By Daniel Sparks
Publication Date: 2026-09-17 00:34:00
When investors think about who buys Nvidia’s (NVDA +0.81%) chips, the names that come to mind tend to be American: the giant cloud platforms and the labs building artificial intelligence (AI) models. The company’s latest quarterly filing offers a different answer.
During the fiscal second quarter of 2027 (the period ended July 26), $27.0 billion of Nvidia’s revenue was billed to customers headquartered in Taiwan. That’s 28% of the quarter’s $96.2 billion total.
The line is climbing fast, too. A year earlier, it was $8.9 billion, or about 19% of revenue. Three months before the latest quarter, it was about $12 billion, or roughly 15%. So the dollar figure tripled in a year and more than doubled in a quarter — far faster than the business as a whole grew.
An investor could see that and worry the growth story has quietly moved somewhere unexpected. The stock sits near $212 as of this writing, down about 10% from its 52-week high.
But I think the disclosure is more useful than alarming. It shows who Nvidia bills — and why that group isn’t the same thing as demand.
Image source: Nvidia.
A $27 billion line item
Nvidia sorts revenue by geography using the headquarters location of the direct customers it bills. On that basis, the United States led the fiscal second quarter at $60.1 billion, or about 62% of revenue. Taiwan came second at $27.0 billion. China, including Hong Kong, contributed $7.9 billion, and the rest of the world combined for just $1.3 billion. Altogether,…
