Xin Lang Cai Jing·2025-12-09 01:17Core Viewpoint - The approval of NVIDIA's H200 chip delivery to China is expected to benefit domestic cloud service providers (CSPs) like Tencent, Alibaba, and ByteDance, promoting capital expenditure (Capex) investments and the explosion of AI applications [1][5]. Group 1: H200 Chip Overview - The H200 chip, set to launch in 2024, utilizes TSMC's 4nm process and features six layers of HBM, exceeding the current export control threshold by nearly 10 times in total processing performance (TPP) [2][6]. - In terms of performance, the H200's memory bandwidth price-performance ratio is comparable to the B300, while its FP8 price-performance ratio reaches 70% of the B300 [3][7]. Group 2: Market Implications - The H series remains highly competitive, with most recent cutting-edge models being trained using Hopper chips (e.g., Grok3, Llama4) [4][8]. - The U.S. chip export restrictions are unlikely to hinder the long-term goal of domestic substitution; rather, the H200's entry is expected to enhance China's overall computing power supply [4][8]. - NVIDIA's management indicated that if geopolitical issues are resolved and permissions are granted, quarterly revenues from H200 sales to China could reach between $2 billion and $5 billion. After accounting for a 25% revenue share to the U.S. government, the net income margin for H200 is projected to be around 64% [4][8].