Three mystery whales have each spent $10 billion-plus on Nvidia’s AI chips so far this year

Fortune11-22

AI microchip supplier Nvidia, the world’s most valuable company by market cap, remains heavily dependent on a few anonymous customers that collectively contribute tens of billions of dollars in ...

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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThree mystery whales have each spent $10 billion-plus on Nvidia’s AI chips so far this year\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-22 09:01 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/three-mystery-whales-spent-10-010100215.html><strong>Fortune</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>AI microchip supplier Nvidia, the world’s most valuable company by market cap, remains heavily dependent on a few anonymous customers that collectively contribute tens of billions of dollars in ...</p>\n\n<a href=\"https://finance.yahoo.com/news/three-mystery-whales-spent-10-010100215.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"HK0000320223.HKD","symbol_name":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","start_time":0,"source_url":"https://finance.yahoo.com/news/three-mystery-whales-spent-10-010100215.html","article_id":"2485406139","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/PzfWVaLMDuVVgVNnvrj.9Q--~B/aD0xMzY1O3c9MjA0ODthcHBpZD15dGFjaHlvbg--/https://media.zenfs.com/en/fortune_175/1844e54e20c59a42c3dcddaf36731e78"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2485406139","pubTimestamp":1732237260,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"AI microchip supplier Nvidia, the world’s most valuable company by market cap, remains heavily dependent on a few anonymous customers that collectively contribute tens of billions of dollars in revenue.The AI chip darling once again warned investors in its quarterly 10-Q filing to the SEC that it has key accounts so crucial that their orders each crossed the threshold of ten percent of Nvidia’s global consolidated turnover.An elite trio of particularly deep-pocketed customers for example individually purchased between $10-$11 billion worth of goods and services across the first nine months that ended in late October.Importantly, Nvidia's designation of major anonymous customers as \"Customer A\", \"Customer B,\" and so on is not fixed from one fiscal period to the next. They can and do change places, with Nvidia keeping their identity a trade secret for competitive reasons—no doubt these customers would not like their investors, employees, critics, activists and rivals being able to see ex","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","LU0345768153.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) ACC","LU0965509101.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (SGDHDG) ACC","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","LU0476273544.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"BU\" (USD) ACC","BK4549":"软银资本持仓","LU2458330169.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A\" (SGD) ACC","LU2420271590.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AT\" (USD) ACC","NVD":"GraniteShares 2x Short NVDA Daily ETF","LU0128525929.USD":"TEMPLETON GLOBAL \"A\" (USD) ACC","NVDD":"Direxion Daily NVDA Bear 1X Shares","MSFT":"微软","LU1366192091.USD":"ALLIANZ US EQUITY PLUS \"AM\" (USD) INC","NVDA":"英伟达","BK4528":"SaaS概念","LU0056508442.USD":"贝莱德世界科技基金A2","NVDS":"Tradr 1.5X Short NVDA Daily ETF","LU1670710661.SGD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (SGD) INC","LU1043141396.HKD":"NINETY ONE GSF GLOBAL FRANCHISE \"A\" (HKD) ACC","NVDU":"Direxion Daily NVDA Bull 2X Shares","LU0234572021.USD":"高盛美国核心股票组合Acc","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU1301847155.USD":"BGF GLOBAL MULTI-ASSET INCOME FUND \"A4G\" (USD) INC","3NVD.UK":"LS 3X NVIDIA","IE00BDRTCR15.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC A","LU1582987324.SGD":"M&G (LUX) INCOME ALLOCATION \"A-H\" (SGDHDG) ACC","NVDX":"T-REX 2X LONG NVIDIA DAILY TARGET ETF","LU0203202063.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A2X\" (USD) ACC","LU0894485498.HKD":"SCHRODER ISF GLOBAL MULTI-ASSET INCOME \"A\" (HKD) ACC","NVDY":"YIELDMAX NVDA OPTION INCOME STRATEGY ETF","2NVD.UK":"2X NVIDIA ETP","LU0175139822.USD":"AB FCP I Global Equity Blend A USD","LU0215105999.USD":"SCHRODER ISF GLOBAL EQUITY \"A\" ACC","LU0949170772.SGD":"Blackrock Global Equity Income A6 SGD-H","LU0784385170.HKD":"BGF GLOBAL MULTI ASSET INCOME \"A6\" (HKDHGD) INC","NVD2.UK":"2X NVIDIA ETP","LU2361045086.USD":"WELLINGTON US QUALITY GROWTH \"A\" (USD) ACC","LU0965509283.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (SGDHDG) INC","SNVD.UK":"LS -1X NVIDIA","LU1564329115.USD":"Blackrock Dynamic High Income A6 USD","LU1181866309.USD":"摩根大通环球策略总报酬基金A (acc)","LU1236620834.HKD":"HSBC GIF GLOBAL SUSTAINABLE LONG TERM DIVIDEND \"AM2\" (HKD) INC","NVD3.UK":"LS 3X NVIDIA","LU0985320562.USD":"NORDEA 1 GLOBAL STARS EQUITY \"BP\" (USD) ACC","BK4551":"寇图资本持仓","SG9999015341.SGD":"United Income Focus Trust Acc SGD-H","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","NVDS.UK":"LS -1X NVIDIA","LU2125909593.SGD":"Natixis Thematics Meta R/A SGD"},"translate_title":"今年到目前为止，三只神秘鲸鱼已在英伟达的人工智能芯片上花费了超过100亿美元","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NVDA":1,"MSFT":0.78,"NVD":0.6,"NVD2.UK":0.6,"NVD3.UK":0.6,"NVDD":0.6,"NVDS":0.6,"NVDS.UK":0.6,"NVDU":0.6,"NVDX":0.6,"NVDY":0.6,"SNVD.UK":0.6,"3NVD.UK":0.6,"2NVD.UK":0.6},"content_text":"AI microchip supplier Nvidia, the world’s most valuable company by market cap, remains heavily dependent on a few anonymous customers that collectively contribute tens of billions of dollars in revenue. \nThe AI chip darling once again warned investors in its quarterly 10-Q filing to the SEC that it has key accounts so crucial that their orders each crossed the threshold of ten percent of Nvidia’s global consolidated turnover. \nAn elite trio of particularly deep-pocketed customers for example individually purchased between $10-$11 billion worth of goods and services across the first nine months that ended in late October.