SemiAnalysis Names Nvidia's Seven Biggest GPU Customers; Six Build Their Own Chips

What happened

SemiAnalysis named the seven companies it sees deploying most of Nvidia's GPUs in a post on X on Nov 14: Google, Microsoft, Meta, Amazon, SpaceX, Anthropic and OpenAI, saying the seven account for the vast majority of GPUs being deployed. All of them except SpaceX are building their own chips.

The same post said that, from SemiAnalysis's benchmarking, the TPU is just as good as Nvidia, and that without Nvidia's backing of CoreWeave and other neoclouds, those industries would not exist and hyperscalers would have full control. In one SemiAnalysis test, Google's Ironwood TPU produced about 50% more output per dollar than Nvidia's B200.

Nvidia does not name its customers in its own filings. Its Q2 fiscal 2027 10-Q disclosed only that five direct customers held 22%, 14%, 13%, 11% and 10% of its accounts receivable, without identifying them. Nvidia's Q3 results are due Nov 17, three days after SemiAnalysis published its customer list; Q2 revenue was $96.2 billion, with $89.0 billion from the data centre business.

Key facts

1. List: Google, Microsoft, Meta, Amazon, SpaceX, Anthropic and OpenAI account for the vast majority of Nvidia GPU deployments
2. Own chips: All but SpaceX are building their own chips
3. Benchmarks: SemiAnalysis said its tests show the TPU is on par with Nvidia; Ironwood TPU delivered about 50% more output per dollar than the B200
4. Filings: Nvidia's 10-Q names no customers; Q2 revenue was $96.2 billion, with $89.0 billion from data centres
5. Timing: SemiAnalysis posted on Nov 14; Nvidia reports Q3 results on Nov 17