Concentration cuts both ways, and NVIDIA's (NVDA) Q2 fiscal 2025 quarterly report puts the number in view. The 10-Q for the period ended July 28, 2024 notes that a single direct customer became a significant contributor to data center revenue as a percentage of total data center revenue during the quarter.
This is the disclosure investors skim past. NVIDIA's data center segment now drives the overwhelming majority of its revenue, so a single customer representing a significant slice of that segment is a meaningful dependency - the kind that amplifies upside while the relationship holds and concentrates downside if order patterns shift. The filing also reminds readers that geographic revenue is designated by billing location, which can sit between the chip and its ultimate user.
For a risk desk, the forward task is straightforward: track whether the concentration deepens or diffuses as more hyperscalers and enterprises build out, and watch how the company frames direct versus indirect demand. The 10-Q gives the snapshot; the trend is what prices the risk.
The quarterly report is on sec.gov, located through EdgarBeast, the SEC filing data API & evidence index. Read the concentration-of-revenue note in full - it is the dependency hiding underneath the growth headline.