3 6 Ke·2025-07-20 23:34Core Insights - A significant market battle worth billions is unfolding, highlighted by a recently surfaced photo of Nvidia's CEO Jensen Huang and Xiaomi's CEO Lei Jun, marking their first public appearance together in 12 years [1][3] Group 1: Nvidia's Strategic Moves in China - Jensen Huang's frequent visits to China in 2025, including three trips to major cities, indicate Nvidia's focus on penetrating the Chinese market, especially after facing a $13.5 billion revenue loss due to U.S. export restrictions [4][5] - Nvidia's approval to export the H20 chip to China is a crucial development, allowing the company to resume sales in a market that contributes $17.1 billion annually to its revenue [4] - The introduction of the RTX Pro GPU, designed for AI applications, aligns with U.S. export regulations, showcasing Nvidia's adaptability in the face of geopolitical challenges [5] Group 2: Transition to AI Infrastructure - Nvidia is transitioning from a hardware supplier to an AI infrastructure provider, as evidenced by the announcement of the NVLinkFusion architecture, which supports third-party CPU and AI accelerator integration [7] - This technology offers a bandwidth of 900GB/s, significantly surpassing traditional protocols, positioning Nvidia as a key player in the evolving AI landscape [7] - Huang's statement that "China has sufficient computing power" reflects a strategic shift towards collaboration and ecosystem building rather than maintaining a monopoly [7] Group 3: AI Factories and Robotics - Nvidia's strategy in China includes establishing "AI factories," which represent a shift from traditional data centers to AI-driven operations, aiming to create value through continuous data generation [9][10] - The potential of humanoid robots as a trillion-dollar industry is highlighted, with China serving as a critical commercialization hub due to its lower manufacturing costs and technological advantages [11] - Nvidia's collaboration with local companies like Xiaomi is essential for integrating AI capabilities into various sectors, leveraging China's manufacturing strengths [13] Group 4: Strategic Partnership Dynamics - The renewed partnership between Huang and Lei signifies a deeper strategic alignment, as both companies have evolved from hardware manufacturers to ecosystem builders [17] - The mutual need for collaboration arises from Nvidia's requirement for local partners to maintain influence amid U.S. restrictions and Xiaomi's need for advanced computing power to enhance its automotive technology [18] - The partnership is seen as a pragmatic approach to balancing political risks and commercial interests, with both companies benefiting from shared technological advancements [18]