Cisco, Nvidia, Amazon and Nokia: The Customer List Behind Fabrinet's AI Boom (CORRECTED)
Key takeaways
- Fabrinet’s AI exposure is diversifying beyond Nvidia, with Cisco, Amazon and Nokia each driving significant revenue, which could cushion the company against customer concentration risk.
- Cisco 20% of revenue
- Nvidia 16% of revenue
- Nokia 11% of revenue
What happened
Fabrinet (NYSE: FN) reported its fiscal 2026 fourth‑quarter earnings, revealing that four customers—Cisco (20% of revenue), Nvidia (16%), Nokia (11%) and Amazon (11%)—each account for more than 10% of annual revenue, showing a broadened AI customer base.
Why it matters
The diversification signals that Fabrinet’s growth is no longer tied to a single AI leader but to multiple technology giants, reducing concentration risk and indicating robust demand across AI, networking, and cloud infrastructure sectors.
Short-term and longer-term
Short-term. Short‑term traders should watch FN’s price reaction to the customer diversification disclosure, as the 20% revenue share from Cisco and 16% from Nvidia may attract momentum buying.
Longer-term. Long‑term investors should assess whether Fabrinet can sustain growth from its diversified AI customer base as new optical technologies mature.