Nvidia CEO Jensen Huang Warns US Export Controls On China May Have Backfired: 'They're Nanoseconds Behind Us' - Alibaba Gr Hldgs (NYSE:BABA), NVIDIA (NASDAQ:NVDA)

Core Insights - Nvidia CEO Jensen Huang suggests that U.S. policies aimed at curbing China's AI advancements may have inadvertently boosted domestic competitors like Huawei [1][4] - Huang emphasizes that China's AI capabilities should not be underestimated, describing Chinese firms as innovative and competitive [2][3] Group 1: China's AI Landscape - Huang argues that assumptions about China lagging behind the U.S. in AI innovation are incorrect, stating that the gap is minimal [3] - He highlights China's strong manufacturing capabilities and intense work culture as factors contributing to its rapid technological advancements [3] - Nvidia previously held a 95% market share in China's AI chip market before U.S. export controls reduced its presence [4] Group 2: U.S. Competitive Strategy - Huang calls for the U.S. to empower its technology sector rather than impose restrictions, asserting that American innovation is at a critical juncture [5] - He stresses the importance of allowing U.S. technology to expand globally to ensure the industry's survival and leadership [6] Group 3: Nvidia's Performance - Despite challenges in China, Nvidia reported a second-quarter revenue of $46.74 billion, a 56% increase year-over-year, surpassing Wall Street estimates [8] - For the third quarter, Nvidia projects revenue between $52.92 billion and $55.08 billion, excluding shipments of specific chips to China [9]