内容来源：https://techcrunch.com/2025/08/30/nvidia-says-two-mystery-customers-accounted-for-39-of-q2-revenue/

内容总结：

英伟达最新财报披露，其第二季度近四成营收仅来自两家大客户。据美国证券交易委员会文件显示，在截至7月27日的第二财季中，这家芯片巨头创下467亿美元的历史最高营收纪录，同比增长56%，主要受益于人工智能数据中心需求激增。

财报数据显示，单一客户"客户A"贡献了当季总营收的23%，另一家"客户B"占比16%。文件未明确披露客户具体身份，仅以代号相称。上半财年期间，这两大客户分别占英伟达总营收的20%和15%。此外还有四家客户贡献了第二季度14%、11%、11%和10%的营收。

英伟达特别说明，这些均为直接采购其芯片的"直接客户"，包括原始设备制造商、系统集成商及分销商。这意味着微软、亚马逊等云计算巨头并非直接客户，但可能通过采购渠道间接推动相关销售。据CNBC报道，英伟达首席财务官科雷斯表示，大型云服务提供商贡献了公司数据中心收入的50%，而该业务板块占英伟达总营收的88%。

分析师指出，虽然客户集中度较高存在风险，但这些现金储备充足的客户未来数年仍将持续加大数据中心投入，为英伟达带来稳定增长预期。

中文翻译：

根据英伟达向美国证券交易委员会提交的文件显示，其二季度近40%的收入仅来自两家客户。这家芯片制造商周三公布，在截至7月27日的季度中实现创纪录的467亿美元收入，同比增长56%，主要得益于人工智能数据中心的蓬勃发展。但后续报道强调，这种增长似乎很大程度上仅来源于少数客户。

具体而言，英伟达表示单个客户贡献了第二季度总收入的23%，另一客户贡献了16%。文件未透露具体客户名称，仅以"客户A"和"客户B"代称。本财年上半年，客户A和客户B分别占总收入的20%和15%。公司披露另有四家客户分别贡献了14%、11%、11%和10%的第二季度收入。

文件明确指出这些均为"直接"客户——包括原始设备制造商（OEM）、系统集成商或经销商——他们直接向英伟达采购芯片。而云服务提供商和消费互联网公司等间接客户，则通过这些直接客户购买英伟达芯片。这意味着微软、甲骨文、亚马逊或谷歌等大型云服务商不太可能是客户A或客户B，尽管这些公司可能间接推动了巨额采购。

据美国消费者新闻与商业频道报道，英伟达首席财务官科莱特·克雷斯透露，"大型云服务提供商"贡献了公司数据中心收入的50%，而该业务板块占英伟达总收入的88%。

对于英伟达的未来前景，Gimme Credit分析师戴夫·诺沃塞尔向《财富》杂志表示："虽然收入集中于少数客户确实存在显著风险，但好消息是这些客户手握充裕现金，能产生巨额自由现金流，且预计未来数年将持续大力投资数据中心。"

英文来源：

Nearly 40% of Nvidia’s second quarter revenue came from just two customers, according to a filing with the Securities and Exchange Commission.
On Wednesday, the chipmaker reported record revenue of $46.7 billion during the quarter that ended on July 27 — a 56% year-over-year increase largely driven by the AI data center boom. However, subsequent reporting highlighted how much of that growth seems to be coming from just a handful of customers.
Specifically, Nvidia said that a single customer represented 23% of total Q2 revenue, while sales to another customer represented 16% of Q2 revenue. The filing does not identify either of these customers, only referring to them as “Customer A” and “Customer B.”
During the first half of the fiscal year, Nvidia says Customer A and Customer B accounted for 20% and 15% of total revenue, respectively. Four other customers accounted for 14%, 11%, another 11%, and 10% of Q2 revenue, the company says.
In its filing, the company says these are all “direct” customers — such as original equipment manufacturers (OEMs), system integrators, or distributors — who purchase their chips directly from Nvidia. Indirect customers, such as cloud service providers and consumer internet companies, purchase Nvidia chips from these direct customers.
In other words, it sounds unlikely that a big cloud provider like Microsoft, Oracle, Amazon, or Google might secretly be Customer A or Customer B — though those companies may be indirectly responsible for that massive spending.
In fact, Nvidia’s Chief Financial Officer Nicole Kress said that “large cloud service providers” accounted for 50% of Nvidia’s data center revenue, which in turn represented 88% of the company’s total revenue, according to CNBC.
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What does this mean for Nvidia’s future prospects? Gimme Credit analyst Dave Novosel told Fortune that while “concentration of revenue among such a small group of customers does present a significant risk,” the good news is that “these customers have bountiful cash on hand, generate massive amounts of free cash flow, and are expected to spend lavishly on data centers over the next couple of years.”