Find Stocks Exposed to the Same Customer: A Nvidia Supplier Screen
Published September 10, 2026
Altsets
Research by Altsets Research
Screen Micron and SK hynix for common Nvidia demand exposure, then measure how different holding weights change the portfolio’s customer concentration.
Dataset reference:Altsets supply chain relationships dataset covers 115k+ entities, 550k+ relationships, and history since 2006 across the full dataset; individual analyses use a narrower scope.
Key findings
- Micron and SK hynix share Nvidia as a customer with mapped supplier revenue shares of 17.62% and 27.88%.
- A hypothetical portfolio with 5% Micron and 5% SK hynix has a 2.275% portfolio-weighted Nvidia customer-revenue exposure indicator.
- Reducing the higher-exposure supplier by one portfolio percentage point reduces this indicator more, but does not establish a better trade or lower realized risk.
A portfolio holding Micron and SK hynix contains two paths to Nvidia purchasing, even if it owns no Nvidia stock. Altsets estimates Nvidia at 17.62% of Micron revenue and 27.88% of SK hynix revenue. The practical screening question is which holdings share this buyer and how much each contributes to the customer concentration.
This is useful for selecting candidate securities as well as reviewing an existing account. Adding another ticker does not add a new source of demand if the new company sells heavily to the same buyer.
A common-customer screen with portfolio weights
Take an illustrative account with 5% in each memory supplier and 90% elsewhere. The remainder's Nvidia exposure is unspecified, so the calculation below covers only these two positions.
| Holding | Assumed account weight | Nvidia share of supplier revenue | Weight × customer revenue share |
|---|---|---|---|
| Micron | 5% | 17.62% | 0.881% |
| SK hynix | 5% | 27.88% | 1.394% |
| Selected positions combined | 10% | — | 2.275% |
The last column is an exposure indicator: account weight multiplied by a company revenue share. It is not Nvidia ownership, account revenue, a stock beta or a projected loss. Its purpose is to compare allocations under one consistently defined metric.
Moving one percentage point from SK hynix to a position with no Nvidia customer exposure reduces this indicator by 0.2788 percentage points. Moving the same amount from Micron reduces it by 0.1762 points. The weighting choice matters even when both stocks satisfy the same “shared customer” flag.
A candidate can add a name while adding the same buyer
Suppose an investor owns Micron and is considering SK hynix. The common customer should be visible before return correlations are examined. The new position adds company-specific exposure, but its mapped Nvidia customer concentration is larger than Micron's.
That does not settle stock selection. Valuation, contracts, other customers and factor exposures can still favor either security. It establishes a specific cost of the decision: the account's Nvidia-linked demand indicator increases by the new holding weight times 27.88%.
For systematic screening, build a supplier-by-customer matrix from the historical graph. Intersect the customer columns for the proposed holdings, then retain the supplier revenue weights. Binary overlap selects the cluster; the weights determine which company contributes most to it.
Missing weights should remain visible in the output
The ASML–Micron–Nvidia portfolio map identifies Quanta as a shared customer of Micron and Nvidia, but only the Nvidia edge has a displayed revenue percentage. That is a structural overlap with incomplete economic measurement. Assigning zero to Micron would incorrectly turn missing information into diversification.
Keep a separate coverage column for each customer: how many holding edges exist, how many have compatible revenue shares, and which account weights remain unmeasured. A large known contribution with low coverage is a partial result, not a complete risk estimate.
The shared-supplier screen addresses common inputs. The external-company watchlist turns these exposures into monitoring priorities. Relationship definitions are in the Altsets methodology.
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Cite this research
Altsets Research. "Find Stocks Exposed to the Same Customer: A Nvidia Supplier Screen." Published September 10, 2026. https://www.altsets.com/research/find-shared-customers-across-holdings