Nvidia(US:NVDA) Zhi Tong Cai Jing·2025-07-16 13:30Core Viewpoint - Nvidia plans to resume sales of its H20 chip to the Chinese market after obtaining an export license from the U.S. government, which is expected to alleviate sales pressure in China [1][3]. Group 1: Nvidia's H20 Chip and Market Impact - The H20 chip, designed specifically for the Chinese market, features 96GB of HBM3 memory and 4.0TB/s memory bandwidth, with FP8 performance at 296TFLOPS and FP16 performance at 148TFLOPS, making it suitable for vertical model training and inference [2]. - The export restrictions imposed by the U.S. Department of Commerce had previously hindered Nvidia's ability to fulfill approximately $2.5 billion in chip shipments and nearly $8 billion in H20 orders [1][2]. - Analysts from Needham have raised Nvidia's stock price target from $160 to $200, maintaining a "buy" rating, reflecting optimism about the recovery of H20 chip sales [1]. Group 2: Future Projections and Product Development - Analysts estimate that starting from the third quarter of the 2026 fiscal year (October), the quarterly shipment volume of the H20 chip could reach $3 billion [1]. - Nvidia is also developing Blackwell architecture GPU variants (including models B30/B40/RTX6000D) tailored for the Chinese market, with expected shipments beginning between August and September [1][3]. - The policy adjustment and new product development are seen as strategic moves by Nvidia to address the demand in the Chinese market [1].