Nvidia's Suppliers by Revenue Exposure
Nvidia's AI dominance pulls billions through foundry, HBM memory, testing, packaging and server assembly. Here's how much of each supplier's revenue comes from Nvidia:
• TSMC - 37.35%
• SK Hynix - 26.53%
• Advantest - 24.44%
• Micron - 13.62%
• Teradyne - 8.44%
• ASE Technology - 2.49%
• Keysight - 1.43%
• Ibiden - 1.23%
• Fabrinet - 1.15%
• Amkor - 0.98%
• Cisco - 0.89%
The surprise is third place. Advantest makes test equipment and a quarter of its entire business now runs through one customer. At Blackwell die sizes, yield and validation stopped being a back-office step and became a bottleneck.
SK Hynix and Micron together sit at 40%, which is what happens when HBM becomes the scarce input rather than the wafer. And notice where the numbers collapse: packaging and networking names like Amkor and Cisco are under 1%.
The AI money isn't spread across the supply chain - it's concentrated in the three steps that are hardest to substitute. Worth caveating: Nvidia doesn't publish its supplier spend, and most suppliers report large customers anonymously. These are analyst estimates, not disclosures.
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August 27, 2026 1.2K 20
