半导体行业观察·2025-07-16 00:53Core Viewpoint - The article discusses the recent announcement regarding the resumption of AI chip exports to China by Nvidia and AMD, which has positively impacted their stock prices and is seen as a significant policy shift by the U.S. government [3][5][7]. Summary by Sections Export Restrictions and Impact - Three months ago, the U.S. Department of Commerce effectively banned the export of advanced AI chips to China, which had previously been restricted since 2022 [4]. - Nvidia's CEO Jensen Huang stated that export controls had halved the company's revenue in China, although sales still reached $17 billion in the fiscal year ending January 26 [4]. - The recent policy change is expected to allow Nvidia to recover approximately $5.5 billion in losses and AMD around $800 million due to previous restrictions [4][6]. Stock Market Reaction - Following the announcement of the resumption of exports, Nvidia's stock rose over 3.9% and AMD's stock increased by 5.6% [5][7]. - Investors welcomed the news, indicating a positive outlook for both companies' future revenues [5][7]. New Chip Developments - Nvidia plans to submit an application to resume sales of its H20 GPU, which is a lower-speed version of its H100 chip, and has introduced a new chip called RTX PRO that is compliant with export standards [5][9]. - AMD is also moving forward with its MI308 chip and has received notification that its export license application will be expedited [5][6]. Market Demand and Competition - Reports indicate that Chinese companies, including ByteDance and Tencent, are eager to purchase the H20 chip, highlighting strong demand in the Chinese market [8][10]. - The article emphasizes the importance of the number of H20 chips allowed for export to China, as it could significantly impact the competitive landscape in the AI sector [9][10]. Political Context - The article notes that the recent policy shift has bipartisan support in the U.S. and has been met with criticism from lawmakers regarding previous export restrictions [8][11]. - Jensen Huang criticized the export controls as ineffective and expressed concerns about losing leadership in the AI field if Nvidia cannot sell chips to Chinese developers [9][10].