中美芯片政策松动之际，苏姿丰带队低调访华

Core Viewpoint - AMD's CEO, Lisa Su, is visiting China to explore new opportunities amid a recent easing of U.S. chip export restrictions, indicating a strategic move to strengthen partnerships in the Chinese market [2][5]. Group 1: AMD's Visit and Partnerships - Lisa Su and her executive team visited Lenovo's headquarters in Beijing, marking a significant engagement with a key partner in China [2]. - The visit included a tour of Lenovo's latest products, including humanoid robots, showcasing the collaborative spirit between the two companies [2]. - This visit is notably more subdued compared to Su's previous high-profile trip to China in March, reflecting a shift in approach [2][3]. Group 2: U.S.-China Chip Export Policies - The U.S. government previously imposed export restrictions on companies like AMD and NVIDIA, requiring licenses for chip sales to China, which has impacted their revenue streams [5][6]. - Recent developments suggest a potential easing of these restrictions, with proposals for chip manufacturers to pay a tax on sales to China in exchange for export licenses [5][6]. - AMD's revenue from China is projected to account for 24% of its total revenue in 2024, highlighting the importance of the Chinese market for the company [5]. Group 3: Competitive Landscape - AMD's MI308 chip has received an export license but has not yet been shipped to China, raising questions about its market potential amid increasing competition from domestic Chinese chips [6]. - NVIDIA's market share in China has drastically dropped from 95% to 0%, indicating a significant shift in the competitive landscape for AI chips [5][6]. - The urgency for AMD to capture market share from NVIDIA is heightened by the evolving regulatory environment and the growing strength of local competitors [6].