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Nvidia CEO Jensen Huang says top five hyperscalers account for 60% of company revenue
Wednesday, February 25, 2026 at 09:37 PM
Nvidia CEO Jensen Huang stated that while 60% of the company's business comes from the top five hyperscalers, there is significant diversity in how these chips are utilized, ranging from model training to diverse internal and external service applications.
Context
At the GTC 2026 conference on March 18, 2026, Nvidia CEO Jensen Huang revealed that 60% of the company's revenue is now derived from the top five hyperscalers. This admission highlights an increasing concentration of wealth within the AI supply chain, as these major cloud providers—traditionally identified as Amazon, Microsoft, Google, Oracle, and Meta—aggressively scale their infrastructure. Huang emphasized that even within this elite group, computing demand is being driven by the shift toward agentic AI and a 1 million times increase in total computing requirements.
This trend follows Nvidia’s record fiscal 2026 performance, where the company reported $215.9 billion in total revenue. Analysts note that while this concentration secures massive short-term orders for the new Vera Rubin architecture, it also exposes Nvidia to risks as hyperscalers increasingly develop in-house silicon. Despite these headwinds, Huang issued a bold forecast, projecting $1 trillion in AI hardware revenue through 2027 as data centers transition into 'token factories'.
Sources (8)
NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2026 | NVIDIA NewsroomJensen Huang Skips Chips Talk, Focuses on Where the Money in AI Is Flowing This TimeNvidia's top two mystery customers made up 39% of its Q2 revenue Nvidia's results beat estimates, but Wall Street wants more cash return | ReutersNvidia CEO just made a stunning revenue declaration - TheStreetMore than 50% of Nvidia’s data center revenue comes from three customers — $21.9 billion in sales recorded from the unnamed companies | Tom's Hardware40% of NVIDIA's Revenue Comes From Just Two Mysterious CustomersNvidia specialized market revenue by quarter FY2026| Statista
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