Nvidia reported record second-quarter revenue of $46.7 billion, a 56% year-over-year increase fueled by the global AI data center surge. However, filings with the SEC revealed that nearly 40% of this revenue came from just two customers, underscoring the chipmaker’s dependence on a small set of buyers. One customer accounted for 23% of revenue and another for 16%, while four additional customers together contributed nearly half of the remaining total. Chief Financial Officer Nicole Kress noted that large cloud providers represented 50% of Nvidia’s data center sales, which made up 88% of overall revenue.
Meanwhile in India, Reliance announced a ₹8.55 billion ($100 million) joint venture with Meta, structured on a 70/30 split, to deliver enterprise AI services powered by Meta’s Llama platform. The partnership aims to provide customizable AI tools for sales, marketing, IT, and finance, as well as pre-configured enterprise solutions. Mark Zuckerberg said the collaboration demonstrates how Meta’s models can move from research into real-world applications.
The deal, expected to close in Q4 2025 subject to regulatory approvals, reflects Reliance’s broader ambition to expand Jio Platforms internationally ahead of a planned IPO in 2026. Reliance is also in talks with OpenAI on a potential collaboration, further intensifying competition in India’s rapidly growing AI market.
