Bloomberg Surveillance · Friday, August 28, 2026
NVIDIA is experiencing customer diversification, with hyperscalers' share of revenue decreasing from 38% to around 30%, partly due to the emergence of SpaceX as a significant customer. While hyperscalers are projected to grow revenue by just over 50% next year, non-hyperscalers like sovereign and enterprise clients are expected to grow around 85%. This shift is seen as crucial for investor confidence, potentially smoothing the deceleration of NVIDIA's revenue growth.
“The customer concentration, actually the top two declined in terms of total percentage of revenue. It went from 38% in the April quarter to around 30%.”
“If we're looking at for next year, those hyperscalers are expected to grow revenue just over 50%. If you look at the non-hyperscalers, the sovereign, like you mentioned, they're expected to grow around 85%.”
“And so I think that this customer diversification, this script flipping in terms of focus more on non-hyperscale, is an important piece that allows investors to sleep just a little bit better at night knowing that that growth curve isn't going to be as sharply declining as maybe something today.”