别只盯着皮衣和唐装，H20和4万亿才是真看点！

Core Viewpoint - Nvidia's market capitalization surpassing $4 trillion is not surprising, as it reflects a significant industrial evolution rather than a bubble, driven by the growing recognition that "computing power equals intelligence" [5][11][12]. Group 1: Nvidia's Market Position - Nvidia's growth is attributed to the increasing demand for computing power, which is essential for AI development and applications [10][12]. - The comparison of Nvidia's H20 chip with Huawei's 910C reveals that while Huawei's chip shows competitive performance, it faces challenges in mass production and software ecosystem integration [16][17][18]. - Nvidia's return to the Chinese market is crucial not just for profits but for maintaining its influence in the global AI ecosystem, as China represents a significant market for AI research and development [22][24]. Group 2: Implications for the Chinese Market - The lifting of the ban on Nvidia's H20 chip is seen as a double-edged sword for China's AI industry, providing immediate relief but potentially hindering the long-term development of domestic alternatives [26]. - The current reliance on Nvidia's technology highlights the challenges faced by Chinese companies in achieving self-sufficiency in AI and chip technology [26][30]. - The competition between Nvidia and Huawei underscores the importance of ecosystem and platform dominance in the AI sector, with implications for future technological leadership [19][21].