overlap with the channel through which a sale is recorded. Do not add the two measures as though they were independent portions of revenue.
The filing also describes meaningful revenue associated with an unnamed AI research and deployment company through cloud services purchased from NVIDIA’s customers. The company is not named in this disclosure. Treat this as evidence that end-user demand can be concentrated beyond the billing customer, not as a way to identify an undisclosed direct customer.
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Customer headquarters are not end-user locations
NVIDIA’s regional revenue figures are based on the headquarters of direct customers; shipping destinations and ultimate users may differ. In fiscal 2027 Q2, customers headquartered outside the United States accounted for 38% of revenue, while the first-half fiscal 2027 figure was 30%, according to the August 27, 2026 Form 10-Q. These figures describe billing-customer headquarters, not the geography of every end user or of NVIDIA’s production footprint.
Map suppliers by production stage
A supplier list is most useful when organized around the work each provider performs. NVIDIA’s fiscal 2026 Form 10-K names providers in several stages of production:
| Stage | Providers named by NVIDIA | What the disclosure establishes |
|---|---|---|
| Wafer fabrication | TSMC and Samsung Electronics | NVIDIA identifies these as wafer foundries; it does not disclose their respective shares of NVIDIA’s production. |
| Memory | SK hynix, Micron Technology, and Samsung Electronics | NVIDIA identifies these as memory providers; it does not disclose supplier-level spending or allocation shares. |
| Assembly, testing, and packaging | Hon Hai Precision Industry (Foxconn), Wistron, and Fabrinet | NVIDIA names independent subcontractors or contract manufacturers in these activities; the filing does not quantify their individual contributions. |
| Advanced packaging technology | CoWoS | NVIDIA says it uses this technology for semiconductor packaging. The reviewed disclosure does not assign a supplier-specific share to it. |
The list shows external supply-chain relationships and where they sit in the production process. It does not show how much NVIDIA buys from any one company, the capacity available to NVIDIA at each provider, or how quickly one provider could replace another. Providers in different stages are not substitutes for one another, and a list of providers within a stage does not prove that their capabilities or available capacity are interchangeable.
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Assess geography and resilience at each stage
NVIDIA describes its supply chain as mainly concentrated in Asia and says it depends on consistent, reliable supply from overseas partners, especially in Taiwan and South Korea. The fiscal 2026 Form 10-K also describes efforts to expand supplier relationships for redundancy and resilience and to expand into the United States and Latin America.
For analysis, distinguish this production geography from the headquarters-based customer geography. A disruption affecting wafer fabrication, memory, advanced packaging, or system assembly can have different consequences because each stage has different capabilities and alternatives. The company’s stated diversification efforts are relevant evidence of mitigation, but do not establish that replacement capacity is immediately available or that a disruption would have no effect.
Interpret supply and capacity commitments correctly
As of July 26, 2026, NVIDIA reported $279 billion in supply and capacity commitments, compared with $119 billion in the prior quarter, as referenced in its fiscal 2027 Q2 Form 10-Q. The commitments primarily related to memory and manufacturing facilities for data-center infrastructure systems and support long-term demand across current and future architectures.
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This is a forward commitment figure, not money already spent and not a supplier-specific exposure measure. NVIDIA says some arrangements permit inventory procurement against criteria it defines and may be canceled, rescheduled, or adjusted before firm orders; changing arrangements may add costs. The amount therefore indicates the scale of capacity and supply obligations, while the precise degree of flexibility and cost of changing them depends on the terms and timing of individual arrangements.
Use a consistent framework to compare periods or companies
| Evaluation axis | What to examine | Interpretation limit |
|---|---|---|
| Customer channel | Direct-customer disclosures versus estimated indirect or end-user exposure | Indirect exposure is estimated and may overlap the sales channel; do not mechanically add it to direct shares. |
| Reporting period | Quarter, year to date, and full fiscal year | Different windows have different denominators and may reflect different customer mixes. |
| Magnitude and segment | Revenue shares, number of material customers, and the segment associated with those sales | Disclosed shares identify material concentration but do not reveal every end user or establish that the mix persists. |
| Supplier stage | Wafer fabrication, memory, packaging, assembly, and testing | A provider list is not a supplier-share table; providers may not be readily interchangeable. |
| Geography | Production and partner locations by stage, separately from direct-customer headquarters | These measure different exposures and should not be collapsed into one regional risk figure. |
| Commitments and flexibility | Supply and capacity obligations, adjustment options, and potential change costs | Commitments are not completed purchases and do not identify supplier-level allocation. |
| Resilience | Alternative providers, capacity expansion, inventory, and product-transition options | Announced diversification does not prove immediate replacement capacity or eliminate transition risk. |
Connect concentration to business risk without overstating it
A major customer that slows or changes orders could affect revenue timing and capacity planning. A disruption in a critical supply stage could constrain production even if NVIDIA has multiple named providers elsewhere in the chain. These are analytical implications of the disclosed customer mix, supply model, and risks—not evidence that a specific disruption or customer order change has occurred.
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Keep named infrastructure announcements separate from undisclosed customer identities
On August 17, 2026, NVIDIA announced that OpenAI would be the customer for the PORTS-Pike AI compute campus in Ohio, with SB Energy building, owning, and operating the data center under a 20-year lease. NVIDIA said it would secure land, power, and shell capacity and invest $1.5 billion in SB Energy. This announcement illustrates how customer demand may be connected to infrastructure and partner arrangements; it does not establish that OpenAI is one of the unnamed customers in NVIDIA’s concentration disclosures.
What the public disclosures support
The filings support describing customer concentration as material and external manufacturing and supply exposure as strategically important. They do not support assigning supplier-specific percentages, ranking suppliers by their share of NVIDIA’s spend, or claiming that named suppliers can immediately replace one another. For an investment analysis, concentration is a risk input to combine with growth, margins, capacity flexibility, and execution—not a standalone buy-or-sell signal.
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