美股IPO·2025-08-11 03:36Core Viewpoint - The unprecedented arrangement between Nvidia and AMD to pay 15% of their sales revenue from chip sales in China to the U.S. government marks a significant shift in U.S. export control policies [1][3][5]. Group 1: Export License Conditions - Nvidia and AMD have received export licenses to sell chips in China, contingent upon paying 15% of their sales revenue to the U.S. government [3][6]. - Nvidia is expected to generate approximately $23 billion in revenue from selling around 1.5 million H20 chips in China by 2025, which could result in over $3 billion in payments to the U.S. government [3]. Group 2: Implications of the Arrangement - This arrangement is seen as a new phase in the trade war, with analysts highlighting its significance as it involves revenue sharing rather than profit sharing [5]. - The U.S. government is negotiating "trade agreements" on a company-by-company basis, indicating a more tailored approach to trade relations [5]. Group 3: Government Stance and Reactions - The U.S. Commerce Department has begun issuing export licenses for H20 chips, coinciding with a meeting between Nvidia's CEO and former President Trump [6]. - The Chinese Ministry of Commerce has expressed concerns over U.S. export controls, emphasizing the need for cooperation and a stable semiconductor supply chain [7]. Group 4: Tariff Policies - Trump has announced a 100% tariff on semiconductor imports but offers exemptions for companies that commit to building factories in the U.S. [8].