"中方进一步调查，英伟达真正担心的是……"

Core Viewpoint - The Chinese government is intensifying its scrutiny of NVIDIA, potentially limiting its ability to sell networking solutions to Chinese customers, which is a multi-billion dollar business that is expected to grow with increasing data center demands [1][4][5]. Group 1: Regulatory Actions - Chinese regulators have launched an investigation into NVIDIA for alleged violations of antitrust laws, with a previous investigation initiated in December 2022 [4][10]. - The latest statement from Chinese authorities adds uncertainty to NVIDIA's operations in China, which accounted for 13% of its total sales last year [1][5]. - The National Market Supervision Administration of China has indicated a willingness to utilize regulatory tools to enhance competition and scrutinize foreign acquisitions in advanced technology sectors [2][4]. Group 2: Market Impact - Following the announcement of the investigation, NVIDIA's stock price fell by as much as 2.4% in pre-market trading [1]. - The overall networking business for NVIDIA has become increasingly important, reaching $7.3 billion in the second quarter, a 98% year-over-year increase [5]. - Analysts suggest that NVIDIA may need to sell chips in China without Mellanox technology, which could impact its competitive edge [5]. Group 3: Geopolitical Context - The ongoing geopolitical tensions between the U.S. and China have led to reciprocal actions, including the U.S. imposing export controls on Chinese entities and China responding with antitrust investigations [2][6]. - NVIDIA's CEO has made multiple visits to China, emphasizing the importance of continuing AI technology sales to maintain U.S. leadership in the sector [6][7]. Group 4: Financial Implications - NVIDIA's revenue in China for the fiscal year 2024 was reported at $10.31 billion, a 78% increase year-over-year, which could result in potential fines ranging from $10.3 million to $1.03 billion if found in violation of antitrust laws [10][11]. - If the violations are deemed particularly severe, fines could escalate to between $2.06 billion and $5.015 billion [11].