NVDA · CIK 1045810
What NVIDIA Corporation told the SEC could break it.
NVIDIA's disclosures cluster on its outsourced, Asia-concentrated supply chain and its exposure to U.S.-China policy. It performs none of its own wafer fabrication, assembly, test or packaging — all of it sits with third parties mainly in Asia (with U.S. and Latin America expansion still nascent) — so disruption there would hit production. China policy weighs heavily on the demand side: since April 2025 it needs a U.S. license to export its H20 chips to China, capping access to a major market, and H200 chips licensed for China must pass U.S. inspection and carry a 25% tariff it may not be able to pass through. It also notes customer concentration, with two direct customers at 17% and 16% of accounts receivable.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Regulatory & policy
- 25% tariff on H200 shipments to China under new licensing programhigh
H200 chips licensed for sale into China must pass U.S. inspection and carry a 25% tariff on importation into the U.S., which NVIDIA may be unable to pass through to customers.
“The license requires that the H200s go through an inspection process in the United States prior to any shipment to the customer. As a result, any H200 shipped under the new licensing program will be subject to a 25% tariff upon importation into the United States.”
- China export controls (H20 license requirement)medium
Since April 2025 the U.S. government requires a license to export NVIDIA's H20 integrated circuits to China (incl. Hong Kong and Macau) and other Country Group D:5 countries, capping access to a major market.
“In April 2025, the USG informed us that it requires a license for export to China (including Hong Kong and Macau) and D:5 countries, or to companies headquartered or with an ultimate parent therein, of our H20 integrated circuits”
Geographic concentration
- Asia-concentrated manufacturing supply chainhigh
NVIDIA's wafer fabrication, assembly, test and packaging are all performed by third parties outside the U.S., with the supply chain mainly concentrated in Asia (TSMC/Samsung foundries); U.S. and Latin America expansion is underway but nascent.
“While currently our supply chain is mainly concentrated in Asia, we are expanding into the U.S. and Latin America.”
SEC filing →As of 2026
Customer concentration
- two unnamed direct customers (accounts receivable)medium
Two unnamed direct customers each represented 17% and 16% of NVIDIA's accounts receivable balance as of January 26, 2025 — individual-customer concentration above the 10% threshold.
“Two direct customers accounted for 17 % and 16 % of our accounts receivable balance as of January 26, 2025.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“These restrictions impacted certain of our products, including products that contain the NVIDIA A100 and H100 integrated circuits, among others.”
Cited →“We also rely on Intel, AMD, and NVIDIA, or other suppliers to provide us with a sufficient supply of processors for the majority of our PCs and workstations.”
Cited →“For example, we rely on Flex as a key contract manufacturer for certain on-premises hardware offerings. In addition, we buy servers from Dell Technologies Inc., storage disk systems from NetApp, Inc., and graphics processing units ("GPU") from NVIDIA.”
Cited →
Its suppliers
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