📉 NVIDIA: Time to Recheck Customer Concentration and Valuation - 2026.09.15

Hi, it’s Peanut. NVIDIA’s key issue is not just technological expansion, but rechecking how broadly and how long those achievements can continue. The September 14 closing price was $211.15, moving -3.27% during the day, but rather than determining the direction from this figure alone, we need to look at customer structure and valuation together. Is that really the case? Whether good technology immediately leads to a broad earnings base is a separate question.

Customer Concentration, the Most Visible Weakness ⚠️

Yonhap News reported that 44% of NVIDIA’s revenue comes from three companies. While this may look like an efficient structure as major customers drive demand for AI infrastructure, it also creates a risk of greater revenue volatility if some customers change their investment schedules or procurement strategies. ^[1]

What matters here is not simply how many customers there are. The question is whether the bargaining power and spending durability of the customers generating the revenue can be verified. Regardless of assessments that NVIDIA holds a strong position in the technology ecosystem, revenue concentration remains a weak link in its fundamentals. Even in short- to medium-term swings, this variable may follow the stock longer than a single line of numbers.

CUDA-Q Expansion, a New Option—but Still Before Business Validation

NVIDIA officially announced that it had expanded its open-source CUDA-Q platform for fault-tolerant quantum computing. ^[2] The announcement clearly signals an expansion of the company’s business scope by extending its existing platform reach into quantum computing.

However, the fact that a platform has been expanded and the extent to which that platform translates into revenue or profit belong in separate columns. Adding growth rates immediately would turn the spreadsheet into a wish list. Until CUDA-Q is confirmed to lead to broader adoption by actual developers and enterprises and to recurring revenue, it is appropriate to view the strategic expansion news and the financial results separately.

Legacy GPUs Are Still Making Money, But How Much Does That Matter? 💼

Yahoo Finance covered the phenomenon of NVIDIA’s older GPUs continuing to generate rental income. ^[4] This can be read as an example showing that existing equipment, not just the latest products, still retains practical value.

But the fact that older GPUs are being rented does not by itself confirm continued growth for NVIDIA as a whole or the profitability of its customers. Continued use of equipment and continuously rising spending on new equipment are different questions. It is similar to having tenants in an aging commercial property while calculating the building’s value and the price of new units separately. The possibility of a value trap also needs to be watched here.

Lower P/E Ratio: Are Cheap and Good Really the Same Thing? 📉

Yahoo Finance UK analyzed when to assess NVIDIA’s stock based on its price-to-earnings ratio falling to 14. ^[3] The argument that valuation pressure is lower than in the past is clear, but a lower number alone does not automatically make the company’s value attractive.

Peanut views NVIDIA’s current issue not simply through the question of ‘Is the growth rate high?’ but through how much customer concentration, platform expansion, and the usefulness of legacy GPUs actually support the quality of earnings. The price-to-earnings ratio of 14 should also be read alongside the structure through which those earnings are generated. In the bullish scenario, what matters is whether AI infrastructure demand and platform expansion continue; in the bearish scenario, dependence on major customers and delayed investment could trigger a valuation reassessment.

In the end, there is only one question left. Will expansions such as CUDA-Q take root as actual business results, while the use of legacy GPUs and demand from major customers continue at the same time? Or does the lower price-to-earnings ratio also contain the possibility of a value trap reflecting concerns about slowing growth?

📰 Reference News (4)

1

44% of NVIDIA’s Revenue Comes from Three Companies… Concentration Deepens - Yonhap News

연합뉴스 · 2026.09.14

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3

The P/E ratio on Nvidia stock has fallen to 14. Time to consider buying? - Yahoo Finance UK

Yahoo Finance UK · 2026.09.13

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4

NVIDIA’s Older GPUs Still Earn Rent. What That Does and Doesn’t Prove for CoreWeave - Yahoo Finance

Yahoo Finance · 2026.09.13

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