Nvidia’s revenue is becoming increasingly concentrated among a few gigantic customers

More than 34% of the company’s annual revenue came from cryptic “Customers A, B, and C.”

2/26/25 6:09PM

Buried in the bowels of Nvidia’s annual report from this afternoon is an interesting factoid: more than one-third of its whopping $130.5 billion of revenue in the latest year came from just three customers.

For the year that ended in January, Nvidia said “Customers, A, B, and C” — so secretive! — accounted for 12%, 11%, and 11%, respectively, of all the company’s revenue. Just one year ago, Customer B accounted for 13% of all revenue, but Customers A and C both accounted for less than 10% apiece. In fiscal 2023, no single customer accounted for 10% or more of revenue.

The upshot here is that 34% of Nvidia’s revenue came from three sources, meaning it’s getting more concentrated among presumably gigantic tech companies. Is that good, bad, or neutral? Hey, we just report. You decide.

I guess we can’t definitively say who those gigantic customers are that could be writing checks that collectively add up to more than $44 billion in a single year, but based on some recent boasts around AI capex spending... it’s a decent bet that they may rhyme with Shmycrosoft, Glamazon, and Jetta.

Claire Yubin Oh

waymo’s world

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Waymo’s now serving more than 500,000 paid robotaxi rides every week

The Alphabet-owned company grew its ridership more than tenfold in less than two years.

Waymo Self-Driving Electric Car Sighted In London

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Judge blocks Pentagon’s move to blacklist Anthropic

A federal judge in Northern California has granted a preliminary injunction blocking the Pentagon from labeling Anthropic as a national security supply chain risk.

The ruling temporarily prevents the Defense Department from restricting the AI company’s access to federal contracts amid a dispute over its refusal to allow certain military and surveillance uses of its technology. The designation could also have shifted lucrative government work toward competitors, including OpenAI.

Earlier this month, Anthropic, the company behind Claude, sued 17 federal agencies and their heads, alleging the government exceeded its statutory authority.

Rani Molla3/27/26

Report: SpaceX’s record IPO may grant preferential access to retail investors and Tesla shareholders

SpaceX’s impending IPO could raise $40 billion to $80 billion and rank as the largest ever — as well as one of the most unconventional.

The Wall Street Journal reports several ways CEO Elon Musk is considering breaking with IPO norms:

Investors in his other companies, including Tesla, could receive preferential access to shares.
Individual investors may get a third or more of the allocation, far above the typical ~10% mark.
Instead of a traditional road show, Musk wants investors to visit SpaceX facilities in person.

Exclusive | The SpaceX IPO Will Be Just as Unconventional as Musk Himself

Investors in his other companies, including Tesla, could receive preferential access to shares.
Individual investors may get a third or more of the allocation, far above the typical ~10% mark.
Instead of a traditional road show, Musk wants investors to visit SpaceX facilities in person.

Rani Molla3/26/26

Tesla released estimates for Q1 deliveries and they’re lower than analysts expected

Ahead of first-quarter earnings next month, Tesla released its own company-compiled Wall Street consensus estimate for deliveries: 365,645 vehicles. While that’s lower than the 382,000 FactSet consensus estimate, it represents a nearly 9% jump from Q1 2025, when Tesla sold 336,681 vehicles.

Tesla started releasing its own consensus estimates to the public — not just institutional investors — for the first time in Q4 2025. The move was seen as a way to temper investor expectations, as other estimates were too high. Last quarter, Tesla’s compilation was closer to actual numbers, which fell 16% year over year.

The market-implied odds from event contracts suggest 64% of traders think Tesla’s Q1 deliveries will be more than 350,000, 44% think it will be higher than 360,000, and just 21% have it at higher than 370,000.

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

The toughest AI benchmark just got a whole lot tougher

ARC-AGI-3 is the latest version of a clever benchmark that challenges AI models to solve mini video games with no written instructions.

Jon Keegan3/26/26