Nvidia’s dependence on hyperscalers faces big test in earnings report

Jensen Huang, chief executive officer of Nvidia Corp., speaks next to a BlueField-4 STX Storage tray, from left, Vera CPU compute tray, and Spectrum-X Ethernet Photonics Switch System while holding a Spectrum-X Ethernet Photonics chip during a keynote address at the Nvidia GTC conference in San Jose, California, US, on Monday, March 16, 2026. Bloomberg | Bloomberg | Getty ImagesNvidia has been the profit engine of the artificial intelligence boom, filling up data centers with its graphics processing units, which are also powering the biggest AI models. But if there's one persistent concern among investors regarding Nvidia's ability to build on its $5 trillion market cap, it's customer concentration. Nvidia counts on the group known as the hyperscalers — Amazon, Google and Microsoft — for an outsized amount of revenue, as those companies buy GPUs in bulk for their own workloads, and sell access to them through their giant cloud businesses.Add to that Meta and SpaceX, which have also been massive buyers as they build their own models, while also starting to rent out some of their Nvidia capacity to other companies that need it right away. In its last earnings report in May, Nvidia ch...