Nvidia leans on diversification as a handful of cloud giants drive its AI-data center sales

Nvidia’s earnings will test whether its AI-data-center growth can outpace dependence on a small group of hyperscalers (Amazon, Google, Microsoft, plus Meta and SpaceX). While ACIE revenue has been expanding faster, investors worry about continued concentration and the sustainability of hyperscaler spending, even as Nvidia ramps Vera Rubin shipments and pursues GPU-based asset financing to broaden its customer base. Analysts expect Q2 revenue around $92 billion with data-center sales representing the bulk, and full-year revenue near $396 billion as the company seeks diversification beyond its top customers.