H20获得“口头放行”之后，英伟达需要重新认识中国市场

Core Viewpoint - NVIDIA is seeking to resume the sale of its H20 GPU in China, having received assurances from the U.S. government regarding the granting of necessary licenses, which is crucial for initiating commercial activities in the Chinese market [2][10]. Group 1: H20 GPU Development and Compliance - The H20 GPU was developed in response to U.S. export control regulations that were updated in October 2023, which set specific performance thresholds for chips sold to China [5]. - The H20's design adheres to the U.S. Bureau of Industry and Security (BIS) regulations, ensuring its total processing performance (TPP) is below the 4800 TPP limit, despite its performance being significantly lower than the banned H100 chip [6][8]. - The H20 features a floating-point performance of 148 TFLOPS, compared to the H100's 1979 TFLOPS, and has increased HBM3 memory capacity from 80GB to 96GB [6][7]. Group 2: Market Dynamics and Competition - The announcement of H20's potential return comes amid a rapidly evolving competitive landscape in China, where local AI chip manufacturers are gaining market share due to U.S. export restrictions [12][13]. - By 2025, the share of AI servers in China sourced from local suppliers is expected to rise to 40%, nearly equal to that of foreign suppliers, indicating a significant shift in the market [13]. - Local companies have made substantial investments in AI infrastructure, with a notable example being China Mobile's procurement of 7994 AI servers, predominantly from Huawei's ecosystem [14]. Group 3: Strategic Shifts and Future Outlook - NVIDIA is also introducing the NVIDIA RTX PRO GPU, aimed at industrial AI applications, which aligns with China's push for manufacturing upgrades and presents lower export control risks [10]. - The competitive landscape for NVIDIA's H20 is challenging, as local firms have established strong footholds in the AI infrastructure market, necessitating NVIDIA to justify its product's performance reductions and adapt to local market conditions [11][16]. - The decision for Chinese customers to return to NVIDIA's technology ecosystem will be complex, given their investments in local alternatives [17].