That looks like it failed to create the pipeline.
I'd guess either a driver bug, or out-of-memory situation.
Make sure you have the latest graphics card drivers (from the vendor site, not just windows update - often they're quite a bit older and buggier than the latest), and make sure that it's using the expected GPU (and not the iGPU on a laptop or similar)
EDIT:
Also, if you're using nvidia, make sure you don't have MSAA enabled in the control panel - that is known to break dolphin.
I'd guess either a driver bug, or out-of-memory situation.
Make sure you have the latest graphics card drivers (from the vendor site, not just windows update - often they're quite a bit older and buggier than the latest), and make sure that it's using the expected GPU (and not the iGPU on a laptop or similar)
EDIT:
Also, if you're using nvidia, make sure you don't have MSAA enabled in the control panel - that is known to break dolphin.