Nvidia(US:NVDA) 是说芯语·2025-08-22 01:35Core Viewpoint - NVIDIA's H20 chip sales in China have faced significant obstacles due to U.S. export restrictions and concerns over security vulnerabilities, leading to the cessation of H20 production and a shift towards developing a new GPU model, B30A [2][9][10]. Group 1: Sales and Financial Impact - NVIDIA has incurred approximately $4.5 billion in losses due to H20 inventory and related procurement commitments, with an additional potential revenue loss of $8 billion [2]. - In the previous fiscal year ending January 26, 2025, NVIDIA generated around $17 billion in revenue from the Chinese market, accounting for about 13% of its total sales [8]. - NVIDIA's projected annual revenue opportunity in China was estimated at $50 billion, which is now likely to be significantly lower due to current market conditions [8]. Group 2: Regulatory and Market Challenges - Following new U.S. export controls implemented in April, NVIDIA was forced to cancel all orders from Chinese customers for the H20 chip [2]. - The Chinese government has raised security concerns regarding the H20 chip, leading to hesitance among state-owned enterprises and private companies with government ties to purchase the product [3][8]. - The U.S. government's requirement for NVIDIA to share 15% of H20 sales revenue in exchange for export licenses has further diminished the chip's profitability [8]. Group 3: Competitive Landscape and Future Developments - There are numerous domestic AI chip manufacturers in China that offer comparable or superior products to the H20, reducing its competitiveness in the market [8]. - Despite the challenges, NVIDIA is reportedly preparing a new generation of GPU based on the Blackwell architecture, designated as B30A, with plans to provide samples for testing to Chinese customers soon [9][10].