\nFortunately for Nvidia investors, this won’t change any time soon. Mandeep Singh, global head of technology research at Bloomberg Intelligence, says he believes founder and CEO Jensen Huang’s prediction that spending will not stop.  \n“The data center training market could hit $1 trillion without any real pullback,” by that point Nvidia share will almost certainly drop markedly from their current 90%. But it could still be in the hundreds of billions of dollars in revenue annually.\nNvidia remains supply constrained\nOutside of defense contractors living off of the Pentagon, it’s highly unusual that a company has such a concentration of risk among a handful of customers—let alone one poised to become the first worth the astronomical sum of $4 trillion.\nStrictly looking at Nvidia’s accounts on a three-month basis, there were four anonymous whales that, in total, comprised nearly every second dollar of sales in the second fiscal quarter, this time at least one of them has dropped out since now only three still meet that criteria. \nSingh told Fortune the anonymous whales likely include Microsoft, Meta, and possibly Super Micro. But Nvidia declined to comment on the speculation.\nNvidia only refers to them as Customers A, B, and C, and all told they purchased a collective $12.6 billion in goods and services. This was more than a third of Nvidia’s overall $35.1 billion recorded for the fiscal third quarter through late October. \nTheir share was also divided up equally with each accounting for 12%, suggesting they were likely receiving a maximum amount of chips allocated to them rather than as many as they might have ideally wanted. \nThis would fit with comments from founder and CEO Jensen Huang that his company is supply constrained. Nvidia cannot simply pump out more chips, since it has outsourced wholesale fabrication of its industry-leading AI microchips to Taiwan’s TSMC and has no production facilities of its own.\nMiddle men or end user?\nImportantly, Nvidia's designation of major anonymous customers as \"Customer A\", \"Customer B,\" and so on is not fixed from one fiscal period to the next. They can and do change places, with Nvidia keeping their identity a trade secret for competitive reasons—no doubt these customers would not like their investors, employees, critics, activists and rivals being able to see exactly how much money they spend on Nvidia chips.\nFor example, one party designated “Customer A” bought around $4.2 billion in goods and services over the past quarterly fiscal period. Yet it appears to have accounted for less in the past, since it does not exceed the 10% mark across the first nine months in total.\nMeanwhile “Customer D” appears to have done the exact opposite, reducing purchases of Nvidia chips in the past fiscal quarter yet nevertheless representing 12% of turnover year-to-date.\nSince their names are secret it’s difficult to say whether they are middle men like the troubled Super Micro Computer, which supplies data center hardware, or end users like Elon Musk’s xAI. The latter came out of nowhere for example to build up its new Memphis compute cluster in just three months time. \nLonger term risks for Nvidia include the shift from training to inference chips \nUltimately, however, there are only a handful of companies with the capital to be able to compete in the AI race as training large language models can be exorbitantly costly. Typically these are the cloud computing hyperscalers such as Microsoft.\nOracle for example recently announced plans to build a zettascale data center with over 131,000 Nvidia state-of-the-art Blackwell AI training chip, which would be more powerful than any individual site yet existing. \nIt’s estimated the electricity needed to run such a massive compute cluster would be equivalent to the output capacity of nearly two dozen nuclear power plants.\nBloomberg Intelligence analyst Singh really only sees a few longer term risks for Nvidia. For one, some hyperscalers will likely reduce orders eventually, diluting its market share. One such likely candidate is Alphabet, which has its own training chips called TPUs.\nSecondly, its dominance in training is not matched by inference, which run generative AI models after they have already been trained. Here the technical requirements are not nearly as state of the art, meaning there is much more competition not just from rivals like AMD but also companies with their own custom silicon like Tesla. Eventually inference will be a much more meaningful business as more and more businesses utilize AI. \n“There are a lot of companies trying to focus on that inferencing opportunity, because you don’t need the highest-end GPU accelerator chip for that,” Singh said. \nAsked if this longer term shift to inferencing was the bigger risk than eventually losing share of the market in training chips, he replied: “Absolutely”.\nThis story was originally featured on Fortune.com","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"2","news_tag":"Shareholding Changes","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2485406139"}