Nvidia(US:NVDA) 36氪·2025-07-15 13:33Core Viewpoint - The competition for computing power, particularly in AI model training, is intensifying, with the availability of graphics cards being a crucial factor in determining success in this arena [1][12]. Group 1: H20 Graphics Card Overview - The H20 graphics card, launched by NVIDIA at the end of 2023, is designed for AI model inference training and has a performance level of 10% to 15% compared to the previous flagship H100 [3]. - Despite the high price of 110,000 yuan (approximately 15.5 million USD), the H20 is currently the best-performing graphics card available in China, leading many tech companies to purchase significant quantities [4]. Group 2: Market Demand and Sales Dynamics - Major companies like ByteDance, Alibaba, and Tencent ordered at least 16 billion USD worth of H20 graphics cards in the first quarter of last year, with ByteDance reportedly stockpiling 100,000 GPU modules [5]. - The sales of H20 were initially banned in China on April 9, causing significant concern for NVIDIA, which prompted efforts to lift the ban [7]. Group 3: Competitive Landscape and Strategic Implications - NVIDIA's CEO is motivated to restore sales of the H20 due to the relatively low performance of the card compared to the latest GB200, which is estimated to be over 50 times more powerful [8]. - If NVIDIA fails to supply the H20, domestic competitors like Huawei's Ascend 910C, which is approaching the performance parameters of the H100, may fill the market gap [9]. - The resumption of H20 sales indicates that the race for computing power in the AI era is far from over, emphasizing the importance of graphics card availability in training superior AI models [10][13].