Nvidia incurs $400M charge from excess H200 inventory as single customer drives 16% of revenue

Nvidia just posted one of the most impressive quarterly revenue figures in corporate history, pulling in $96.2 billion in its second quarter of fiscal 2027. And yet, buried in the filing, two details stand out: a $400 million charge tied to excess H200 GPU inventory, and the revelation that a single unnamed customer accounted for 16% of total quarterly revenue. The H200 inventory problem The H200 is one of Nvidia’s flagship GPUs built for large-scale AI training and inference workloads. It packs 141 GB of HBM3e memory and delivers the kind of bandwidth that makes data center operators salivate. Yet Nvidia took a $400 million provision against excess H200 inventory during the quarter ending July 26, 2026. The precise cause remains somewhat murky: it could stem from demand shifts, production timing mismatches, or the geopolitical friction that has made selling advanced chips into certain markets a bureaucratic obstacle course. For context, this is considerably smaller than the $4.5 billion charge Nvidia absorbed in Q1 of fiscal 2026. That earlier hit was tied to its older H20 inventory and directly linked to US export restrictions on chip sales to China. Limited shipments of the H200...