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Feb 26, 2026 4:40 AM

Nvidia's $68 Billion Record Revenue Meets $150 Billion Question: Munster Flags Revenue Concentration Among 'Just 8 Companies'

Nvidia Corp.'s (NASDAQ:NVDA) historic fourth-quarter earnings beat has sparked a heated debate over whether the AI giant's meteoric growth is built on a precariously narrow foundation of just eight customers.

The $150 Billion Concentration Risk

Despite the stellar numbers and a bullish forecast for first-quarter revenue of nearly $78 billion, prominent tech analyst Gene Munster is sounding a cautionary note.

In a post on X, the Managing Partner at Deepwater Asset Management raised what many are calling the “$150 billion question” regarding the source of these funds.

“I estimate roughly 70% of $NVDA revenue currently comes from just 8 companies,” Munster warned. “This concentration underpins investor concerns regarding the long-term sustainability of this growth.”

I estimate roughly 70% of $NVDA revenue currently comes from just 8 companies. This concentration underpins investor concerns regarding the long-term sustainability of this growth.

— Gene Munster (@munster_gene) February 25, 2026

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