Nvidia(US:NVDA) Z Finance·2025-03-01 11:21Core Viewpoint - The tightening of U.S. restrictions on China's semiconductor industry is expected to escalate, potentially leading to a complete ban on AI chips entering China, which will significantly impact companies like NVIDIA and ByteDance [1][2]. Group 1: U.S. Restrictions on Semiconductor Exports - The U.S. government is preparing for significant new AI and export licensing restrictions against China, which may result in a total ban on all AI chips entering the country [1]. - NVIDIA's H20 and B20 chips, which are currently allowed in China, could be affected by these new restrictions, with NVIDIA projected to ship approximately 1 million H20 chips in 2024, generating over $12 billion in revenue [1]. - Following previous restrictions, NVIDIA has adjusted its product strategy by introducing downgraded versions of its chips for the Chinese market, including the H20, L20, and L2 [1][2]. Group 2: ByteDance's AI Chip Development Strategy - ByteDance is accelerating its self-developed AI chip strategy to reduce reliance on NVIDIA and enhance technological independence, planning to invest over $12 billion in AI infrastructure by 2025 [2]. - ByteDance was reported to be collaborating with Broadcom on a 5nm AI chip, which would comply with U.S. export restrictions, although the company has denied these reports [2][3]. - The collaboration with Broadcom is expected to significantly lower procurement costs and ensure a stable supply of high-end chips [2]. Group 3: Data Center Utilization and Future Challenges - ByteDance aims to utilize data centers in Southeast Asia to access NVIDIA chips, planning large-scale orders through leasing agreements to enhance its overseas AI capabilities [3][4]. - The company has already invested $8.8 billion in data centers in Thailand and is a significant customer of Malaysian data centers [4]. - New U.S. regulations are expected to close the loophole that allows Chinese companies to access high-performance chips through overseas data centers, further complicating their operations [5].