Nvidia(US:NVDA) Xin Lang Cai Jing·2025-08-04 03:32Group 1 - The U.S. has relaxed restrictions on NVIDIA's H20 chip exports to China following discussions in June, but the Bureau of Industry and Security (BIS) is currently facing operational chaos due to staff shortages, leading to delays in export licenses for thousands of applications, including those from NVIDIA [1][2] - As of the end of July, no export licenses have been issued, affecting orders worth billions of dollars, which may push Chinese companies to seek local or alternative suppliers [2] - The BIS has been criticized for increased internal management chaos since Jeffrey Kessler took over in March, with reduced industry communication and ongoing staff departures impacting its operations [2] Group 2 - Concerns have been raised regarding the security of NVIDIA's H20 chip, which has been reported to have serious vulnerabilities, prompting a meeting with China's cybersecurity authorities [3][5] - NVIDIA has stated that its chips do not have backdoors and emphasized the importance of cybersecurity, but it must provide convincing security proof to regain market trust in China [5][6] - Recent incidents, such as cyberattacks on Russian public services and failures in the U.S. Starlink service, highlight the critical importance of network security [6] Group 3 - The semiconductor special gas market in China is projected to reach nearly 30 billion by 2025, with a consistent annual growth rate of 10%, indicating significant development potential [8] - Domestic companies have made breakthroughs in key areas, entering the supply chains of major international foundries, although high-end precursors and photolithography gases still rely heavily on imports [8] - The global semiconductor metal/oxide precursor market is expected to reach $1.7 billion in 2024, with a 15% year-on-year growth, driven by demand from advanced storage and logic chip processes [8]