Part 7/15:
Nvidia recently announced record revenue figures; however, the majority of their income is concentrated among a few large customers, with the top buyer accounting for roughly 40% of total revenue. This highlights capital concentration, where a small number of entities—likely major AI companies—dominate chip consumption.
Geopolitics further complicate Nvidia's story. Chips manufactured by TSMC in Taiwan are essential for these systems, raising concerns about supply chain risks. Incidents of Nvidia chips appearing in China, whether through direct sales or via intermediaries, point to potential regulatory or circumvention activities. The geopolitical risk associated with Taiwan’s semiconductor industry continues to be a major factor influencing global AI chip supply.