Nvidia’s fiscal 2026 10-K puts revenue from Taiwan-headquartered customers at $42,345 million, 19.6% of the total by our arithmetic, and estimates that 76% of Data Center revenue from those customers was attributed to end customers in the United States and Europe.
In the quarter to July 2026, Taiwan-headquartered customers were 28.0% of revenue, by our arithmetic from the 10-Q, and supplied $18,083 million, or 36.5%, of the $49,478 million year-on-year rise in Nvidia’s revenue.
A vertical news Short narrated from the published headlines and opening lines of this analysis and two related FourWeekMBA pieces on Nvidia’s geographic revenue.
Business Pill · Concentration
An evergreen Business Engineer explainer on concentration. It teaches the general idea only and does not discuss Nvidia or any company in this analysis.
The key insight: By our arithmetic from Nvidia’s 10-Q, customers headquartered in Taiwan were 28.0% of revenue in the quarter to July 2026, and the fiscal 2026 10-K estimates that 76% of Data Center revenue from those customers was attributed to end customers in the United States and Europe.
Since the third quarter of fiscal 2026, Nvidia has reported revenue by the location of its direct customers’ headquarters. Its 10-K says “The end customer and shipping location may be different from our customers’ headquarters location”.
The 10-K says “Some of our direct customers include original equipment manufacturers, or OEMs, original device manufacturers, or” ODMs, system integrators and distributors. It defines direct customers as those who buy from Nvidia and indirect customers as those who buy through them, including CSPs, Neocloud builders, AI model makers, enterprises and public sector entities. The filings do not name the Taiwan-headquartered customers.
Nvidia revenue by direct customers’ headquarters, quarter to July 2025 and quarter to July 2026. Taiwan-headquartered customers rose from $8.9 billion to $27.0 billion, 36.5% of the $49.5 billion rise by our arithmetic. The filings say the end customer and shipping location may be different from the headquarters location. Source: NVIDIA Form 10-Q for the quarter to 26 July 2026.
Most of the Data Center Revenue Goes to the US and Europe
The fiscal 2026 10-K says “we estimate 76 % of Data Center revenue from Taiwan-headquartered customers was attributed to end customers based in the United States and Europe”. The 10-Q for the quarter to October 2025 gave 86% for that quarter.
The filings do not split Taiwan-headquartered revenue into Data Center and other markets. If all $42,345 million were Data Center revenue, 76% would be $32,182 million; that is an upper bound by our arithmetic, not a reported figure. Data Center was $193,737 million of Nvidia’s $215,938 million fiscal 2026 revenue.
Taiwan’s Share, Year by Year and Quarter by Quarter
On the headquarters count, Taiwan was $14,912 million of $60,922 million in fiscal 2024 (24.5%), $23,600 million of $130,497 million in fiscal 2025 (18.1%) and $42,345 million of $215,938 million in fiscal 2026 (19.6%), by our arithmetic. On the fiscal 2025 10-K’s billing count, Taiwan was $20,573 million that year, so the recount added $3,027 million.
By quarter, the share was 17.6% in the quarter to October 2024, 17.4% in the quarter to April 2025, 19.0% in the quarter to July 2025, 24.1% in the quarter to October 2025, 14.7% in the quarter to April 2026 and 28.0% in the quarter to July 2026, by our arithmetic from the 10-Qs. The quarters to January, derived as full year minus nine months, were 15.9% for fiscal 2025 and 17.7% for fiscal 2026.
Where the Latest Quarter’s Growth Came From
Revenue rose from $46,743 million in the quarter to July 2025 to $96,221 million in the quarter to July 2026. By our arithmetic from the 10-Q, US-headquartered customers added $27,177 million (54.9% of the rise), Taiwan-headquartered customers $18,083 million (36.5%), China (including Hong Kong) $3,895 million (7.9%) and other regions $323 million (0.7%).
