Nvidia's Mystery Customers: Unraveling the Enigma of Two Dominant Clients

Nvidia's Q1 2023 revenue reached $46.7 billion, with two mystery customers accounting for 40% of the total. Customer A contributed 23% and Customer B 16%, both from Nvidia's data center and AI GPU business. Industry watchers speculate that the clients are hyperscalers like Microsoft, Amazon Web Services, Google Cloud, and Meta. While Nvidia's position seems enviable, investors should be concerned about revenue concentration risk and pricing power.