Nvidia's $1 Trillion Order Book Has a Geopolitical Ceiling

The structural tension in Nvidia's position is that its commercial success has outpaced the geopolitical conditions that make that success sustainable. As Nvidia's Q1 results expose supply and geopolitical risks underlying its record revenues, the $1 trillion backlog is simultaneously proof of demand and a catalog of dependencies — TSMC fabrication, HBM supply from Korean memory manufacturers, and export control carve-outs that the Commerce Department can revise at any administration's discretion. Jensen Huang's decision to arrive in Taiwan a week early ahead of COMPUTEX, hinting that the Vera Rubin platform…