Taiwan revenue roughly tripled, from $8,902 million to $26,985 million. The 10-Q gives no end-customer estimate for Taiwan in that quarter.
Revenue from customers headquartered in Taiwan as a share of Nvidia revenue: $14.9 billion (24.5%) in fiscal 2024, $23.6 billion (18.1%) in fiscal 2025, $42.3 billion (19.6%) in fiscal 2026 and $27.0 billion (28.0%) in the quarter to July 2026. Shares are our arithmetic. Sources: NVIDIA Form 10-K for fiscal 2026 and Form 10-Q for the quarter to 26 July 2026.
A Few Direct Customers Carry the Revenue
The fiscal 2026 10-K says “sales to one direct customer represented 22% of total revenue and sales to another direct customer represented 14% of total revenue”. By our arithmetic that is about $47,506 million and $30,231 million. For the quarter to July 2026 the 10-Q says “one direct customer represented 16% of total revenue”.
As we read the filings, the Taiwan line counts where Nvidia’s direct customers are headquartered, and the 10-K describes direct customers as including OEMs, ODMs, system integrators and distributors.
By our arithmetic, Taiwan-headquartered customers supplied $18,083 million, or 36.5%, of the $49,478 million year-on-year rise in revenue in the quarter to July 2026.
As we read the 10-K and the 10-Qs, Nvidia gives its end-customer estimate for Taiwan only for Data Center revenue: 76% for fiscal 2026 and 86% for the quarter to October 2025.
NVIDIA Form 10-K for fiscal 2026, geographic revenue note
“The end customer and shipping location may be different from our customers’ headquarters location”
Three Implications
FOR INVESTORS By our arithmetic, Taiwan-headquartered revenue roughly tripled, from $8,902 million to $26,985 million, between the quarters to July 2025 and July 2026.
FOR SUPPLY-CHAIN READERS The fiscal 2026 10-K says two direct customers represented 22% and 14% of total revenue; it does not say where they are headquartered.
FOR READERS COMPARING PERIODS The fiscal 2025 10-K gives Taiwan at $20,573 million on the billing count and the fiscal 2026 10-K gives $23,600 million for the same year on the headquarters count.
The framework opens: “The digital economy rests on a physical foundation that most people in that economy never see.”
As we read it, Nvidia’s Taiwan line is one place that physical layer shows up in a chipmaker’s accounts: revenue counted where the direct customers are headquartered, not where the chips end up. The framework does not discuss Nvidia’s geographic reporting.
What Is Not Established
Shares, the derived quarters to January, the growth split and the $32,182 million upper bound are our arithmetic from reported figures. The 76% and 86% figures are Nvidia’s estimates for Data Center revenue only, for fiscal 2026 and one quarter. The filings do not name Taiwan-headquartered customers, give a Data Center split for them or say where the largest direct customers are headquartered.
Nvidia has not yet filed results for the quarter to October 2026.
This Week In The AI Supercycle
Execution Fault Lines, Concentrated Demand, and Geopolitical Firewalls
This week’s issue: the AI build is not short of demand for its parts. It is short of cheap money, and its end revenue rests on a narrow base of large, often venture-funded buyers.
By our arithmetic from Nvidia’s filings, Taiwan-headquartered customers were 19.6% of fiscal 2026 revenue, 28.0% in the quarter to July 2026 and 36.5% of that quarter’s year-on-year rise, while Nvidia estimates that 76% of their fiscal 2026 Data Center revenue was attributed to end customers in the United States and Europe.
A note on sourcing. All figures come from NVIDIA’s Forms 10-K for fiscal 2025 and 2026 and its Forms 10-Q for the quarters to October 2025, April 2026 and July 2026, read on SEC EDGAR on 29 October 2026. Shares, the derived quarters to January, the growth split and the upper bound are our arithmetic; the filings report revenue by direct customers’ headquarters, and the 76% and 86% figures are Nvidia’s own estimates. The filings do not name the customers.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
