Nvidia has generated $44.1 billion in revenue in the first quarter of fiscal 2026, with $39.1 billion coming from its data center segment, primarily driven by AI GPUs. Notably, four customers accounted for 54% of this revenue, highlighting a significant concentration risk.
The top customers are speculated to be major tech firms including Amazon, Microsoft, Alphabet, and Meta, who are investing heavily in AI infrastructure, with Amazon projected to spend $105 billion this year. Nvidia’s CEO predicts that global AI infrastructure spending could reach $1 trillion annually by 2028, necessitating increased demand for its advanced GPU technologies.
Despite their high demand, the dependency on a few customers poses a threat to Nvidia’s growth if any of them curtail spending. During the first quarter, Customer A alone contributed approximately $7 billion to Nvidia’s revenue.
