智通财经网·2025-08-12 01:52Core Viewpoint - Nvidia and AMD have agreed to pay 15% of their AI chip sales revenue to the U.S. government for sales to China, reflecting a trend of the Trump administration softening export controls for economic gains [1][2] Group 1: Agreement Details - Nvidia plans to share 15% of its H20 AI accelerator sales revenue to China with the U.S. government, while AMD will do the same with its MI308 chip sales [1] - The initial proposal from Trump was a 20% share, which was negotiated down to 15% [1] - This agreement highlights the urgency of chip manufacturers to maintain their customer base in China, the world's second-largest economy [1] Group 2: Legal and Economic Implications - Trade experts suggest that the agreement may face legal challenges as it could be interpreted as an "export tax," which is not permitted under the U.S. Constitution [1] - The arrangement may undermine U.S. claims that certain trade controls are necessary for national security, as it represents an unprecedented "quid pro quo" [2] - The revenue from this agreement could amount to approximately $10 billion per quarter for the U.S. government if sales return to previous levels [4] Group 3: Market Reactions and Future Outlook - AMD's stock rose slightly by less than 1% to $173, while Nvidia's stock remained stable [2] - Analysts note that the market has already reacted to the potential resumption of shipments to China, but the timing remains uncertain due to the conditions attached to the agreement [2] - Nvidia and AMD have stated their compliance with U.S. export regulations and expressed hope for regulations that allow competition in China [2][3] Group 4: Financial Performance - In the fiscal quarter ending April 27, Nvidia reported $4.6 billion in revenue from H20 chips, with $2.5 billion in sales to China affected by new export restrictions [4] - If restrictions are lifted, AMD's revenue from China could reach between $3 billion to $5 billion by 2025 [7]