饥饿营销？英伟达H20被曝供应有限，且不打算重启生产

Core Insights - Nvidia has informed its Chinese customers about limited supply of the H20 AI chips, which are a "downgraded" version of its flagship H100, accounting for 80% of its revenue in China [1] - The U.S. government has recently approved the sale of H20 chips to China, and Nvidia is working to ramp up production to meet existing orders [2][4] - Despite the approval, the domestic Chinese chip industry is rapidly advancing, with local companies increasing their market share during Nvidia's absence [6] Group 1: Nvidia's H20 Chip Situation - Nvidia's H20 chip, designed to comply with U.S. export controls, has a performance of only 15%-30% compared to the H100, leading to a projected loss of $5.5 billion due to the sales ban [1] - Following the ban, Nvidia canceled customer orders and relinquished production capacity at TSMC, which has since been allocated to other clients [1] - Nvidia's CEO Jensen Huang stated that many orders for H20 chips are already in place, but the company needs time to enhance supply chain capacity [4] Group 2: Market Dynamics and Competition - Nvidia's market share in China has dropped from 95% four years ago to 50% currently, indicating a significant loss in its competitive position [5] - In the fiscal year ending January 2024, Nvidia's revenue from China reached $17.108 billion, a 66% increase from the previous year, but its share of overall revenue fell from 26.42% to 13.11% from 2021 to 2024 [5] - The domestic chip industry is capitalizing on the gap left by Nvidia and AMD, with local companies increasing their market share in the data center accelerator market from 14% to 34.6% [6] Group 3: U.S.-China Trade Relations - The approval for H20 chip sales is part of broader U.S.-China trade negotiations, with the U.S. aiming to prevent China from achieving self-sufficiency in chip production [7] - The Chinese government has expressed the need for the U.S. to eliminate unreasonable trade restrictions and promote a cooperative environment for mutual benefit [7]