Nvidia(US:NVDA) Sou Hu Cai Jing·2025-09-26 05:30Core Viewpoint - The ongoing U.S.-China chip conflict has significantly impacted the global semiconductor industry, leading to a chaotic market where both sides face losses [1][3]. Group 1: U.S.-China Chip Conflict - The U.S. has implemented strict measures against Chinese chip manufacturers, aiming to restrict their access to critical technology [1][3]. - Experts, including Bill Gates, have warned that the U.S. actions against Chinese chips may backfire, ultimately harming American tech companies [5]. Group 2: Nvidia's Strategy - Nvidia's CEO has indicated that the company may struggle to return to the Chinese market due to escalating U.S. chip bans [6]. - Nvidia introduced a "China version" chip, H20, which has been significantly downgraded in performance (approximately 80% reduction) but remains at a high price point, allowing the company to profit in China [8]. - Allegations have surfaced regarding the H20 chip having "backdoor" access, raising concerns about the integrity of the technology and potential agreements with the U.S. [10]. Group 3: Regulatory Actions and Market Dynamics - Nvidia is facing an antitrust investigation, which could result in fines up to $5 billion if proven guilty [11]. - While China does face a shortage of high-end chips, it has sufficient mid-to-low-end chip production to meet over 80% of its market demand, indicating a reduced dependency on U.S. technology [12]. - The Chinese semiconductor industry has reportedly overcome its most challenging period, with the ability to self-sustain in mid-to-low-end chip production, suggesting resilience against U.S. sanctions [14].