There is no doubt that chip stock Nvidia (NASDAQ:NVDA) has been on a tear in recent weeks, surging upward over 200% in the last year alone. But as it turns out, Nvidia’s staggering results can be traced back to surprisingly simple sources. New reports suggest that Nvidia’s success hinges largely on two major customers, news that sent Nvidia down fractionally in Thursday afternoon’s trading.
A report from UBS revealed that, in the first quarter of Nvidia’s fiscal 2025 year, there were “two indirect customers” that “…each represented 10% or more of total revenue…” After sniffing around the 10-Q filing, five-star UBS analyst Timothy Arcuri found that it was at least possible that one of the two customers was Microsoft (NASDAQ:MSFT). In fact, Arcuri elaborated, it was a safe bet that Microsoft itself made up 19% of Nvidia’s revenue in all of fiscal 2024. As to the other customer’s identity, Arcuri wouldn’t…
