I went through NVDA's 10-Q and the customer concentration is more extreme than I expected

I went through NVIDIA's 10-Q to see where the revenue is coming from. Q1 FY2027 revenue was $81.6B, up 85% year over year. Data Center did $75.2B, up 92%. Gross margin was 74.9%. The board added $80B to buyback authorization & raised the dividend 25x. Revenue concentration was something I didn't expect. 3 direct customers made up about 54% of total revenue in Q1. Accounts receivable was tighter, 3 customers at 30%, 18% & 16%. Net income was $58.3B but $15.9B of that was non-operating income, mostly $13.4B in unrealized gains on equity holdings. Operating cash flow was $50.3B which tells you more about actual earnings. NVIDIA also invested $18.6B into private companies & funds during Q1. Some of those are AI companies that buy NVIDIA hardware. Total investment commitments were $27B expected to be funded through FY2027. So some of that revenue growth is NVIDIA's own capital coming back through its customers (similar dynamic to how SoftBank's Vision Fund worked, different scale obviously). China revenue fell from $9.66B to $4.55B year over year. No Data Center Hopper shipments at all. Filing says NVIDIA is effectively shut out of that market, which gives competitors room to build alternatives there. Key customers are also designing their own ASICs for workloads that may not need NVIDIA's full stack. Inventories jumped from $21.4B to $25.8B in one quarter. Fine if demand holds but thats a lot of inventory to be sitting on if there's any softness. CUDA still has over 7.5M developers & the switching cost is genuinely high. The bull case depends more on a small number of hyperscalers continueing to increase spend than I think people realize imo. For people who follow NVDA closely, how much of your thesis depends on those top three customers staying on the current trajectory?