This extraordinary performance brings its market capitalization to a level comparable to that of Microsoft, meaning that both groups now share the top spot in the global ranking of the companies with the highest valuations.

But there are also some questions that need to be asked. For example, orders from Singapore—a city-state known to be a gateway to the Chinese market—account for up to 20% of Nvidia's consolidated revenue.

Add to that, direct sales in China and Hong Kong, and a third of total revenue—or $15bn—potentially comes from the Chinese market. In the current hyper-volatile geopolitical context, this is a significant amount of business exposed to the risk of sanctions or restrictions.

Nvidia is careful to mention that its US customers also use Singapore as a gateway. Why not? Although this does not answer the fundamental question, since no one would prevent these US customers—Dell or SMCI, for example—from then redirecting their flows to the Chinese market.

However, Jensen Huang's group does specify that export restrictions cost it $4.5bn this quarter—less than expected because Nvidia managed to recycle the components to other outlets. Is this a thorn in the side, or the first blow? Here too, there is total uncertainty.

Another interesting fact is that 30% of Nvidia's consolidated revenue comes from just two customers, modestly named "customer A" and "customer B." An additional 10% comes from two "indirect" customers, who place their orders through customers "A" and "B." This again highlights the extreme concentration of the company's business.

Finally, there is the financial extravagance: in addition to its meteoric growth, Nvidia generated an insane $26bn in free cash flow this quarter—from $44bn in revenue, remember. The reason is that its capital intensity is zero, with only $1.2bn in investment over the last three months.

In other words, Nvidia enjoys the stratospheric profitability of a royalty owner or a design firm that has found the universal magic formula. But can such a providential situation last forever? Can a technology company maintain its advantage in the long term under these conditions?

Some observers also mention that Jensen Huang is preparing to sell six million shares that he personally owns—a move that would net him nearly $1bn before tax. MarketScreener notes that he would be wrong to deprive himself of this opportunity, and that these amounts remain trivial compared to his total stake in the company.