u/ExaminationOk6652

NVIDIA just reported $81.6B in quarterly revenue.

But the part I found most interesting was the geography breakdown.

China + Hong Kong were only 5.6% of reported revenue in Q1 FY2027.

Meanwhile, the U.S. was 78%.

That is a huge shift from a few years ago, when China + Hong Kong were closer to a quarter of NVIDIA’s reported revenue and the U.S. was a much smaller share.

The obvious explanation is export controls.

A100/H100 restrictions started in 2022.
The rules tightened again in 2023.
H20 was restricted in 2025.

But the weird part is this:

NVIDIA is still guiding for massive growth while assuming no China data-center compute revenue.

So China looks small in the current numbers, but not necessarily in the long-term opportunity.

Jensen Huang has described China as a potential $50B AI chip market.

That would be roughly 10x NVIDIA’s current reported China + Hong Kong quarterly revenue.

So the question is not really “does China matter to NVIDIA today?”

In the reported revenue mix, barely.

The better question is whether Washington and Beijing eventually reopen part of that market.

If they do, China could become a meaningful upside lever again.

If they don’t, NVIDIA is already proving it can grow without it.

I visualized the estimated net worth of modern Federal Reserve chair nominees at the time of nomination, adjusted to 2025 dollars.

The gap is huge.

Paul Volcker’s inflation-adjusted net worth was roughly $474K at nomination.

Janet Yellen’s was around $19.9M.

Jerome Powell was already a major outlier at $112.3M.

Kevin Warsh’s 2026 OGE financial disclosure shows a disclosed range of roughly $131M–$209M+, so I used the midpoint estimate of about $170M for the bubble size.

That puts Warsh’s midpoint estimate at roughly 359× Paul Volcker’s inflation-adjusted net worth.

Data as of: May 2026
Inflation basis: 2025 dollars
Tools used: Python/Pandas for cleaning and inflation adjustment; Illustrator/Photoshop for design and image treatment.
Sources: Bloomberg, NYT, OpenSecrets, WSJ, OGE filings, BLS CPI-U.

Berkshire’s Q1 2026 13F was more interesting than I expected.

The headline move:

They cut Chevron by 35%…

Then bought $2.65B of Delta.

That is a funny contrast because Chevron benefits from higher oil prices, while Delta is exposed to fuel costs.

Other notable moves:

• Added Delta: $2.65B
• Added Macy’s: $55M
• Increased Alphabet Class A by 36.4M shares
• Nearly tripled New York Times
• Sharply cut Constellation Brands
• Reduced Nucor
• Slightly trimmed Bank of America

They also fully exited:

• Amazon
• Visa
• Mastercard
• UnitedHealth
• Domino’s Pizza
• Aon
• Pool Corp
• Charter Communications
• Diageo

The portfolio value fell to $263.1B, down 4.0% QoQ.

Berkshire was also a net seller of stocks by about $8.1B.

But despite all the activity, the portfolio is still extremely concentrated.

Apple, American Express, and Coca-Cola make up about 51%.

The top 7 holdings make up roughly 80%.

So yes, the quarter was active.

But most of the action was around the edges.

The core portfolio still has Buffett’s fingerprints all over it.