H20限时返场，降价出售已成必然

Core Viewpoint - The article discusses the complexities surrounding the reintroduction of NVIDIA's H20 chip in China, highlighting the implications for both compliance and market dynamics amid U.S. export regulations [2][5]. Group 1: H20 Chip Overview - NVIDIA announced the resumption of H20 sales in China, with the chip expected to account for 80% of NVIDIA's revenue in China in 2024, translating to sales of $12-15 billion [2]. - The U.S. government had previously restricted NVIDIA from exporting the H20 chip, leading to a $4.5 billion inventory impairment loss in Q1 FY2026, significantly impacting net profit and gross margin [2]. - H20 is specifically designed for the Chinese market, with no demand overseas, making it critical for NVIDIA to manage its inventory effectively [3]. Group 2: Market Dynamics and Demand - Major Chinese companies, including internet firms and financial institutions, have shown strong demand for H20, even during the ban, indicating a robust market for the chip [4][5]. - The lifting of the ban has created competition between compliant distributors and non-compliant resellers, with the latter facing pressure to offload their inventory [6][7]. - The pricing of H20 is relatively low, with a specific model priced around 1.28 million yuan, which may limit the potential for price increases in the market [6]. Group 3: Future Projections and Competitors - Analysts suggest that the reintroduction of H20 could fill a gap in the market until domestic chip suppliers ramp up production, potentially affecting future market dynamics [7][8]. - Upcoming products like the RTX Pro 6000 and B30 are expected to enter the market, but their performance and pricing may not match that of H20, leading to a competitive landscape [8]. - The article notes that the reintroduction of H20 represents a significant shift in the market, with potential implications for the decision-making of distributors and the overall demand for AI chips in China [8].