“还得是中国”，英伟达改变策略紧急补货

Core Viewpoint - Nvidia has received export licenses from the Trump administration to sell H20 chips to the Chinese market, responding to strong demand and placing an order for 300,000 units with TSMC to supplement its existing inventory of 600,000 to 700,000 units [1][5]. Group 1: Nvidia's Market Strategy - Nvidia's CEO Jensen Huang announced the approval for H20 chip sales to China during his recent visit, indicating a shift in strategy from relying solely on existing inventory [1][2]. - The H20 chip is designed specifically for the Chinese market and is based on Nvidia's Hopper architecture, featuring advanced packaging technology [1]. - Despite the approval, Nvidia has informed Chinese customers that the supply of H20 chips will be limited and there are no plans to restart production [2]. Group 2: Financial Performance and Market Position - In the fiscal year ending January 2024, Nvidia's revenue from China reached $17.108 billion, a 66% increase from $10.306 billion the previous year, marking the highest revenue from the Chinese market [5]. - However, the share of China in Nvidia's overall revenue structure has decreased from 26.42% in 2021 to 13.11% in 2024 [5]. - During Nvidia's absence in the Chinese market, domestic companies have been advancing their own chip technologies, with the market share of domestic computing power in China's data center accelerator card market rising from 14% to 34.6% from 2023 to 2024 [5]. Group 3: Industry Implications - The lifting of the ban on H20 chip sales has led to increased competition among domestic GPU manufacturers, who have capitalized on the market gap left by Nvidia [5]. - The Chinese Ministry of Commerce has called for the U.S. to eliminate unreasonable trade restrictions and promote a cooperative environment for mutual benefit [6].