Nvidia(US:NVDA) 是说芯语·2025-09-16 06:17Core Viewpoint - The article discusses the investigation initiated by China's State Administration for Market Regulation (SAMR) against NVIDIA for alleged violations of the Anti-Monopoly Law and conditions set during the approval of its acquisition of Mellanox Technologies [1][3]. Group 1: Background of the Investigation - The investigation stems from NVIDIA's announcement in 2019 to acquire Mellanox for $6.9 billion, which required approval from Chinese antitrust authorities due to its significant market impact [3]. - In 2020, SAMR approved the acquisition with conditions, including prohibiting NVIDIA from bundling GPU sales with Mellanox products and ensuring fair supply to the Chinese market [3][4]. Group 2: Alleged Violations - NVIDIA is accused of two main violations: 1. Bundling sales, where customers were required to purchase Mellanox products alongside NVIDIA GPUs without alternative options [4]. 2. Discriminatory supply practices, where NVIDIA allegedly ceased supplying GPU products to the Chinese market starting in 2022, in response to U.S. export control policies [4]. Group 3: Potential Consequences - According to Article 58 of China's Anti-Monopoly Law, NVIDIA could face severe penalties, including fines based on its previous year's sales [4]. - NVIDIA's revenue in mainland China and Hong Kong for fiscal year 2025 was reported at $17.108 billion, which could result in fines up to $1.71 billion (approximately 12.175 billion RMB) [6]. - If the violations are deemed particularly severe, punitive fines could escalate to 2-5 times the initial amount, potentially reaching around $8.55 billion (approximately 60.875 billion RMB) [6].