Nvidia(US:NVDA) Nan Fang Du Shi Bao·2025-12-09 06:05Core Viewpoint - The U.S. government has allowed NVIDIA to export H200 chips to China under national security conditions, with a 25% revenue share to the government, while the latest Blackwell and Rubin architecture AI chips are excluded from this approval [2][3]. Group 1: NVIDIA's Position and Strategy - NVIDIA's spokesperson expressed appreciation for President Trump's decision, viewing it as a way to support U.S. jobs and manufacturing by allowing participation in the competitive market [3]. - CEO Jensen Huang has been lobbying for relaxed export restrictions, noting that NVIDIA's market share in China's AI chip market has dropped from 95% to 0%, indicating that U.S. restrictions could harm both China and the U.S. [3]. - To maintain its presence in the Chinese market, NVIDIA agreed to pay 15% of its sales revenue from China for H20 chip exports, which has now increased to 25% for H200 exports [3]. Group 2: Impact on Domestic AI Chip Industry - If H200 exports to China are compliant, there may be implications for the overseas production of domestic AI chips, potentially shifting the focus from restricting models to restricting domestic chip production [4]. - Currently, domestic AI chips lag behind NVIDIA's H200, with most domestic products still at the performance level of NVIDIA's A100, while a few companies are approaching H100 performance through advanced packaging techniques [4]. - Domestic AI chip companies face challenges in attracting internet company clients, as these companies prefer international products due to considerations of cost-effectiveness and competitive ecosystems [5]. Group 3: Market Dynamics and Competition - Major Chinese internet companies like ByteDance, Tencent, Alibaba, and Baidu are projected to account for 87% of H20 chip shipments in 2024, indicating a strong preference for NVIDIA's products [5]. - Domestic chip manufacturers must differentiate their products significantly to survive in the market once H200 is available, or they may struggle to compete effectively [5].