As Nvidia (NASDAQ:NVDA) posted stellar third-quarter results last week, industry observers pointed out that a substantial amount of the U.S. chip giant’s revenue came from one small country.
About 15% or $2.7 billion of Nvidia’s revenue for the quarter ended October came from Singapore, a U.S. Securities and Exchange Commission filing showed. Revenue coming from Singapore in the third quarter jumped 404.1% from the $562 million in revenue recorded in the same period a year ago. This outpaced Nvidia’s overall revenue growth of 205.5% from a year ago.
Singapore only trailed behind the U.S. (34.77%,) Taiwan (23.91%) and China including Hong Kong (22.24%) in Nvidia’s third-quarter sales rankings.
The same SEC filing revealed that 80% of Nvidia’s third-quarter sales came from the data center segment, while gaming, professional visualization, automotive and others make up the rest.
“Cloud service providers drove roughly half of data center revenue, while consumer internet companies and enterprises comprised approximately the other half,” said Nvidia in the filing.
Nvidia did not break down its Singapore revenue by business segment.
In January 2022, Singapore lifted a moratorium issued in 2019 that temporarily paused the release of land for data center use and sought to moderate the growth of data centers. Singapore subsequently awarded rights in July to Equinix, Microsoft, Chinese data center solutions provider GDS and a tie-up between AirTrunk and ByteDance to develop new data center projects in Singapore.
NVDA shares jumped 83 cents to $468.53.