从限售到“解封”：黄仁勋访华，H20回归，英伟达为何力保中国市场？

Core Viewpoint - Nvidia is resuming the sales of its H20 GPU in China and launching a new GPU compatible with the Chinese market, emphasizing the importance of AI for global business and society [1][2]. Group 1: Sales Resumption and Market Strategy - Nvidia's CEO Jensen Huang has made significant efforts to restore H20 sales, meeting with policymakers in Washington to discuss the company's contributions to job creation and AI infrastructure in the U.S. [1][2]. - The resumption of H20 sales is seen as a strategic move to stabilize relationships with major clients in cloud computing and prevent further market share loss [1][3]. - The introduction of the RTX PRO GPU, marketed as ideal for digital twin AI in smart factories and logistics, allows Nvidia to avoid sensitive high-computing training scenarios while tapping into China's industrial digital transformation [1][3]. Group 2: Financial Impact and Market Expectations - Nvidia faced a financial loss of $4.5 billion in Q1 of fiscal 2026 due to H20's export restrictions, with $4.6 billion in sales and $2.5 billion in unfulfilled orders [3]. - The stock price of Nvidia rose to $168 following the announcement of H20's sales resumption, indicating market alignment with the company's strategic direction [3][4]. Group 3: New Product Development - Nvidia is also launching a new product, the B30, based on the RTX PRO 6000 Blackwell, designed to comply with U.S. export regulations by removing advanced technologies like HBM and NVLink [6][7]. - The B30 is expected to cater to AI inference and edge deep learning applications, although it may not meet the high-performance requirements for large model training due to the removal of HBM [7][8]. Group 4: Competitive Landscape and Domestic Alternatives - Domestic competitors are increasingly adopting local AI chips, with major Chinese tech firms testing homegrown alternatives to reduce reliance on Nvidia products amid U.S. export controls [8][9]. - The emergence of local GPGPU solutions is seen as a response to potential supply chain disruptions, with companies like Alibaba and Tencent developing their own AI chips [9].